Title: Federal Insurance Office Abolishment Act of 2019
Policy area: Finance and Financial Sector

Summary:
Federal Insurance Office Abolishment Act of 2019
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.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1862 Introduced in House (IH)]

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116th CONGRESS
  1st Session
                                H. R. 1862

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


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 25, 2019

  Mr. Mooney of West Virginia (for himself, Mr. Budd, Mr. Biggs, Mr. 
 Gaetz, Mr. Meadows, Mrs. Lesko, Mr. Banks, Mr. Williams, Mr. Norman, 
 Mr. Duncan, and Mr. Walker) 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 2019''.

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 to 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 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)(12 U.S.C. 5383(a)(1)(C)), by 
        striking ``the Director of the Federal Insurance Office and'' 
        and inserting ``the Secretary of the Treasury and''.
    (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 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 
        it occurs and inserting the following: ``the Secretary of the 
        Treasury and the Board of Governors of the Federal Reserve 
        System''.
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