McCarran-Ferguson Restoration Act

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.

Impact Analysis

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