Sponsors (26)
The bill streamlines and clarifies federal insurance oversight and reduces some administrative costs, but does so by eliminating a dedicated Federal Insurance Office — trading specialized insurance representation, transparency, and some federal jobs for centralized authority and modest regulatory simplification.
Financial institutions, markets, and taxpayers will see continuity and clearer federal oversight because the Treasury and Board of Governors retain statutory insurance authorities and roles are clarified to reduce interagency ambiguity.
Financial institutions and regulators face simpler compliance because the bill removes redundant or obsolete cross-references and makes conforming technical edits that reduce the risk of inadvertent legal conflicts.
Taxpayers and the federal budget could see modest administrative savings because eliminating the statutory Federal Insurance Office removes an office and director position.
Financial institutions, state regulators, and consumers lose a dedicated Federal Insurance Office that coordinated data, policy analysis, and consumer-facing reporting, which reduces insurance-specific representation and transparency in federal decision‑making.
Federal employees who worked at the Federal Insurance Office will face job losses or reassignment, with attendant career and pay impacts for those workers.
Shifting authority to the Secretary of the Treasury or the Board of Governors centralizes decision-making and could slow or change responsiveness to insurance-market problems, raising potential national-security and crisis-response risks.
Based on analysis of 3 sections of legislative text.
Introduced January 23, 2025 by Troy Downing · Last progress January 23, 2025
Eliminates the Federal Insurance Office (FIO) and the statutory position of its Director, removes the FIO from the U.S. Code, and makes conforming edits in federal statutes to replace or remove references to the FIO. The measure preserves existing authorities of the Secretary of the Treasury over insurance-related matters and does not create new programs, funding, or deadlines.