A bill to abolish the Federal Insurance Office of the Department of the Treasury, and for other purposes.
Key claim: S5158 would abolish the Federal Insurance Office of the Department of the Treasury.
Abstract
(S5158 · 119th Congress) Latest action (2026-07-29): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Why this matters
The Federal Insurance Office is the Treasury’s primary federal-level monitor of the insurance industry and coordinates international insurance policy, despite insurance being primarily state-regulated. Abolishing FIO would remove the federal government’s dedicated insurance monitoring, data-collection, and international representation capacity, potentially reshaping how systemic insurance risks, terrorism reinsurance coordination, and international agreements (covered agreements) are handled. The proposal signals a structural rollback of post-Dodd-Frank federal insurance oversight.