Sponsors (26)
Want to know what is actually in this bill?
This is not an official government website.
Copyright © 2026 PLEJ LC. All rights reserved.
Removes one subparagraph from 12 U.S.C. 5321(b)(2) and renumbers subsequent subparagraphs.
Modifies listed references to member agencies and the Federal Insurance Office in multiple subsections, removing or replacing the phrase(s) that included the Federal Insurance Office and adjusting related wording.
Replaces references to the Federal Insurance Office with references to the Secretary of the Treasury in specified provisions of section 165(i).
Alters wording in the systemic risk determination provision to change who may act 'on their own initiative' and removes specified language in the first and second sentences.
Modifies the list of officials referenced in section 211(a) of the Economic Growth, Regulatory Relief, and Consumer Protection Act by striking a specified list of officials and replacing occurrences of a defined term.
This bill would shut down the Federal Insurance Office (FIO) in the Treasury Department and end the position of its director. It also updates financial laws to remove mentions of the FIO and, in some places, names the Secretary of the Treasury instead. The bill says this change does not limit any insurance-related powers the Secretary already has.
It also removes the FIO director from the Financial Stability Oversight Council, which helps monitor risks in the financial system.
Referred to the House Committee on Financial Services.
Introduced January 23, 2025 by Troy Downing · Last progress January 23, 2025
Referred to the House Committee on Financial Services.
Introduced in House