Bill > HR643

This bill proposes to eliminate the Federal Insurance Office (FIO), a unit within the U.S. Department of the Treasury that oversees and monitors the insurance industry. Specifically, the bill would remove section 313 from Title 31 of the United States Code, effectively abolishing the FIO and the position of its Director. The legislation makes consequential amendments to several existing laws, including the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Economic Growth, Regulatory Relief, and Consumer Protection Act, to remove references to the FIO and its Director. The bill clarifies that this elimination does not restrict the Secretary of the Treasury's existing authority to handle insurance-related matters. By removing the FIO, the legislation would change how federal oversight of the insurance industry is conducted, transferring potential responsibilities back to other existing regulatory agencies or directly to the Treasury Secretary.

Business and Industry

https://www.congress.gov/bill/119th-congress/house-bill/643/all-info