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119-hr-7130119th CongressWALLET

McCarran-Ferguson Restoration Act

Sponsored By: Representative Downing, Troy [R-MT-2]

Introduced

Summary

This bill would create a United States Insurance Representative in the Department of the Treasury to replace the Federal Insurance Office and centralize federal international prudential insurance policy. It would move covered-agreement authority, preemption review, and international representation into a Treasury-led role while preserving the Secretary of the Treasury's authority over insurance matters.

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Bill Overview

Analyzed Economic Effects

4 provisions identified: 0 benefits, 0 costs, 4 mixed.

Federal preemption process for state rules

If enacted, a State insurance measure could be overridden only if the USIR finds it treats a covered foreign insurer less favorably than a U.S. insurer and the measure is inconsistent with a covered agreement. The USIR would have to notify the State and USTR, publish a Federal Register notice, take written comments, explain its finding, and wait at least 30 days before the preemption takes effect. Courts could review the USIR's inconsistency determinations de novo. Consumer protection under any covered agreement must be substantially equivalent to State protections.

Treasury creates new insurance office

If enacted, the Federal Insurance Office would be removed and the Treasury would create a United States Insurance Representative (USIR). The Secretary would have to appoint the USIR within 1 year and hire staff with insurance expertise. The USIR would represent Treasury in international insurance forums and help negotiate covered agreements. The USIR must begin reporting to Congress two years after enactment about its actions and coordination.

State insurance seat on financial council

If enacted, the Financial Stability Oversight Council would get a State insurance commissioner as a voting member. The President would request recommended candidates from the National Association of Insurance Commissioners; if NAIC does not respond within 15 business days the President may appoint without that list. The member would serve a 4‑year term. An acting State insurance commissioner chosen through NAIC procedures may serve as a nonvoting member during vacancies, and a confirmed member may stay up to 18 months after term end if no successor is confirmed.

USIR powers and state limits

If enacted, the USIR would have authority over prudential international insurance matters but the bill would exclude crop insurance, health insurance as coordinated with HHS, and most long-term care products. The bill would say USIR or Treasury cannot take general supervisory control over insurance or preempt State rules on rates, underwriting, sales practices, coverage, or State antitrust laws. The law would also add clear definitions like "covered agreement," "non‑United States insurer," and "substantially equivalent."

Sponsors & CoSponsors

Sponsor

Downing, Troy [R-MT-2]

MT • R

Cosponsors

  • Rep. Fitzgerald, Scott [R-WI-5]

    WI • R

    Sponsored 1/16/2026

  • Rep. Ogles, Andrew [R-TN-5]

    TN • R

    Sponsored 1/16/2026

  • Rep. Nehls, Troy E. [R-TX-22]

    TX • R

    Sponsored 4/23/2026

  • Rep. Harris, Andy [R-MD-1]

    MD • R

    Sponsored 6/29/2026

  • Rep. Moore, Barry [R-AL-1]

    AL • R

    Sponsored 8/31/2026

Roll Call Votes

No roll call votes available for this bill.

View on Congress.gov
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