S1694-118

1. Short title This Act may be cited as the Federal Insurance Office Abolishment Act of 2023.

2. Abolishment of Federal Insurance Office The Federal Insurance Office of the Department of the Treasury, and the position of the Director of the Federal Insurance Office, are hereby abolished. 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. 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 matters relating to insurance.

3. Related amendments The Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5301 et seq.) 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 (12 U.S.C. 5322)— in subsection (a)(2)(A), by striking member agencies, other Federal and State financial regulatory agencies, the Federal Insurance Office and inserting the following: member agencies and other Federal and State financial regulatory agencies; and in subsection (d)— in paragraph (1), in the matter preceding subparagraph (A), by striking the Office of Financial Research, member agencies, and the Federal Insurance Office and inserting the Office of Financial Research and member agencies; and in paragraph (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), in the matter preceding clause (i), 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))— in the first sentence— by striking the Director of the Federal Insurance Office and; and by striking on their own initiative and inserting on the initiative of the Board of Governors; and in the second sentence, by striking and the affirmative approval of the Director of the Federal Insurance Office. 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 the 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 that term occurs and inserting the following: the Secretary of the Treasury and the Board of Governors of the Federal Reserve System.