This bill would eliminate the Federal Insurance Office (FIO) in the Department of the Treasury and the position of the Director of the FIO. It would remove section 313 of Title 31 and the related table entry. The bill says this change should not be read to limit any authority the Secretary of the Treasury has on insurance matters.
The bill also changes several federal statutes to remove or replace references to the FIO. It amends parts of the Dodd-Frank Wall Street Reform and Consumer Protection Act to strike references to the FIO, replace some FIO references with the Secretary of the Treasury, and adjust related approval or membership language. It also amends a provision of the Economic Growth, Regulatory Relief, and Consumer Protection Act to remove references to the FIO. The bill was introduced in the House and referred to the Committee on Financial Services on January 23, 2025.
If enacted, the Federal Insurance Office and its Director would no longer exist. Laws that currently mention the FIO would be edited to remove that office or to direct duties or references to the Secretary of the Treasury or to member agencies, as the text specifies. The bill text says it does not remove or limit the Secretary of the Treasury’s authority on insurance matters. No publicly available information on how specific programs or services would change is included in the bill text.
No publicly available information on expected costs or savings is included in the bill text or metadata. No Congressional Budget Office estimate appears in the provided materials.
No publicly available information.
No publicly available information.