II 

117TH CONGRESS 

1ST SESSION S. 524 

To abolish the Federal Insurance Office of the Department of the Treasury, 

and for other purposes. 

IN THE SENATE OF THE UNITED STATES 

MARCH 2 (legislative day, MARCH 1), 2021 

Mr. CRUZ (for himself, Mr. INHOFE, Mr. BRAUN, and Ms. LUMMIS) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs 

A BILL 

To abolish the Federal Insurance Office of the Department 

of the Treasury, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Federal Insurance Of5 fice Abolishment Act of 2021’’. 

6 SEC. 2. ABOLISHMENT OF FEDERAL INSURANCE OFFICE. 

7 (a) IN GENERAL.—The Federal Insurance Office of 

8 the Department of the Treasury, and the position of the 

9 Director of the Federal Insurance Office, are hereby abol10 ished. 


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•S 524 IS

1 (b) AMENDMENT.—Title 31, United States Code, is 

2 amended— 

3 (1) by striking section 313; and 

4 (2) in the table of sections for subchapter I of 

5 chapter 3, by striking the item relating to section 

6 313. 

7 (c) TREASURY AUTHORITY.—This section, and the 

8 amendment made by this section, may not be construed 

9 to repeal or otherwise limit any authority of the Secretary 

10 of the Treasury with respect matters relating to insurance. 

11 SEC. 3. RELATED AMENDMENTS. 

12 (a) DODD-FRANK WALL STREET REFORM AND CON13 SUMER PROTECTION ACT AMENDMENTS.—The Dodd14 Frank Wall Street Reform and Consumer Protection Act 

15 (12 U.S.C. 5301 et seq.) is amended— 

16 (1) in section 111(b)(2) (12 U.S.C. 

17 5321(b)(2))— 

18 (A) by striking subparagraph (B); and 

19 (B) by redesignating subparagraphs (C), 

20 (D), and (E) as subparagraphs (B), (C), and 

21 (D), respectively; 

22 (2) in section 112 (12 U.S.C. 5322)— 

23 (A) in subsection (a)(2)(A), by striking 

24 ‘‘member agencies, other Federal and State fi25 nancial regulatory agencies, the Federal InsurVerDate Sep 11 2014 22:23 Mar 31, 2021 Jkt 019200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\S524.IS S524

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1 ance Office’’ and inserting the following: ‘‘mem2 ber agencies and other Federal and State finan3 cial regulatory agencies’’; and 

4 (B) in subsection (d)— 

5 (i) in paragraph (1), in the matter 

6 preceding subparagraph (A), by striking 

7 ‘‘the Office of Financial Research, member 

8 agencies, and the Federal Insurance Of9 fice’’ and inserting ‘‘the Office of Financial 

10 Research and member agencies’’; and 

11 (ii) in paragraph (2), by striking ‘‘, 

12 any member agency, and the Federal In13 surance Office,’’ and inserting ‘‘and any 

14 member agency’’; 

15 (3) in section 165(i) (12 U.S.C. 5365(i))— 

16 (A) in paragraph (1)(A), by striking ‘‘and 

17 the Federal Insurance Office’’ and inserting 

18 ‘‘and the Secretary of the Treasury’’; and 

19 (B) in paragraph (2)(C), in the matter 

20 preceding clause (i), by striking ‘‘and the Fed21 eral Insurance Office’’ and inserting ‘‘and the 

22 Secretary of the Treasury’’; and 

23 (4) in section 203(a)(1)(C) (12 U.S.C. 

24 5383(a)(1)(C))— 

25 (A) in the first sentence— 


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1 (i) by striking ‘‘the Director of the 

2 Federal Insurance Office and’’; and 

3 (ii) by striking ‘‘on their own initia4 tive’’ and inserting ‘‘on the initiative of the 

5 Board of Governors’’; and 

6 (B) in the second sentence, by striking 

7 ‘‘and the affirmative approval of the Director of 

8 the Federal Insurance Office’’. 

9 (b) ECONOMIC GROWTH, REGULATORY RELIEF, AND

10 CONSUMER PROTECTION ACT AMENDMENTS.—Section 

11 211(a) of the Economic Growth, Regulatory Relief, and 

12 Consumer Protection Act (31 U.S.C. 313 note) is amend13 ed— 

14 (1) in paragraph (1), by striking ‘‘the Secretary 

15 of the Treasury, Board of Governors of the Federal 

16 Reserve System, and Director of the Federal Insur17 ance Office’’ and inserting the following: ‘‘the Sec18 retary of the Treasury and the Board of Governors 

19 of the Federal Reserve System’’; and 

20 (2) in paragraph (2), by striking ‘‘the Secretary 

21 of the Treasury, the Board of Governors of the Fed22 eral Reserve System, and the Director of the Fed23 eral Insurance Office’’ each place that term occurs 

24 and inserting the following: ‘‘the Secretary of the 


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1 Treasury and the Board of Governors of the Federal 

2 Reserve System’’. 

Æ 


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