Federal Insurance Office Abolishment Act of 2026
Latest action (29 Jul 2026): Introduced
What this bill does
**What the bill would do:** S. 5158 would eliminate the Federal Insurance Office (FIO), a unit within the Department of the Treasury, along with the position of its Director. It repeals the section of federal law (31 U.S.C. 313) that established the FIO and makes corresponding edits to other statutes—including several provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Economic Growth, Regulatory Relief, and Consumer Protection Act—removing references to the FIO or its Director from processes such as financial stability determinations, systemic risk designations, and international insurance-related coordination. The bill specifies that abolishing the FIO does not reduce or repeal any other existing authority the Treasury Secretary has over insurance matters.
**Who it affects:** The change would primarily affect federal financial regulators, including the Financial Stability Oversight Council and the Federal Reserve, by removing the FIO from statutory roles it currently plays in monitoring the insurance industry, participating in systemic-risk designations, and representing U.S. interests in international insurance regulatory discussions. Insurers and state insurance regulators, who currently interact with the FIO on data collection and international agreements, could also be affected, since those functions would no longer be housed in a dedicated federal insurance office.
**Status and next steps:** The bill was introduced in the Senate on July 29, 2026, by Senator Ted Cruz along with three cosponsors, and referred to the Committee on Banking, Housing, and Urban Affairs. It has not yet received committee action, and would need to pass the Senate, the House, and be signed by the President to become law.
Plain-English summary generated by Bill100 AI from the official record. Always verify against the source below.
Official summary
This bill is in the first stage of the legislative process. It was introduced into Congress on July 29, 2026. It will typically be considered by committee next before it is possibly sent on to the House or Senate as a whole.
Common questions
- What does S. 5158 do?
- **What the bill would do:** S. 5158 would eliminate the Federal Insurance Office (FIO), a unit within the Department of the Treasury, along with the position of its Director. It repeals the section of federal law (31 U.S.C. 313) that established the FIO and makes corresponding edits to other statutes—including several provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Economic Growth, Regulatory Relief, and Consumer Protection Act—removing references to the FIO or its Director from processes such as financial stability determinations, systemic risk designations, and international insurance-related coordination. The bill specifies that abolishing the FIO does not reduce or repeal any other existing authority the Treasury Secretary has over insurance matters. **Who it affects:** The change would primarily affect federal financial regulators, including the Financial Stability Oversight Council and the Federal Reserve, by removing the FIO from statutory roles it currently plays in monitoring the insurance industry, participating in systemic-risk designations, and representing U.S. interests in international insurance regulatory discussions. Insurers and state insurance regulators, who currently interact with the FIO on data collection and international agreements, could also be affected, since those functions would no longer be housed in a dedicated federal insurance office. **Status and next steps:** The bill was introduced in the Senate on July 29, 2026, by Senator Ted Cruz along with three cosponsors, and referred to the Committee on Banking, Housing, and Urban Affairs. It has not yet received committee action, and would need to pass the Senate, the House, and be signed by the President to become law.
- Has S. 5158 become law?
- Not yet. As of 29 Jul 2026, S. 5158 is introduced.
- Who sponsored S. 5158?
- S. 5158 was sponsored by Sen. Ted Cruz [R-TX] (Republican-TX), with 3 cosponsors.
- What's the latest action on S. 5158?
- Introduced (29 Jul 2026).
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