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S5158119th CongressWALLET

Federal Insurance Office Abolishment Act of 2026

Sponsored By: Senator Cruz, Ted [R-TX]

Introduced

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.

Show full summary
  • 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.

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Bill Overview

Analyzed Economic Effects

2 provisions identified: 0 benefits, 0 costs, 2 mixed.

End the Federal Insurance Office

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 could see indirect effects through changes in federal insurance oversight, state-federal coordination, or consumer protection activity.

Move FIO Duties to Other Agencies

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 Board of Governors instead of the FIO or its Director. The bill would keep the Treasury Secretary’s insurance authority intact while shifting who handles oversight and approvals. Households could feel indirect effects from changes in regulatory coordination and how consumer protections are handled.

Sponsors & CoSponsors

Sponsor

Cruz, Ted [R-TX]

TX • R

Cosponsors

  • Sen. Lee, Mike [R-UT]

    UT • R

    Sponsored 7/29/2026

  • Sen. Blackburn, Marsha [R-TN]

    TN • R

    Sponsored 7/29/2026

  • Sen. Paul, Rand [R-KY]

    KY • R

    Sponsored 7/29/2026

Roll Call Votes

No roll call votes available for this bill.

View on Congress.gov
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