Federal Insurance Office Abolishment Act of 2021
Bill: S.524 | Sponsor: Sen. Cruz, Ted (R-TX)
Policy area: Finance and Financial Sector

Summary:
Federal Insurance Office Abolishment Act of 2021
This bill eliminates the Federal Insurance Office (FIO) within the Department of the Treasury. The bill also removes the FIO director as a nonvoting member of the Financial Stability Oversight Council.

To abolish the Federal Insurance Office of the Department of the 
                   Treasury, and for other purposes.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Federal Insurance Office Abolishment 
Act of 2021''.

SEC. 2. ABOLISHMENT OF FEDERAL INSURANCE OFFICE.

    (a) In General.--The Federal Insurance Office of the Department of 
the Treasury, and the position of the Director of the Federal Insurance 
Office, are hereby abolished.
    (b) Amendment.--Title 31, United States Code, is amended--
            (1) by striking section 313; and
            (2) in the table of sections for subchapter I of chapter 3, 
        by striking the item relating to section 313.
    (c) Treasury Authority.--This section, and the amendment made by 
this section, may not be construed to repeal or otherwise limit any 
authority of the Secretary of the Treasury with respect matters 
relating to insurance.

SEC. 3. RELATED AMENDMENTS.

    (a) Dodd-Frank Wall Street Reform and Consumer Protection Act 
Amendments.--The Dodd-Frank Wall Street Reform and Consumer Protection 
Act (12 U.S.C. 5301 et seq.) is amended--
            (1) in section 111(b)(2) (12 U.S.C. 5321(b)(2))--
                    (A) by striking subparagraph (B); and
                    (B) by redesignating subparagraphs (C), (D), and 
                (E) as subparagraphs (B), (C), and (D), respectively;
            (2) in section 112 (12 U.S.C. 5322)--
                    (A) in subsection (a)(2)(A), by striking ``member 
                agencies, other Federal and State financial regulatory 
                agencies, the Federal Insurance Office'' and inserting 
                the following: ``member agencies and other Federal and 
                State financial regulatory agencies''; and
                    (B) in subsection (d)--
                            (i) in paragraph (1), in the matter 
                        preceding subparagraph (A), by striking ``the 
                        Office of Financial Research, member agencies, 
                        and the Federal Insurance Office'' and 
                        inserting ``the Office of Financial Research 
                        and member agencies''; and
                            (ii) in paragraph (2), by striking ``, any 
                        member agency, and the Federal Insurance 
                        Office,'' and inserting ``and any member 
                        agency'';
            (3) in section 165(i) (12 U.S.C. 5365(i))--
                    (A) in paragraph (1)(A), by striking ``and the 
                Federal Insurance Office'' and inserting ``and the 
                Secretary of the Treasury''; and
                    (B) in paragraph (2)(C), in the matter preceding 
                clause (i), by striking ``and the Federal Insurance 
                Office'' and inserting ``and the Secretary of the 
                Treasury''; and
            (4) in section 203(a)(1)(C) (12 U.S.C. 5383(a)(1)(C))--
                    (A) in the first sentence--
                            (i) by striking ``the Director of the 
                        Federal Insurance Office and''; and
                            (ii) by striking ``on their own 
                        initiative'' and inserting ``on the initiative 
                        of the Board of Governors''; and
                    (B) in the second sentence, by striking ``and the 
                affirmative approval of the Director of the Federal 
                Insurance Office''.
    (b) Economic Growth, Regulatory Relief, and Consumer Protection Act 
Amendments.--Section 211(a) of the Economic Growth, Regulatory Relief, 
and Consumer Protection Act (31 U.S.C. 313 note) is amended--
            (1) in paragraph (1), by striking ``the Secretary of the 
        Treasury, Board of Governors of the Federal Reserve System, and 
        Director of the Federal Insurance Office'' and inserting the 
        following: ``the Secretary of the Treasury and the Board of 
        Governors of the Federal Reserve System''; and
            (2) in paragraph (2), by striking ``the Secretary of the 
        Treasury, the Board of Governors of the Federal Reserve System, 
        and the Director of the Federal Insurance Office'' each place 
        that term occurs and inserting the following: ``the Secretary 
        of the Treasury and the Board of Governors of the Federal 
        Reserve System''.
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