Federal Insurance Office Abolishment Act of 2023

II 118TH CONGRESS 1ST SESSION S. 1694 To abolish the Federal Insurance Office of the Department of the Treasury, and for other purposes. IN THE SENATE OF THE UNITED STATES MAY 18, 2023 Mr. CRUZ (for himself and Mr. BRAUN) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs 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 2023’’. 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 Director of the Federal Insurance Office, are hereby abol- 9 ished. 10 VerDate Sep 11 2014 03:36 Jun 02, 2023 Jkt 039200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\S1694.IS S1694 kjohnson on DSK79L0C42PROD with BILLS 2 •S 1694 IS (b) AMENDMENT.—Title 31, United States Code, is 1 amended— 2 (1) by striking section 313; and 3 (2) in the table of sections for subchapter I of 4 chapter 3, by striking the item relating to section 5 313. 6 (c) TREASURY AUTHORITY.—This section, and the 7 amendment made by this section, may not be construed 8 to repeal or otherwise limit any authority of the Secretary 9 of the Treasury with respect matters relating to insurance. 10 SEC. 3. RELATED AMENDMENTS. 11 (a) DODD-FRANK WALL STREET REFORM AND CON- 12 SUMER PROTECTION ACT AMENDMENTS.—The Dodd- 13 Frank Wall Street Reform and Consumer Protection Act 14 (12 U.S.C. 5301 et seq.) is amended— 15 (1) in section 111(b)(2) (12 U.S.C. 16 5321(b)(2))— 17 (A) by striking subparagraph (B); and 18 (B) by redesignating subparagraphs (C), 19 (D), and (E) as subparagraphs (B), (C), and 20 (D), respectively; 21 (2) in section 112 (12 U.S.C. 5322)— 22 (A) in subsection (a)(2)(A), by striking 23 ‘‘member agencies, other Federal and State fi- 24 nancial regulatory agencies, the Federal Insur- 25 VerDate Sep 11 2014 03:36 Jun 02, 2023 Jkt 039200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\S1694.IS S1694 kjohnson on DSK79L0C42PROD with BILLS 3 •S 1694 IS ance Office’’ and inserting the following: ‘‘mem- 1 ber agencies and other Federal and State finan- 2 cial regulatory agencies’’; and 3 (B) in subsection (d)— 4 (i) in paragraph (1), in the matter 5 preceding subparagraph (A), by striking 6 ‘‘the Office of Financial Research, member 7 agencies, and the Federal Insurance Of- 8 fice’’ and inserting ‘‘the Office of Financial 9 Research and member agencies’’; and 10 (ii) in paragraph (2), by striking ‘‘, 11 any member agency, and the Federal In- 12 surance Office,’’ and inserting ‘‘and any 13 member agency’’; 14 (3) in section 165(i) (12 U.S.C. 5365(i))— 15 (A) in paragraph (1)(A), by striking ‘‘and 16 the Federal Insurance Office’’ and inserting 17 ‘‘and the Secretary of the Treasury’’; and 18 (B) in paragraph (2)(C), in the matter 19 preceding clause (i), by striking ‘‘and the Fed- 20 eral Insurance Office’’ and inserting ‘‘and the 21 Secretary of the Treasury’’; and 22 (4) in section 203(a)(1)(C) (12 U.S.C. 23 5383(a)(1)(C))— 24 (A) in the first sentence— 25 VerDate Sep 11 2014 03:36 Jun 02, 2023 Jkt 039200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\S1694.IS S1694 kjohnson on DSK79L0C42PROD with BILLS 4 •S 1694 IS (i) by striking ‘‘the Director of the 1 Federal Insurance Office and’’; and 2 (ii) by striking ‘‘on their own initia- 3 tive’’ and inserting ‘‘on the initiative of the 4 Board of Governors’’; and 5 (B) in the second sentence, by striking 6 ‘‘and the affirmative approval of the Director of 7 the Federal Insurance Office’’. 8 (b) ECONOMIC GROWTH, REGULATORY RELIEF, AND 9 CONSUMER PROTECTION ACT AMENDMENTS.—Section 10 211(a) of the Economic Growth, Regulatory Relief, and 11 Consumer Protection Act (31 U.S.C. 313 note) is amend- 12 ed— 13 (1) in paragraph (1), by striking ‘‘the Secretary 14 of the Treasury, Board of Governors of the Federal 15 Reserve System, and Director of the Federal Insur- 16 ance Office’’ and inserting the following: ‘‘the Sec- 17 retary of the Treasury and the Board of Governors 18 of the Federal Reserve System’’; and 19 (2) in paragraph (2), by striking ‘‘the Secretary 20 of the Treasury, the Board of Governors of the Fed- 21 eral Reserve System, and the Director of the Fed- 22 eral Insurance Office’’ each place that term occurs 23 and inserting the following: ‘‘the Secretary of the 24 VerDate Sep 11 2014 03:36 Jun 02, 2023 Jkt 039200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6201 E:\BILLS\S1694.IS S1694 kjohnson on DSK79L0C42PROD with BILLS 5 •S 1694 IS Treasury and the Board of Governors of the Federal 1 Reserve System’’. 2 Æ VerDate Sep 11 2014 03:36 Jun 02, 2023 Jkt 039200 PO 00000 Frm 00005 Fmt 6652 Sfmt 6301 E:\BILLS\S1694.IS S1694 kjohnson on DSK79L0C42PROD with BILLS