Federal Insurance Office Abolishment Act of 2019

I 116TH CONGRESS 1ST SESSION H. R. 1862 To abolish the Federal Insurance Office of the Department of the Treasury, and for other purposes. IN THE HOUSE OF REPRESENTATIVES MARCH 25, 2019 Mr. MOONEY of West Virginia (for himself, Mr. BUDD, Mr. BIGGS, Mr. GAETZ, Mr. MEADOWS, Mrs. LESKO, Mr. BANKS, Mr. WILLIAMS, Mr. NORMAN, Mr. DUNCAN, and Mr. WALKER) introduced the following bill; which was referred to the Committee on Financial Services A BILL To abolish the Federal Insurance Office of the Department of the Treasury, and for other purposes. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Federal Insurance Of- 4 fice Abolishment Act of 2019’’. 5 SEC. 2. ABOLISHMENT OF FEDERAL INSURANCE OFFICE. 6 (a) IN GENERAL.—The Federal Insurance Office of 7 the Department of the Treasury, and the position of the 8 VerDate Sep 11 2014 05:16 Apr 05, 2019 Jkt 089200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H1862.IH H1862 kjohnson on DSK79L0C42 with BILLS 2 •HR 1862 IH Director of the Federal Insurance Office, are hereby abol- 1 ished. 2 (b) AMENDMENT.—Title 31, United States Code, is 3 amended— 4 (1) by striking section 313; and 5 (2) in the table of sections for subchapter I of 6 chapter 3, by striking the item relating to section 7 313. 8 (c) TREASURY AUTHORITY.—This section, and the 9 amendment made by this section, may not be construed 10 to repeal or otherwise limit any authority of the Secretary 11 of the Treasury with respect to matters relating to insur- 12 ance. 13 SEC. 3. RELATED AMENDMENTS. 14 (a) DODD-FRANK WALL STREET REFORM AND CON- 15 SUMER PROTECTION ACT AMENDMENTS.—The Dodd- 16 Frank Wall Street Reform and Consumer Protection Act 17 is amended— 18 (1) in section 111(b)(2) (12 U.S.C. 19 5321(b)(2))— 20 (A) by striking subparagraph (B); and 21 (B) by redesignating subparagraphs (C), 22 (D), and (E) as subparagraphs (B), (C), and 23 (D), respectively; 24 VerDate Sep 11 2014 05:16 Apr 05, 2019 Jkt 089200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H1862.IH H1862 kjohnson on DSK79L0C42 with BILLS 3 •HR 1862 IH (2) in section 112(d)(2) (12 U.S.C. 1 5322(d)(2)), by striking ‘‘any member agency, and 2 the Federal Insurance Office,’’ and inserting ‘‘and 3 any member agency’’; 4 (3) in section 165(i) (12 U.S.C. 5365(i))— 5 (A) in paragraph (1)(A), by striking ‘‘and 6 the Federal Insurance Office’’ and inserting 7 ‘‘and the Secretary of the Treasury’’; and 8 (B) in paragraph (2)(C), by striking ‘‘and 9 the Federal Insurance Office’’ and inserting 10 ‘‘and the Secretary of the Treasury’’; and 11 (4) in section 203(a)(1)(C)(12 U.S.C. 12 5383(a)(1)(C)), by striking ‘‘the Director of the 13 Federal Insurance Office and’’ and inserting ‘‘the 14 Secretary of the Treasury and’’. 15 (b) ECONOMIC GROWTH, REGULATORY RELIEF, AND 16 CONSUMER PROTECTION ACT AMENDMENTS.—Section 17 211(a) of the Economic Growth, Regulatory Relief, and 18 Consumer Protection Act (31 U.S.C. 313 note) is amend- 19 ed— 20 (1) in paragraph (1), by striking ‘‘the Secretary 21 of the Treasury, Board of Governors of the Federal 22 Reserve System, and Director of the Federal Insur- 23 ance Office’’ and inserting the following: ‘‘the Sec- 24 VerDate Sep 11 2014 05:16 Apr 05, 2019 Jkt 089200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H1862.IH H1862 kjohnson on DSK79L0C42 with BILLS 4 •HR 1862 IH retary of the Treasury and Board of Governors of 1 the Federal Reserve System’’; and 2 (2) in paragraph (2), by striking ‘‘the Secretary 3 of the Treasury, the Board of Governors of the Fed- 4 eral Reserve System, and the Director of the Fed- 5 eral Insurance Office’’ each place it occurs and in- 6 serting the following: ‘‘the Secretary of the Treasury 7 and the Board of Governors of the Federal Reserve 8 System’’. 9 Æ VerDate Sep 11 2014 05:16 Apr 05, 2019 Jkt 089200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6301 E:\BILLS\H1862.IH H1862 kjohnson on DSK79L0C42 with BILLS