HR 643
Federal Insurance Office Elimination Act
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Bill overview
This bill eliminates the Federal Insurance Office (FIO) within the Department of the Treasury and removes the FIO director from their role as a nonvoting member of the Financial Stability Oversight Council. It makes changes to the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Economic Growth, Regulatory Relief, and Consumer Protection Act, primarily shifting responsibilities and authority away from the FIO and towards the Secretary of the Treasury and the Federal Reserve Board.
Key provisions
- Eliminates the Federal Insurance Office and the Director of the FIO.
- Removes the FIO director as a nonvoting member of the Financial Stability Oversight Council.
- Amends the Dodd-Frank Act to remove the FIO from certain regulatory roles and responsibilities.
- Amends the Economic Growth, Regulatory Relief, and Consumer Protection Act to shift authority from the FIO to the Secretary of the Treasury and the Federal Reserve Board.
- Redesignates and modifies sections within the Dodd-Frank and Economic Growth Acts to reflect these changes.
Who is affected
- The Department of the Treasury
- Financial institutions
- Insurance industry
- The Federal Reserve System
- Consumers
Notable changes
- Reduces the role of the Federal Insurance Office in financial regulation.
- Shifts regulatory authority from the FIO to the Secretary of the Treasury and the Federal Reserve Board.
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119th CONGRESS — 1st Session
H. R. 643
IN THE HOUSE OF REPRESENTATIVES
A BILL
To eliminate the Federal Insurance Office of the Department of the Treasury, and for other purposes.
This Act may be cited as the Federal Insurance Office Elimination Act
.
Title 31, United States Code, is amended—
by striking section 313; and
in the table of sections for subchapter I of chapter 3, by striking the item relating to section 313.
This section, and the amendment made by this section, may not be construed to repeal or otherwise limit any authority of the Secretary of the Treasury with respect matters relating to insurance.
in section 111(b)(2) (12 U.S.C. 5321(b)(2))—
by striking subparagraph (B); and
by redesignating subparagraphs (C), (D), and (E) as subparagraphs (B), (C), and (D), respectively;
in section 112 (12 U.S.C. 5322)—
in subsection (a)(2)(A), by striking member agencies, other Federal and State financial regulatory agencies, the Federal Insurance Office
and inserting the following: member agencies and other Federal and State financial regulatory agencies
; and
in subsection (d)—
in paragraph (1), in the matter preceding subparagraph (A), by striking the Office of Financial Research, member agencies, and the Federal Insurance Office
and inserting the Office of Financial Research and member agencies
; and
in paragraph (2), by striking , any member agency, and the Federal Insurance Office,
and inserting and any member agency
;
in section 165(i) (12 U.S.C. 5365(i))—
in paragraph (1)(A), by striking and the Federal Insurance Office
and inserting and the Secretary of the Treasury
; and
and the Federal Insurance Officeand inserting
and the Secretary of the Treasury; and
the Director of the Federal Insurance Office and; and
by striking on their own initiative
and inserting on the initiative of the Board of Governors
; and
in the second sentence, by striking and the affirmative approval of the Director of the Federal Insurance Office
.
the Secretary of the Treasury, Board of Governors of the Federal Reserve System, and Director of the Federal Insurance Officeand inserting the following:
the Secretary of the Treasury and the Board of Governors of the Federal Reserve System; and
in paragraph (2), by striking the Secretary of the Treasury, the Board of Governors of the Federal Reserve System, and the Director of the Federal Insurance Office
each place that term occurs and inserting the following: the Secretary of the Treasury and the Board of Governors of the Federal Reserve System
.