Federal Insurance Office Abolishment Act of 2019

Bill: 116-hr-1862
Sponsor: full_name: Rep. Mooney, Alexander X. [R-WV-2]
Introduced: 2019-03-25
Policy area: Finance and Financial Sector
Subjects: Department of the Treasury

Executive agency funding and structure

Federal officials

Financial Stability Oversight Council

Insurance industry and regulation
Latest action: action_date: 2019-03-25
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2019-03-25
action_desc: Introduced in House
text: <p><b>Federal Insurance Office Abolishment Act of 2019</b></p> <p>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.</p>

tv_txt: I 116th CONGRESS 1st Session H. R. 1862 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.

1. Short title This Act may be cited as the Federal Insurance Office Abolishment Act of 2019 . 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. 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 .