H.R. 643

119 HR 643 IH: Federal Insurance Office Elimination Act
 U.S. House of Representatives
 2025-01-23
 text/xml
 EN
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 I  119th CONGRESS  1st Session  H. R. 643  IN THE HOUSE OF REPRESENTATIVES   January 23, 2025   Mr. Downing  (for himself,  Mr. Cline ,  Mr. Haridopolos ,  Mr. Norman ,  Mr. Ogles ,  Mr. Loudermilk ,  Mr. Schmidt ,  Mr. Moore of Alabama ,  Mr. Grothman , and  Mr. Kennedy of Utah ) introduced the following bill; which was referred to the  Committee on Financial Services    A BILL
To eliminate the Federal Insurance Office of the Department of the Treasury, and for other purposes.
1.
Short title
This Act may be cited as the   Federal Insurance Office Elimination Act  .
2.
Elimination of Federal Insurance Office
(a)
In general
The Federal Insurance Office of the Department of the Treasury, and the position of the Director of the Federal Insurance Office, are hereby eliminated.
(b)
Amendment
Title 31, United States Code, is amended—
(1)
by striking section 313; and
(2)
in the table of sections for subchapter I of chapter 3, by striking the item relating to section 313.
(c)
Treasury authority
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.
3.
Related amendments
(a)
Dodd-Frank Wall Street Reform and Consumer Protection Act amendments
The Dodd-Frank Wall Street Reform and Consumer Protection Act ( 12 U.S.C. 5301 et seq. ) is amended—
(1)
in section 111(b)(2) ( 12 U.S.C. 5321(b)(2) )—
(A)
by striking subparagraph (B); and
(B)
by redesignating subparagraphs (C), (D), and (E) as subparagraphs (B), (C), and (D), respectively;
(2)
in section 112 ( 12 U.S.C. 5322 )—
(A)
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
(B)
in subsection (d)—
(i)
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
(ii)
in paragraph (2), by striking  , any member agency, and the Federal Insurance Office,  and inserting  and any member agency ;
(3)
in section 165(i) ( 12 U.S.C. 5365(i) )—
(A)
in paragraph (1)(A), by striking  and the Federal Insurance Office  and inserting  and the Secretary of the Treasury ; and
(B)
in paragraph (2)(C), in the matter preceding clause (i), by striking  and the Federal Insurance Office  and inserting  and the Secretary of the Treasury ; and
(4)
in section 203(a)(1)(C) ( 12 U.S.C. 5383(a)(1)(C) )—
(A)
in the first sentence—
(i)
by striking  the Director of the Federal Insurance Office and ; and
(ii)
by striking  on their own initiative  and inserting  on the initiative of the Board of Governors ; and
(B)
in the second sentence, by striking  and the affirmative approval of the Director of the Federal Insurance Office .
(b)
Economic Growth, Regulatory Relief, and Consumer Protection Act amendments
Section 211(a) of the Economic Growth, Regulatory Relief, and Consumer Protection Act ( 31 U.S.C. 313  note) is amended—
(1)
in paragraph (1), by striking  the Secretary of the Treasury, Board of Governors of the Federal Reserve System, and Director of the Federal Insurance Office  and inserting the following:  the Secretary of the Treasury and the Board of Governors of the Federal Reserve System ; and
(2)
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 .