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

Hozzl · 2025-02-13T09:05:48Z

Explore the details of House Bill 643 To eliminate the Federal Insurance Office of the Department of the Treasury, and for other purposes. currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on undefined. Stay informed on legislative developments.

2/13/2025, 9:05 AM

Summary of Bill HR 643

Bill 119 HR 643, also known as the "Federal Insurance Office Abolishment Act," aims to eliminate the Federal Insurance Office (FIO) within the Department of the Treasury. The FIO was established in 2010 as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act to monitor the insurance industry and provide expertise on insurance matters to the federal government.

Proponents of the bill argue that the FIO duplicates the efforts of state insurance regulators and is unnecessary, as insurance regulation has traditionally been handled at the state level. They believe that abolishing the FIO will streamline government operations and reduce unnecessary bureaucracy.

Opponents of the bill argue that the FIO plays a crucial role in coordinating federal insurance policy and providing valuable insights on insurance issues that affect consumers and the economy. They believe that eliminating the FIO could weaken federal oversight of the insurance industry and leave gaps in regulation. If passed, the bill would not only eliminate the FIO but also transfer its responsibilities to other existing agencies within the Department of the Treasury. The bill does not specify which agencies would take on these responsibilities or how they would be carried out. Overall, the debate surrounding Bill 119 HR 643 highlights the ongoing tension between federal and state regulation of the insurance industry and raises questions about the most effective way to oversee this important sector of the economy.

Current Status of Bill HR 643

Bill HR 643 is currently in the status of Bill Introduced since January 23, 2025. Bill HR 643 was introduced during Congress 119 and was introduced to the House on January 23, 2025. Bill HR 643's most recent activity was Referred to the House Committee on Financial Services. as of January 23, 2025

Bipartisan Support of Bill HR 643

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Policy Area and Potential Impact of Bill HR 643

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Alternate Title(s) of Bill HR 643

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

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