Title: Federal Insurance Office Abolishment Act of 2017
Policy area: Finance and Financial Sector

Summary:
Federal Insurance Office Abolishment Act of 2017
This bill eliminates the Federal Insurance Office (FIO) within the Department of the Treasury. The bill also amends the Dodd-Frank Wall Street Reform and Consumer Protection Act to remove the FIO director as a nonvoting member of the Financial Stability Oversight Council.

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4483 Introduced in House (IH)]

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115th CONGRESS
  1st Session
                                H. R. 4483

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


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           November 29, 2017

Mr. Mooney of West Virginia (for himself, Mr. Walker, and Mr. Davidson) 
 introduced the following bill; which was referred to the Committee on 
                           Financial Services

_______________________________________________________________________

                                 A BILL


 
   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 2017''.

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.

    The Dodd-Frank Wall Street Reform and Consumer Protection Act 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(d)(2) (12 U.S.C. 5322(d)(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), by striking ``and the 
                Federal Insurance Office'' and inserting ``and the 
                Secretary of the Treasury''; and
            (4) in section 203(a)(1)(C), by striking ``the Director of 
        the Federal Insurance Office and'' and inserting ``and the 
        Secretary of the Treasury and''.
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