# 119-s-5158: Federal Insurance Office Abolishment Act of 2026

119-s-5158, Federal Insurance Office Abolishment Act of 2026, is a 119th Congress bill sponsored by Sen. Cruz, Ted [R-TX] (R-TX); status introduced; PRIA reads it as touching household money (as of 2026-08-20).

- Canonical: https://policyrisk.com/legislation/119-s-5158
- As of: 2026-08-20
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: 119-s-5158
- Congress: 119
- Title: Federal Insurance Office Abolishment Act of 2026
- Status: introduced
- Introduced: 2026-07-29
- Sponsor: Sen. Cruz, Ted [R-TX] (R-TX)
- Cosponsors: 3
- Policy area: Finance and Financial Sector
- Touches household money: yes
- Last recorded action: 2026-08-20

## Summary

**Abolish the Federal Insurance Office.** This bill would eliminate the Federal Insurance Office in the Department of the Treasury and cancel its Director position. It would remove FIO from Title 31 of the U.S. Code while preserving the Secretary of the Treasury's existing insurance-related authorities. The bill also updates multiple statutes to reassign or recharacterize responsibilities to the Treasury, the Board of Governors of the Federal Reserve System, and other federal entities so oversight functions continue through established agencies. - Federal Insurance Office and Director — The FIO and its Director post would be statutorily removed and struck from Title 31 of the U.S. Code. - Treasury Secretary — The Secretary's existing insurance-related powers are preserved and could assume functions previously linked to the FIO. - Federal Reserve and other regulators — Dodd-Frank and other statutes are revised to replace FIO references and transfer certain duties to the Board of Governors of the Federal Reserve System and other federal entities.

## Cosponsors (3)

- Sen. Lee, Mike [R-UT] (R-UT), 2026-07-29T00:00:00.000Z
- Sen. Blackburn, Marsha [R-TN] (R-TN), 2026-07-29T00:00:00.000Z
- Sen. Paul, Rand [R-KY] (R-KY), 2026-07-29T00:00:00.000Z

## Provisions PRIA read

- End the Federal Insurance Office: mixed, high. If enacted, this would end the Federal Insurance Office (FIO) inside the Treasury. The bill would eliminate the FIO Director post and strike section 313 of Title 31, effective on enactment. The bill says this would not repeal or limit the Treasury Secretary’s existing insurance powers. Households c…
- Move FIO Duties to Other Agencies: mixed, high. If enacted, this would change many laws to remove the FIO and put specified duties with the Treasury Secretary, the Federal Reserve Board, or other agencies. The bill would edit cross-references in Dodd-Frank and related statutes so approvals or responsibilities are driven by the Treasury or the Bo…

## Related bills

- 119-s-1071: National Defense Authorization Act for Fiscal Year 2026
- 119-s-524: Coast Guard Authorization Act of 2025
- 119-s-3923: Weather Research and Forecasting Innovation Reauthorization Act of 2026
- 119-s-3752: SAVE America Act
- 119-s-4744: Take Care of America’s Veterans Act
- 119-s-6: Born-Alive Abortion Survivors Protection Act

## Sources
- [119-s-5158 on Congress.gov](https://www.congress.gov/bill/119th-congress/senate-bill/5158)

## Related
- [119-s-1071: National Defense Authorization Act for Fiscal Year 2026](https://policyrisk.com/legislation/119-s-1071)
- [119-s-524: Coast Guard Authorization Act of 2025](https://policyrisk.com/legislation/119-s-524)
- [119-s-3923: Weather Research and Forecasting Innovation Reauthorization Act of 2026](https://policyrisk.com/legislation/119-s-3923)
- [119-s-3752: SAVE America Act](https://policyrisk.com/legislation/119-s-3752)
- [119-s-4744: Take Care of America’s Veterans Act](https://policyrisk.com/legislation/119-s-4744)
- [119-s-6: Born-Alive Abortion Survivors Protection Act](https://policyrisk.com/legislation/119-s-6)
- [All bills in Congress](https://policyrisk.com/legislation)

Source: PRIA, https://policyrisk.com/legislation/119-s-5158 (as of 2026-08-20).