Federal Insurance Office Elimination Act

# Federal Insurance Office Elimination Act Summary **What the Bill Would Do:** This bill would shut down the Federal Insurance Office (FIO), a government agency within the Treasury Department that currently monitors insurance markets and advises policymakers on insurance issues. The bill would also remove the FIO director from the Financial Stability Oversight Council, a group that tracks risks to the nation's financial system. **Who It Affects:** The primary impact would be on the federal government's ability to oversee the insurance industry and coordinate with other financial regulators. Insurance companies, state insurance regulators, and consumers could be indirectly affected, depending on what responsibilities (if any) transfer elsewhere after the FIO closes. **Current Status:** The bill was introduced in the 119th Congress by Rep.

Troy Downing (R-MT) and is currently in committee, meaning it has not yet been debated or voted on by the full House of Representatives. No additional details about co-sponsors or specific implementation plans are provided in the official summary.