hold on there's just too much going on in Congress lmao...
Eliminates federal insurance office, creates new advisory role, changes council membership.
Rep. Downing (R-TX), with Reps. Fitzgerald (R-TX) and Ogles (R-TN).
In committee, no House vote yet
This bill, introduced by Representative Downing and co-sponsored by Representatives Fitzgerald and Ogles, aims to reshape federal involvement in insurance. It eliminates the existing Federal Insurance Office (FIO) within the Treasury Department and establishes a new U.S. Insurance Representative. Currently, the bill has been referred to the House Committee on Financial Services, meaning it needs committee approval before a full House vote.
Introduced Jan 16, 2026
This bill was introduced in the House of Representatives on January 16, 2026, and immediately sent to the House Committee on Financial Services. For the bill to advance, it must be considered and approved by this committee. If it passes the committee, it would then move to a vote by the full House of Representatives.
Currently, the Federal Insurance Office (FIO) handles federal insurance matters. This bill would eliminate the FIO and replace it with a United States Insurance Representative within the Treasury, changing who handles certain federal insurance responsibilities. The new Representative would have the power to determine if state insurance laws are inconsistent with international agreements, potentially leading to those state laws being overridden, specifically concerning foreign insurers' treatment. Additionally, the bill adds a state insurance commissioner, appointed by the President, to the Financial Stability Oversight Council, giving state regulators a direct voice in federal financial stability discussions.
Supporters Say
Proponents would argue this bill streamlines federal insurance oversight while strengthening the role of state regulators.
Critics Say
Opponents might express concern about the new representative's power to preempt state laws and potential reduced federal oversight.
The bill's title, "McCarran-Ferguson Restoration Act," suggests a move towards upholding the McCarran-Ferguson Act, which generally defers insurance regulation to the states. Supporters would likely frame it as restoring appropriate state authority over insurance while providing a focused federal voice on international matters. Critics might point to the provision allowing the new Representative to preempt state insurance measures as a potential overreach or a diminishment of state authority in practice, despite the stated intent.