Bill · S. 5158· Senate(119-S-5158)
Federal Insurance Office Abolishment Act of 2026
- Introduced
- 7/29/2026
- Last activity
- 7/29/2026 — Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Sponsored by
- Ted Cruz
- Cosponsors
- - 3 - 0
- Introduced
- In Committee
What this bill would do
The Federal Insurance Office Abolishment Act of 2026 aims to eliminate the Federal Insurance Office within the Department of the Treasury. This bill also abolishes the position of the Director of the Federal Insurance Office. It includes several technical amendments to the Dodd-Frank Wall Street Reform and Consumer Protection Act. Additionally, it modifies the Economic Growth, Regulatory Relief, and Consumer Protection Act. The legislation ensures that the Secretary of the Treasury retains authority regarding insurance matters.
Yes
Would business owners be better off under this?+1
The elimination of the Federal Insurance Office may reduce the regulatory burden on insurance-related businesses.
Does this reduce what the federal government spends?+1
The bill reduces spending by abolishing a specific federal office and its director position.
The opposite
Does this give people more protection from unfair business practices?-2
The abolition of the Federal Insurance Office may reduce oversight and consumer protection within the insurance market.
Does this give the federal government more power?-1
The bill reduces federal bureaucracy by eliminating the Federal Insurance Office.
Who it would affect, and how
Potential Positive Impacts for People
The provided text does not list specific positive impacts or benefits for individuals or groups of the people.
Potential Negative Impacts for People
The provided text does not list specific negative impacts or burdens for individuals or groups of the people.
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Hover a score for the reason it gave.
- Demographic And Interest Groups
- Good For Business Owners+1
- Economy And Finance
- Reduces Government Spending+1Improves Consumer Protection-2
- Governance And Ideology
- Increases Federal Power-1
- 7/29/2026
- Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- 3 Cosponsors added.
- Introduced in Senate
3 bills Congress.gov lists as related to this one — companions in the other chamber, earlier versions, and bills this one absorbed or was folded into.
Marsha BlackburnRepublican · Tennessee
Mike LeeRepublican · Utah
Rand PaulRepublican · Kentucky