S. 5158, Financial Deregulation / Regulatory Rollback. Quorum's AI analysis reads it as a net cost — and names who bears it.
S. 5158 · Net cost
What it does
This bill abolishes the Federal Insurance Office (FIO), a Treasury Department agency created by the Dodd-Frank Act to monitor insurance markets and coordinate federal-state insurance regulation. The bill removes FIO from law, eliminates its director position, and strips FIO's voting and approval authority from several Dodd-Frank provisions—transferring some oversight functions to the Treasury Secretary and Federal Reserve while leaving others unassigned. Insurance companies and large financial institutions with insurance exposure lose a dedicated federal watchdog but gain reduced regulatory coordination and oversight.
The analysis names large insurance companies (AIG, Prudential, Principal Financial, Assurant, Fidelity & Deposit) — and 2 more groups — among the beneficiaries.
The cost
Elimination of FIO removes the only federal agency with insurance-specific expertise and mandate; Treasury Secretary and Federal Reserve may lack bandwidth or incentive to prioritize insurance stability monitoring.
The analysis put a high warning level on this bill. Transparency scores 65%, and the analysis found no provisions unrelated to the bill's subject.
Who is behind it
Filed by Ted Cruz. Cosponsored by Marsha Blackburn, Mike Lee and Rand Paul.
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