Abolishing the Federal Insurance Office: Changes to US Financial Oversight Structure.
This bill eliminates the Federal Insurance Office (FIO) within the Treasury Department, removing a key federal body responsible for monitoring and coordinating insurance matters domestically and internationally. While state governments still regulate insurance directly, federal oversight responsibilities are transferred back to the Secretary of the Treasury. This aims to streamline the federal financial regulatory structure.
Key points
The Federal Insurance Office (FIO) and the Director position are completely abolished, potentially leading to budgetary savings.
Federal duties related to insurance oversight and international cooperation are transferred directly to the Secretary of the Treasury.
The law amends major financial acts, like Dodd-Frank, to remove all references to the FIO, simplifying the structure of federal financial agencies.
Expired
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