Federal Insurance Office Abolishment Act of 2021

Bill: 117-s-524
Sponsor: full_name: Sen. Cruz, Ted [R-TX]
Introduced: 2021-03-02
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: 2021-03-02
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2021-03-02
action_desc: Introduced in Senate
text: <p><b>Federal Insurance Office Abolishment Act of 2021</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: II 117th CONGRESS 1st Session S. 524 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. Short title This Act may be cited as the Federal Insurance Office Abolishment Act of 2021 . 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. 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 .