119-hr643

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 643 Introduced in House

    (IH) ]

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119th CONGRESS
 1st Session
 H. R. 643

 To eliminate the Federal Insurance Office of the Department of the 
 Treasury, and for other purposes.

_______________________________________________________________________

 IN THE HOUSE OF REPRESENTATIVES

 January 23, 2025

 Mr. Downing (for himself, Mr. Cline, Mr. Haridopolos, Mr. Norman, Mr. 
Ogles, Mr. Loudermilk, Mr. Schmidt, Mr. Moore of Alabama, Mr. Grothman, 
 and Mr. Kennedy of Utah) introduced the following bill; which was 
 referred to the Committee on Financial Services

_______________________________________________________________________

 A BILL

 To eliminate the Federal Insurance Office of the Department of the 
 Treasury, and for other purposes.

 Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

 This Act may be cited as the ``Federal Insurance Office Elimination 
Act''.

SEC. 2. ELIMINATION 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 eliminated.

    (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.

SEC. 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''.
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