Sponsors (26)
The bill creates statutory confidentiality protections and small drafting clarity for regulators, but leaves important substantive language unspecified or non‑operative, producing legal uncertainty and risking reduced transparency and added costs for financial firms and the public.
Financial regulators (FSOC and covered agencies) would get an explicit statutory confidentiality protection for sensitive supervisory information, reducing risk that supervisors must disclose proprietary or exam data.
Lawyers, agencies, and the public gain slightly improved navigability of the statute because a table-of-contents entry points readers to the confidentiality provision.
Taxpayers and the public could see reduced transparency about systemic-risk oversight if the confidentiality provision is broad, limiting Congress and the public's access to information about regulators' actions.
Federal employees, financial firms, and others face continued legal uncertainty because several provisions are unspecified or contain no operative language, leaving key questions (like OFR subpoena limits or FIO procedures) unresolved.
Insurers and other financial institutions could incur new or unpredictable compliance and administrative costs later if unspecified or inserted text imposes substantive requirements on them.
Based on analysis of 5 sections of legislative text.
Revises federal financial statutes to remove and insert provisions affecting regulator subpoena limits and adds a confidentiality provision for financial regulators, though many insertions lack the actual text.
Official title: To prohibit the Federal Insurance Office of the Department of the Treasury and other financial regulators from collecting data directly from an insurance company.
Introduced May 15, 2025 by Scott Fitzgerald · Last progress May 15, 2025
Amends federal financial statutes to change and add provisions related to data handling and regulator authorities. The bill removes one existing paragraph in 31 U.S.C. § 313(e), directs unspecified insertions into other subsections of 31 U.S.C. § 313 and 12 U.S.C. § 5343(f)(1), and creates a placeholder confidentiality provision for financial regulators in the Financial Stability Act (Dodd‑Frank) table of contents.