A senate committee must act next: committee consideration.
Legislative Progress
Senate
House
President
Law
Unlikely to pass
This bill is supported only by a small group of Republicans and faces a very difficult path in a divided Congress where many see the office as necessary for financial safety.
Key Points
This bill would completely shut down the Federal Insurance Office. This office was created years ago to monitor the insurance industry and identify gaps in how insurance is regulated across the country.
The proposal would also eliminate the position of the director who leads the office. This move is part of an effort to reduce federal oversight and return more power to state governments to manage their own insurance markets.
While the office would be gone, the Secretary of the Treasury would still keep the legal power to handle insurance matters. This ensures the government can still step in if there is a major problem in the insurance world.
The bill would remove the office from several important financial groups. Currently, the office helps look for risks that could hurt the U.S. economy, but this bill would take them out of those conversations.
Impact Analysis
Govbase has not yet run an impact analysis on this legislation.
Milestones
2 milestones2 actions
Jul 29, 2026Senate
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Sent to a congressional committee for expert review. The committee decides whether this bill moves forward.
Jul 29, 2026
Introduced in Senate
The bill was officially filed and given a number. It now enters the legislative queue.
No votes, news coverage, or related bills recorded for this bill yet.
Source Information
Document Type
Congressional Bill
Official Title
Federal Insurance Office Abolishment Act of 2026
Bill NumberS 5158
Congress119th Congress
ChamberSenate
Latest ActionRead twice and referred to the Committee on Banking, Housing, and Urban Affairs.
