Legis Daily

Federal Insurance Office Elimination Act

USA119th CongressHR-643| House 
| Updated: 1/23/2025
Troy Downing

Troy Downing

Republican Representative

Montana

Cosponsors (25)
Sheri Biggs (Republican)Barry Moore (Republican)Warren Davidson (Republican)David J. Taylor (Republican)Thomas P. Tiffany (Republican)Keith Self (Republican)Andrew Ogles (Republican)Derek Schmidt (Republican)Brandon Gill (Republican)Rudy Yakym (Republican)Barry Loudermilk (Republican)Andy Barr (Republican)Mike D. Rogers (Republican)Mike Kennedy (Republican)Glenn Grothman (Republican)Mark B. Messmer (Republican)Mike Haridopolos (Republican)Addison P. McDowell (Republican)Riley M. Moore (Republican)Randy K. Sr. Weber (Republican)Ben Cline (Republican)Ralph Norman (Republican)Jimmy Patronis (Republican)Josh Brecheen (Republican)Tim Moore (Republican)

Financial Services Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
This legislation, titled the Federal Insurance Office Elimination Act , aims to completely abolish the Federal Insurance Office (FIO) and the position of its Director within the Department of the Treasury. It achieves this by striking section 313 from Title 31 of the United States Code, which originally established the FIO. Importantly, the bill specifies that this elimination will not diminish or otherwise limit the Secretary of the Treasury's existing authority concerning insurance-related matters. The bill also includes several related amendments to other significant financial statutes. It modifies the Dodd-Frank Wall Street Reform and Consumer Protection Act, removing all references to the FIO from sections pertaining to the Financial Stability Oversight Council (FSOC) and orderly liquidation authority. Additionally, the Economic Growth, Regulatory Relief, and Consumer Protection Act is amended to exclude the FIO and its Director from various reporting and consultation requirements, effectively streamlining federal oversight by consolidating insurance-related responsibilities.
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Timeline

Bill from Previous Congress

HR 117-4866
Federal Insurance Office Elimination Act

Bill from Previous Congress

HR 118-2933
Federal Insurance Office Elimination Act
Jan 23, 2025
Introduced in House
Jan 23, 2025
Referred to the House Committee on Financial Services.
  • Bill from Previous Congress

    HR 117-4866
    Federal Insurance Office Elimination Act


  • Bill from Previous Congress

    HR 118-2933
    Federal Insurance Office Elimination Act


  • January 23, 2025
    Introduced in House


  • January 23, 2025
    Referred to the House Committee on Financial Services.

Finance and Financial Sector

Federal Insurance Office Elimination Act

USA119th CongressHR-643| House 
| Updated: 1/23/2025
This legislation, titled the Federal Insurance Office Elimination Act , aims to completely abolish the Federal Insurance Office (FIO) and the position of its Director within the Department of the Treasury. It achieves this by striking section 313 from Title 31 of the United States Code, which originally established the FIO. Importantly, the bill specifies that this elimination will not diminish or otherwise limit the Secretary of the Treasury's existing authority concerning insurance-related matters. The bill also includes several related amendments to other significant financial statutes. It modifies the Dodd-Frank Wall Street Reform and Consumer Protection Act, removing all references to the FIO from sections pertaining to the Financial Stability Oversight Council (FSOC) and orderly liquidation authority. Additionally, the Economic Growth, Regulatory Relief, and Consumer Protection Act is amended to exclude the FIO and its Director from various reporting and consultation requirements, effectively streamlining federal oversight by consolidating insurance-related responsibilities.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline

Bill from Previous Congress

HR 117-4866
Federal Insurance Office Elimination Act

Bill from Previous Congress

HR 118-2933
Federal Insurance Office Elimination Act
Jan 23, 2025
Introduced in House
Jan 23, 2025
Referred to the House Committee on Financial Services.
  • Bill from Previous Congress

    HR 117-4866
    Federal Insurance Office Elimination Act


  • Bill from Previous Congress

    HR 118-2933
    Federal Insurance Office Elimination Act


  • January 23, 2025
    Introduced in House


  • January 23, 2025
    Referred to the House Committee on Financial Services.
Troy Downing

Troy Downing

Republican Representative

Montana

Cosponsors (25)
Sheri Biggs (Republican)Barry Moore (Republican)Warren Davidson (Republican)David J. Taylor (Republican)Thomas P. Tiffany (Republican)Keith Self (Republican)Andrew Ogles (Republican)Derek Schmidt (Republican)Brandon Gill (Republican)Rudy Yakym (Republican)Barry Loudermilk (Republican)Andy Barr (Republican)Mike D. Rogers (Republican)Mike Kennedy (Republican)Glenn Grothman (Republican)Mark B. Messmer (Republican)Mike Haridopolos (Republican)Addison P. McDowell (Republican)Riley M. Moore (Republican)Randy K. Sr. Weber (Republican)Ben Cline (Republican)Ralph Norman (Republican)Jimmy Patronis (Republican)Josh Brecheen (Republican)Tim Moore (Republican)

Financial Services Committee

Finance and Financial Sector

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted