Bill would shut down the Federal Insurance Office.

What it does

This bill removes the Federal Insurance Office. It is a Treasury Department agency that watches insurance markets. The bill deletes the office and its director job. Some duties would move to the Treasury Secretary and Federal Reserve. Other duties would have no clear home.

Who it affects

Citizens who buy insurance would lose a federal agency. That agency checks on insurance market safety and protects consumers. Large insurance and financial companies would face less federal scrutiny.

One thing to notice

The bill transfers work to other agencies. It does not say those agencies have the staff or money to do it.

From the analysis of the bill text, linked under Primary records below.

Where it stands

3 cosponsors: 3 Republicans.

• Jul 29, 2026 — Introduced · Congress.gov: “Introduced in Senate”
• Jul 29, 2026 — Referred to Senate Committee on Banking, Housing, and Urban Affairs · Congress.gov: “Read twice and referred to the Committee on Banking, Housing, and Urban Affairs”

Dates and quoted wording are Congress.gov's action record; the timeline shows status changes, not every procedural step.

Words to know

• Federal Insurance Office — A Treasury Department agency that watches insurance markets and coordinates federal and state insurance rules.
• Treasury Department — The federal agency that manages money, taxes, and financial rules for the United States.
• Treasury Secretary — The head of the Treasury Department who manages federal money and financial policy.
• Federal Reserve — The central bank of the United States that manages money supply and banking rules.