Federal Insurance Office Elimination Act

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.