Federal Insurance Office Elimination Act

Key Points

• This bill would completely shut down the Federal Insurance Office, which is a small part of the Treasury Department. It would also get rid of the Director position that leads the office.
• The office was originally created to keep an eye on the insurance industry and help the government make international agreements. People who want to end the office argue that insurance should be managed by states rather than the federal government.
• If this becomes law, the Director of the office would lose their seat on a powerful committee that monitors risks to the entire U.S. economy. The Secretary of the Treasury would take over some of the office's remaining duties.
• This change would not stop the Treasury Department from dealing with insurance issues entirely. It just removes the specific team and office that was set up to focus on it every day.

Impact Analysis

Govbase has not yet run an impact analysis on this legislation.