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H.R. 4483 (115th): Federal Insurance Office Abolishment Act of 2017

The text of the bill below is as of Nov 29, 2017 (Introduced).


I

115th CONGRESS

1st Session

H. R. 4483

IN THE HOUSE OF REPRESENTATIVES

November 29, 2017

(for himself, Mr. Walker, and Mr. Davidson) introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To abolish the Federal Insurance Office of the Department of the Treasury, and for other purposes.

1.

Short title

This Act may be cited as the Federal Insurance Office Abolishment Act of 2017.

2.

Abolishment of Federal Insurance Office

(a)

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.

(b)

Amendment

Title 31, United States Code, is amended—

(1)

by striking section 313; and

(2)

in the table of sections for subchapter I of chapter 3, by striking the item relating to section 313.

(c)

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 matters relating to insurance.

3.

Related amendments

The Dodd-Frank Wall Street Reform and Consumer Protection Act is amended—

(1)

in section 111(b)(2) (12 U.S.C. 5321(b)(2))—

(A)

by striking subparagraph (B); and

(B)

by redesignating subparagraphs (C), (D), and (E) as subparagraphs (B), (C), and (D), respectively;

(2)

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;

(3)

in section 165(i) (12 U.S.C. 5365(i))—

(A)

in paragraph (1)(A), by striking and the Federal Insurance Office and inserting and the Secretary of the Treasury; and

(B)

in paragraph (2)(C), by striking and the Federal Insurance Office and inserting and the Secretary of the Treasury; and

(4)

in section 203(a)(1)(C), by striking the Director of the Federal Insurance Office and and inserting and the Secretary of the Treasury and .