H.R. 643 · Where this bill is now
In committee
Introduced in the House, sent to the Committee on Financial Services, Jan 23, 2025
What this bill does
In plain words · AI-written from the official summaryEliminates the Federal Insurance Office
This bill would shut down the Federal Insurance Office, a unit within the Treasury Department that currently oversees insurance issues at the federal level. It would also remove the FIO's director from the Financial Stability Oversight Council, a group that monitors risks to the nation's financial system.
How it affects you
Most people won't feel direct effects from this change. Insurance regulation would shift entirely to state governments, which have traditionally handled most insurance oversight. If you buy insurance or work in the insurance industry, your state regulator would become your only federal touchpoint for certain national insurance matters.
Read the official summary (Introduced in House, Jan 23, 2025)
Federal Insurance Office Elimination Act
This bill eliminates the Federal Insurance Office (FIO) within the Department of the Treasury. The bill also removes the FIO director as a nonvoting member of the Financial Stability Oversight Council.
Written by AI (Claude) using only the official summary by the Congressional Research Service, the Library of Congress’s nonpartisan research staff. It can miss nuance, so check the official summary and the bill text for details.
1st SessionH. R. 643
A BILL
Federal Insurance Office Elimination Act
Sponsor: Rep. Troy Downing (R-MT-2) · Introduced Jan 23, 2025 · Finance and Financial Sector · 1 version of the text
Sources: Congress.gov actions and votes · bill text from GovInfo · latest official action Jan 23, 2025: “Referred to the House Committee on Financial Services.”