United States 119th Congress Status: In Committee 27 R cosponsors

HR 643 — Federal Insurance Office Elimination Act

Last action — Referred to the House Committee on Financial Services.

  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed House
  4. 4
    Passed Senate
  5. 5
    To Executive
  6. 6
    Enacted

This bill is in committee in the House. Introduced January 23, 2025. It must pass committee before a floor vote.

Next likely step: a committee vote, then a floor vote in the House.

Odds of enactment

Low chance

Based on the sponsor, cosponsors, and committee posture, this bill has a low chance of becoming law.

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A statistical estimate from our own model of past outcomes — an insight, not a guarantee. Policymaking is volatile.

Prognosis

Stalled 26% · moderate confidence

  • In Committee

    Current position in the legislative process.

  • 27 sponsors

    1 primary, 26 co-sponsors signed on.

  • Single-party support

    Sponsorship is currently within one party (27 R).

Based on stage, sponsorship breadth, committee status, recorded votes, and cross-state momentum — a description of the observable signals, not a prediction.

Summary

Federal Insurance Office Elimination Act This bill eliminates the Federal Insurance Office (FIO) within the Department of the Treasury. The bill also removes the FIO director as a nonvoting member of the Financial Stability Oversight Council.

Bill Text

How this bill changes current law

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Compared against current U.S. Code AI-generated reading aid — verify against the official bill.

The bill eliminates the Federal Insurance Office and removes its references from various sections of the Dodd-Frank Act and related laws.

  • 12 U.S.C. 5321(b)(2)

    the Director of the Federal Insurance Office

    Removes the Director of the Federal Insurance Office from the membership of the Financial Stability Oversight Council.

  • 12 U.S.C. 5322(a)(2)(A)

    the Federal Insurance Office

    Excludes the Federal Insurance Office from the list of agencies from which the Council collects information.

  • 12 U.S.C. 5322(d)(1)

    the Office of Financial Research, member agencies, and the Federal Insurance Office → the Office of Financial Research and member agencies

    Removes the Federal Insurance Office from the agencies that may be requested to submit data or information.

  • 12 U.S.C. 5322(d)(2)

    the Federal Insurance Office

    Eliminates any mention of the Federal Insurance Office in the context of the Council's authority to obtain information.

  • 12 U.S.C. 5365(i)(1)(A)

    and the Federal Insurance Office → and the Secretary of the Treasury

    Substitutes the Federal Insurance Office with the Secretary of the Treasury regarding the establishment of prudential standards.

  • 12 U.S.C. 5365(i)(2)(C)

    and the Federal Insurance Office → and the Secretary of the Treasury

    Removes the Federal Insurance Office while designating the Secretary of the Treasury in context of the prudential standards.

  • 12 U.S.C. 5383(a)(1)(C)

    the Director of the Federal Insurance Office and

    Eliminates the Director of the Federal Insurance Office from the process of approving certain actions.

  • 12 U.S.C. 5383(a)(1)(C)

    and the affirmative approval of the Director of the Federal Insurance Office

    Removes the need for approval from the Director of the Federal Insurance Office in specified actions.

  • 31 U.S.C. 313 note

    the Secretary of the Treasury, Board of Governors of the Federal Reserve System, and Director of the Federal Insurance Office → the Secretary of the Treasury and the Board of Governors of the Federal Reserve System

    Updates the membership list by removing the Director of the Federal Insurance Office.

  • 31 U.S.C. 313 note

    the Secretary of the Treasury, the Board of Governors of the Federal Reserve System, and the Director of the Federal Insurance Office → the Secretary of the Treasury and the Board of Governors of the Federal Reserve System

    Changes references to omit the Director of the Federal Insurance Office.

Action History

  1. Introduced in House

  2. Introduced in House

  3. Referred to the House Committee on Financial Services.

Sponsors

Sponsorship breakdown

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1 sponsors · 26 co-sponsors · 520 not signed on

Sponsors (1)

Co-sponsors (26)

Not signed on (520)

520 members have not signed on to this bill.

Show all 520 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

finance
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Frequently asked questions

What does HR 643 do?
Federal Insurance Office Elimination Act This bill eliminates the Federal Insurance Office (FIO) within the Department of the Treasury. The bill also removes the FIO director as a nonvoting member of the Financial Stability Oversight Council.
Who sponsors HR 643?
HR 643 is sponsored by Downing, Troy (Republican), Cline, Ben (Republican), Haridopolos, Mike (Republican), Norman, Ralph (Republican), Ogles, Andrew (Republican), Loudermilk, Barry (Republican), Schmidt, Derek (Republican), Moore, Barry (Republican), Grothman, Glenn (Republican), Kennedy, Mike (Republican), Barr, Andy (Republican), Self, Keith (Republican), Weber, Randy K. Sr. (Republican), Taylor, David J. (Republican), Gill, Brandon (Republican), Moore, Riley M. (Republican), Davidson, Warren (Republican), Moore, Tim (Republican), Brecheen, Josh (Republican), Biggs, Sheri (Republican), Patronis, Jimmy (Republican), Tiffany, Thomas P. (Republican), Rogers, Mike D. (Republican), Messmer, Mark B. (Republican), McDowell, Addison P. (Republican), Yakym, Rudy (Republican), and Lawler, Michael (Republican).
What is the current status of HR 643?
This bill is in committee in the House. Introduced January 23, 2025. It must pass committee before a floor vote.
Where can I track HR 643?
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Last checked for changes 3 months ago · updated continuously

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