I
119THCONGRESS
1
STSESSION H. R. 643
To eliminate the Federal Insurance Office of the Department of the Treasury,
and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
JANUARY23, 2025
Mr. D
OWNING(for himself, Mr. CLINE, Mr. HARIDOPOLOS, Mr. NORMAN, Mr.
O
GLES, Mr. LOUDERMILK, Mr. SCHMIDT, Mr. MOOREof Alabama, Mr.
G
ROTHMAN, and Mr. KENNEDYof 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.
Be it enacted by the Senate and House of Representa-1
tives of the United States of America in Congress assembled, 2
SECTION 1. SHORT TITLE. 3
This Act may be cited as the ‘‘Federal Insurance Of-4
fice Elimination Act’’. 5
SEC. 2. ELIMINATION OF FEDERAL INSURANCE OFFICE. 6
(a) I
NGENERAL.—The Federal Insurance Office of 7
the Department of the Treasury, and the position of the 8
VerDate Sep 11 2014 21:06 Feb 19, 2025 Jkt 059200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H643.IH H643
kjohnson on DSK7ZCZBW3PROD with $$_JOB 2
•HR 643 IH
Director of the Federal Insurance Office, are hereby elimi-1
nated. 2
(b) A
MENDMENT.—Title 31, United States Code, is 3
amended— 4
(1) by striking section 313; and 5
(2) in the table of sections for subchapter I of 6
chapter 3, by striking the item relating to section 7
313. 8
(c) T
REASURYAUTHORITY.—This section, and the 9
amendment made by this section, may not be construed 10
to repeal or otherwise limit any authority of the Secretary 11
of the Treasury with respect matters relating to insurance. 12
SEC. 3. RELATED AMENDMENTS. 13
(a) D
ODD-FRANKWALLSTREETREFORM ANDCON-14
SUMERPROTECTIONACTAMENDMENTS.—The Dodd- 15
Frank Wall Street Reform and Consumer Protection Act 16
(12 U.S.C. 5301 et seq.) is amended— 17
(1) in section 111(b)(2) (12 U.S.C. 18
5321(b)(2))— 19
(A) by striking subparagraph (B); and 20
(B) by redesignating subparagraphs (C), 21
(D), and (E) as subparagraphs (B), (C), and 22
(D), respectively; 23
(2) in section 112 (12 U.S.C. 5322)— 24
VerDate Sep 11 2014 21:06 Feb 19, 2025 Jkt 059200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H643.IH H643
kjohnson on DSK7ZCZBW3PROD with $$_JOB 3
•HR 643 IH
(A) in subsection (a)(2)(A), by striking 1
‘‘member agencies, other Federal and State fi-2
nancial regulatory agencies, the Federal Insur-3
ance Office’’ and inserting the following: ‘‘mem-4
ber agencies and other Federal and State finan-5
cial regulatory agencies’’; and 6
(B) in subsection (d)— 7
(i) in paragraph (1), in the matter 8
preceding subparagraph (A), by striking 9
‘‘the Office of Financial Research, member 10
agencies, and the Federal Insurance Of-11
fice’’ and inserting ‘‘the Office of Financial 12
Research and member agencies’’; and 13
(ii) in paragraph (2), by striking ‘‘, 14
any member agency, and the Federal In-15
surance Office,’’ and inserting ‘‘and any 16
member agency’’; 17
(3) in section 165(i) (12 U.S.C. 5365(i))— 18
(A) in paragraph (1)(A), by striking ‘‘and 19
the Federal Insurance Office’’ and inserting 20
‘‘and the Secretary of the Treasury’’; and 21
(B) in paragraph (2)(C), in the matter 22
preceding clause (i), by striking ‘‘and the Fed-23
eral Insurance Office’’ and inserting ‘‘and the 24
Secretary of the Treasury’’; and 25
VerDate Sep 11 2014 21:06 Feb 19, 2025 Jkt 059200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H643.IH H643
kjohnson on DSK7ZCZBW3PROD with $$_JOB 4
•HR 643 IH
(4) in section 203(a)(1)(C) (12 U.S.C. 1
5383(a)(1)(C))— 2
(A) in the first sentence— 3
(i) by striking ‘‘the Director of the 4
Federal Insurance Office and’’; and 5
(ii) by striking ‘‘on their own initia-6
tive’’ and inserting ‘‘on the initiative of the 7
Board of Governors’’; and 8
(B) in the second sentence, by striking 9
‘‘and the affirmative approval of the Director of 10
the Federal Insurance Office’’. 11
(b) E
CONOMICGROWTH, REGULATORYRELIEF, AND 12
C
ONSUMERPROTECTIONACTAMENDMENTS.—Section 13
211(a) of the Economic Growth, Regulatory Relief, and 14
Consumer Protection Act (31 U.S.C. 313 note) is amend-15
ed— 16
(1) in paragraph (1), by striking ‘‘the Secretary 17
of the Treasury, Board of Governors of the Federal 18
Reserve System, and Director of the Federal Insur-19
ance Office’’ and inserting the following: ‘‘the Sec-20
retary of the Treasury and the Board of Governors 21
of the Federal Reserve System’’; and 22
(2) in paragraph (2), by striking ‘‘the Secretary 23
of the Treasury, the Board of Governors of the Fed-24
eral Reserve System, and the Director of the Fed-25
VerDate Sep 11 2014 21:06 Feb 19, 2025 Jkt 059200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6201 E:\BILLS\H643.IH H643
kjohnson on DSK7ZCZBW3PROD with $$_JOB 5
•HR 643 IH
eral Insurance Office’’ each place that term occurs 1
and inserting the following: ‘‘the Secretary of the 2
Treasury and the Board of Governors of the Federal 3
Reserve System’’. 4
Æ
VerDate Sep 11 2014 21:06 Feb 19, 2025 Jkt 059200 PO 00000 Frm 00005 Fmt 6652 Sfmt 6301 E:\BILLS\H643.IH H643
kjohnson on DSK7ZCZBW3PROD with $$_JOB