Section 1 Short title
This Act may be cited as the “Federal Insurance Office Abolishment Act of 2019”.
Federal Insurance Office Abolishment Act of 2019
A BILL
To abolish the Federal Insurance Office of the Department of the Treasury, and for other purposes.
Sec. 2 Abolishment of Federal Insurance Office
In general— The Federal Insurance Office of the Department of the Treasury, and the position of the Director of the Federal Insurance Office, are hereby abolished.
Amendment— Title 31, United States Code, is amended—
by striking section 313; and
in the table of sections for subchapter I of chapter 3, by striking the item relating to section 313.
Treasury authority— This section, and the amendment made by this section, may not be construed to repeal or otherwise limit any authority of the Secretary of the Treasury with respect to matters relating to insurance.
Sec. 3 Related amendments
Dodd-Frank Wall Street Reform and Consumer Protection Act amendments— The Dodd-Frank Wall Street Reform and Consumer Protection Act is amended—
in section 111(b)(2) (12 U.S.C. 5321(b)(2))—
by striking subparagraph (B); and
by redesignating subparagraphs (C), (D), and (E) as subparagraphs (B), (C), and (D), respectively;
in section 112(d)(2) (12 U.S.C. 5322(d)(2)), by striking “any member agency, and the Federal Insurance Office,” and inserting “and any member agency”;
in section 165(i) (12 U.S.C. 5365(i))—
in paragraph (1)(A), by striking “and the Federal Insurance Office” and inserting “and the Secretary of the Treasury”; and
in paragraph (2)(C), by striking “and the Federal Insurance Office” and inserting “and the Secretary of the Treasury”; and
in section 203(a)(1)(C)(12 U.S.C. 5383(a)(1)(C)), by striking “the Director of the Federal Insurance Office and” and inserting “the Secretary of the Treasury and”.
Economic Growth, Regulatory Relief, and Consumer Protection Act amendments— Section 211(a) of the Economic Growth, Regulatory Relief, and Consumer Protection Act (31 U.S.C. 313 note) is amended—
in paragraph (1), by striking “the Secretary of the Treasury, Board of Governors of the Federal Reserve System, and Director of the Federal Insurance Office” and inserting the following: “the Secretary of the Treasury and Board of Governors of the Federal Reserve System”; and
in paragraph (2), by striking “the Secretary of the Treasury, the Board of Governors of the Federal Reserve System, and the Director of the Federal Insurance Office” each place it occurs and inserting the following: “the Secretary of the Treasury and the Board of Governors of the Federal Reserve System”.