How HR 643 changes current law

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.