H.R. 643 — Federal Insurance Office Elimination Act

This section eliminates the Federal Insurance Office (FIO) in the Department of the Treasury and the position of its Director, and strikes the office's statutory authority (31 U.S.C. §313). (As background, the FIO—established by the Dodd-Frank Act—monitors the U.S. insurance sector, identifies regulatory gaps, and represents the United States in international insurance forums; thus, the Secretary of the Treasury retains all existing authority relating to insurance matters.)

This section removes the Director of the Federal Insurance Office (FIO) as a nonvoting member of the Financial Stability Oversight Council (FSOC) by striking 12 U.S.C. 5321(b)(2)(B) and redesignating the subsequent subparagraphs. It further strikes multiple FIO references throughout FSOC authorities, including (1) removing FIO from FSOC information-sharing and coordination duties under section 112(a)(2)(A), (d)(1), and (d)(2); (2) replacing FIO with the Secretary of the Treasury in supervisory stress test reporting requirements under section 165(i); (3) eliminating FIO's role in recommending orderly liquidation of certain insurance companies under section 203(a)(1)(C), requiring such recommendations instead on the initiative of (and with approval by) the Board of Governors of the Federal Reserve System; and (4) striking FIO from FSOC-related reporting requirements under §211(a) of the Economic Growth, Regulatory Relief, and Consumer Protection Act.