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

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.