Us Congress 2025-2026 Regular Session

Us Congress House Bill HB643 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	I
2	2	119THCONGRESS
3	3	1
4	4	STSESSION H. R. 643
5	5	To eliminate the Federal Insurance Office of the Department of the Treasury,
6	6	and for other purposes.
7	7	IN THE HOUSE OF REPRESENTATIVES
8	8	JANUARY23, 2025
9	9	Mr. D
10	10	OWNING(for himself, Mr. CLINE, Mr. HARIDOPOLOS, Mr. NORMAN, Mr.
11	11	O
12	12	GLES, Mr. LOUDERMILK, Mr. SCHMIDT, Mr. MOOREof Alabama, Mr.
13	13	G
14	14	ROTHMAN, and Mr. KENNEDYof Utah) introduced the following bill;
15	15	which was referred to the Committee on Financial Services
16	16	A BILL
17	17	To eliminate the Federal Insurance Office of the Department
18	18	of the Treasury, and for other purposes.
19	19	Be it enacted by the Senate and House of Representa-1
20	20	tives of the United States of America in Congress assembled, 2
21	21	SECTION 1. SHORT TITLE. 3
22	22	This Act may be cited as the ‘‘Federal Insurance Of-4
23	23	fice Elimination Act’’. 5
24	24	SEC. 2. ELIMINATION OF FEDERAL INSURANCE OFFICE. 6
25	25	(a) I
26	26	NGENERAL.—The Federal Insurance Office of 7
27	27	the Department of the Treasury, and the position of the 8
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30	30	•HR 643 IH
31	31	Director of the Federal Insurance Office, are hereby elimi-1
32	32	nated. 2
33	33	(b) A
34	34	MENDMENT.—Title 31, United States Code, is 3
35	35	amended— 4
36	36	(1) by striking section 313; and 5
37	37	(2) in the table of sections for subchapter I of 6
38	38	chapter 3, by striking the item relating to section 7
39	39	313. 8
40	40	(c) T
41	41	REASURYAUTHORITY.—This section, and the 9
42	42	amendment made by this section, may not be construed 10
43	43	to repeal or otherwise limit any authority of the Secretary 11
44	44	of the Treasury with respect matters relating to insurance. 12
45	45	SEC. 3. RELATED AMENDMENTS. 13
46	46	(a) D
47	47	ODD-FRANKWALLSTREETREFORM ANDCON-14
48	48	SUMERPROTECTIONACTAMENDMENTS.—The Dodd- 15
49	49	Frank Wall Street Reform and Consumer Protection Act 16
50	50	(12 U.S.C. 5301 et seq.) is amended— 17
51	51	(1) in section 111(b)(2) (12 U.S.C. 18
52	52	5321(b)(2))— 19
53	53	(A) by striking subparagraph (B); and 20
54	54	(B) by redesignating subparagraphs (C), 21
55	55	(D), and (E) as subparagraphs (B), (C), and 22
56	56	(D), respectively; 23
57	57	(2) in section 112 (12 U.S.C. 5322)— 24
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61	61	(A) in subsection (a)(2)(A), by striking 1
62	62	‘‘member agencies, other Federal and State fi-2
63	63	nancial regulatory agencies, the Federal Insur-3
64	64	ance Office’’ and inserting the following: ‘‘mem-4
65	65	ber agencies and other Federal and State finan-5
66	66	cial regulatory agencies’’; and 6
67	67	(B) in subsection (d)— 7
68	68	(i) in paragraph (1), in the matter 8
69	69	preceding subparagraph (A), by striking 9
70	70	‘‘the Office of Financial Research, member 10
71	71	agencies, and the Federal Insurance Of-11
72	72	fice’’ and inserting ‘‘the Office of Financial 12
73	73	Research and member agencies’’; and 13
74	74	(ii) in paragraph (2), by striking ‘‘, 14
75	75	any member agency, and the Federal In-15
76	76	surance Office,’’ and inserting ‘‘and any 16
77	77	member agency’’; 17
78	78	(3) in section 165(i) (12 U.S.C. 5365(i))— 18
79	79	(A) in paragraph (1)(A), by striking ‘‘and 19
80	80	the Federal Insurance Office’’ and inserting 20
81	81	‘‘and the Secretary of the Treasury’’; and 21
82	82	(B) in paragraph (2)(C), in the matter 22
83	83	preceding clause (i), by striking ‘‘and the Fed-23
84	84	eral Insurance Office’’ and inserting ‘‘and the 24
85	85	Secretary of the Treasury’’; and 25
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89	89	(4) in section 203(a)(1)(C) (12 U.S.C. 1
90	90	5383(a)(1)(C))— 2
91	91	(A) in the first sentence— 3
92	92	(i) by striking ‘‘the Director of the 4
93	93	Federal Insurance Office and’’; and 5
94	94	(ii) by striking ‘‘on their own initia-6
95	95	tive’’ and inserting ‘‘on the initiative of the 7
96	96	Board of Governors’’; and 8
97	97	(B) in the second sentence, by striking 9
98	98	‘‘and the affirmative approval of the Director of 10
99	99	the Federal Insurance Office’’. 11
100	100	(b) E
101	101	CONOMICGROWTH, REGULATORYRELIEF, AND 12
102	102	C
103	103	ONSUMERPROTECTIONACTAMENDMENTS.—Section 13
104	104	211(a) of the Economic Growth, Regulatory Relief, and 14
105	105	Consumer Protection Act (31 U.S.C. 313 note) is amend-15
106	106	ed— 16
107	107	(1) in paragraph (1), by striking ‘‘the Secretary 17
108	108	of the Treasury, Board of Governors of the Federal 18
109	109	Reserve System, and Director of the Federal Insur-19
110	110	ance Office’’ and inserting the following: ‘‘the Sec-20
111	111	retary of the Treasury and the Board of Governors 21
112	112	of the Federal Reserve System’’; and 22
113	113	(2) in paragraph (2), by striking ‘‘the Secretary 23
114	114	of the Treasury, the Board of Governors of the Fed-24
115	115	eral Reserve System, and the Director of the Fed-25
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118	118	•HR 643 IH
119	119	eral Insurance Office’’ each place that term occurs 1
120	120	and inserting the following: ‘‘the Secretary of the 2
121	121	Treasury and the Board of Governors of the Federal 3
122	122	Reserve System’’. 4
123	123	Æ
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