H.R.643 - Federal Insurance Office Elimination Act (119th Congress)
Summary
H.R. 643, the Federal Insurance Office Elimination Act, seeks to dismantle the Federal Insurance Office (FIO) within the Department of the Treasury. This involves eliminating the office itself and the position of its director. The bill also amends Title 31 of the United States Code and the Dodd-Frank Wall Street Reform and Consumer Protection Act to remove references to the FIO.
Expected Effects
If enacted, the FIO would cease to exist, and its responsibilities would either be absorbed by other agencies or discontinued. The Secretary of the Treasury's authority over insurance matters would remain unaffected. This could lead to changes in how the federal government monitors and addresses insurance-related issues.
Potential Benefits
- Potential reduction in government spending by eliminating the FIO's budget.
- Streamlining of regulatory oversight by removing a layer of bureaucracy.
- Increased flexibility for the Secretary of the Treasury in handling insurance matters.
- May reduce the scope of federal intervention in insurance markets, aligning with free-market principles.
- Could lead to a more efficient allocation of resources within the Department of the Treasury.
Most Benefited Areas:
Potential Disadvantages
- Loss of expertise and focused attention on insurance issues at the federal level.
- Potential gaps in data collection and analysis related to the insurance industry.
- Reduced ability to coordinate federal policy on insurance matters.
- Could weaken consumer protection efforts related to insurance.
- May limit the federal government's ability to respond to systemic risks in the insurance sector.
Constitutional Alignment
The bill's elimination of a federal office appears to be within the powers granted to Congress under Article I, Section 8, which allows Congress to create offices and agencies necessary to carry out its enumerated powers. The act does not appear to infringe on any specific constitutional rights or limitations. The power to regulate commerce, including insurance, has been interpreted broadly, and Congress has the authority to structure the executive branch as it sees fit, within constitutional limits.
Impact Assessment: Things You Care About ⓘ
This action has been evaluated across 19 key areas that matter to you. Scores range from 1 (highly disadvantageous) to 5 (highly beneficial).