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Congress·In Committee·about 2 months ago

Insurance: Replacing the Federal Insurance Office

Also known as: McCarran-Ferguson Restoration Act

Legislative Progress

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Key Points

  • This bill, introduced by Mr. Downing, would shut down the Federal Insurance Office and create a new position called the United States Insurance Representative within the Treasury Department.
  • The new representative would focus on international insurance matters, representing the U.S. in global meetings and helping negotiate agreements with other countries.
  • The policy limits the federal government's power to overrule state insurance laws, ensuring that local rules for things like car or home insurance stay in the hands of the states unless they unfairly target foreign companies.
  • The representative would not have authority over health insurance, crop insurance, or most long-term care insurance, which will continue to be handled by other agencies.
  • The bill adds a state insurance commissioner to the national council that monitors risks to the U.S. financial system, giving local regulators a bigger voice in federal financial decisions.

Milestones

2 milestones2 actions
Jan 16, 2026House

Referred to the House Committee on Financial Services.

Jan 16, 2026

Introduced in House

Source Information

Document Type

Congressional Bill

Official Title

McCarran-Ferguson Restoration Act

Bill NumberHR 7130
Congress119th Congress
ChamberHouse of Representatives
Latest ActionReferred to the House Committee on Financial Services.

Sponsor

Cosponsors

(2)
R: 2

Analysis generated by AI. While we strive for accuracy, this should not be considered legal or professional advice. Always verify information with official government sources.