Federal Insurance Office Elimination Act

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.

• Who is affected: The Treasury Department and the Financial Stability Oversight Council.
• What changes: The FIO is eliminated; references to the FIO in federal financial laws are struck or replaced with the Secretary of the Treasury; the Secretary’s existing authority over insurance matters remains.
• When: No separate effective date is noted in the provided text.