Sens. Cruz, Hyde-Smith, Inhofe Introduce Bill to Eliminate the Federal Insurance Office
U.S. Sens. Cindy Hyde-Smith (R-Miss.), Jim Inhofe (R-Okla.) and I this week introduced a bill to eliminate the Federal Insurance Office. The Federal Insurance Office was created by the Dodd-Frank Wall Street Reform and Consumer Protection Act, and is another stark example of a redundant and unaccountable entity within the Treasury Department. The full text of the bill may be viewed here.
This crucial legislation will rein in bureaucratic overreach by the federal government, and allow insurance regulation to be centered in the states. I am proud to lead this effort with Senators Cindy Hyde-Smith and Jim Inhofe as our bill will empower states and defend their proper authority to regulate the insurance industry.
"The Federal Insurance Office is one of the many redundant bureaucratic agencies created under the Dodd-Frank Act. This bill is another strong effort to rein in the regulatory overreach spawned by a very flawed law and to reassert states' rights," Hyde-Smith said.
"Cutting bureaucratic red tape here in Washington and giving states back their power is something Republicans in Congress and President Trump have made a priority," Inhofe said. "Today, I'm glad to continue in those efforts along with Sens. Cruz and Hyde-Smith with the introduction of our bill to eliminate the Federal Insurance Office-a duplicative, unaccountable agency-and give states the power to regulate the insurance industry."
"The introduction of this legislation in the Senate is an enormous victory for those in the insurance community who truly support the state insurance regulatory system," said Jon Gentile, VP of government relations at PIA National. "The FIO has been a redundant office with duplicative duties from its creation. Furthermore, it has continuously sought to expand its power as well as the federal government's role in insurance regulation," said Gentile "Its very existence is a threat to the state insurance regulatory system. Now, thanks to the leadership of Senator Cruz, the Senate has joined the movement to repeal this office."
I have consistently advocated to rein in overreaching bureaucracy as established through the federal government and have led multiple efforts to remove redundant offices created under the Dodd-Frank Act. I recently introduced two bills to eliminate the Office of Financial Research and the Consumer Financial Protection Bureau.