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Abolishing Federal Insurance Office: Less Government Oversight

This bill proposes to abolish the Federal Insurance Office, a part of the Treasury Department. This means less federal oversight of the insurance market, which could affect how the industry is regulated and potentially the availability and cost of policies for citizens. However, these changes do not limit the general authority of the Secretary of the Treasury regarding insurance matters.
Key points
The Federal Insurance Office (FIO) and its Director position will be eliminated.
There will be fewer federal agencies overseeing the financial market, including insurance.
The Secretary of the Treasury's authority over insurance matters remains unchanged, meaning the government will still have some influence on the sector.
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Status:
Expired
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Additional Information
Federal Insurance Office Abolishment Act of 2021
Print number: S 524
Sponsor: Sen. Cruz, Ted [R-TX]
Process start date: 2021-03-02
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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Summary & Status

Key Questions about Abolishing Federal Insurance Office: Less Government Oversight

A structured overview of the legislative process, official sources, status and civic context.

What is the official ID of this bill?

The official print number for this legislation is S 524.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2021-03-02.

What are the main provisions?

Key points include:

  • The Federal Insurance Office (FIO) and its Director position will be eliminated.
  • There will be fewer federal agencies overseeing the financial market, including insurance.
  • The Secretary of the Treasury's authority over insurance matters remains unchanged, meaning the government will still have some influence on the sector.

What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Cruz, Ted [R-TX].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

Analysis and Potential Impact of S 524

We don't know, that is up to you to decide. Summarizing raw data with AI is fundamentally different from predicting socio-economic outcomes. As of 2026, we believe impact assessment strictly requires a human in the loop to verify and judge. Review our public AI processing logs for full transparency, and use Lustra to track active legislation for instant status push notifications.

CATEGORIES

Economy