[{"_1":2,"_123":-5,"_124":-5},"loaderData",{"_3":4,"_26":27},"root",{"_5":6,"_17":10,"_18":19,"_20":21,"_22":10,"_23":-5,"_24":-5,"_25":10},"user",{"_7":8,"_9":10,"_11":10,"_12":-5,"_13":-5,"_14":15,"_16":-5},"roles",[],"isAuthenticated",false,"isPremium","planName","subscriptionStatus","featureFlags",{},"insightsBudget","isDevelopmentHost","userPreferences",{},"recaptchaSiteKey","6LcvOJcUAAAAAHsB-gPGfGktcRlKpH7OTIU_dMTD","isImpersonating","impersonation","affiliateStatus","isFreedomPortal","routes/v2/article/layout",{"_28":29,"_30":31},"notFound",true,"relatedArticles",[32,75,87,99,111],{"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":48,"_49":50,"_51":52,"_53":54,"_55":56,"_57":58,"_59":60,"_61":62,"_63":64,"_65":66,"_67":68,"_69":70,"_71":72,"_73":72,"_74":72},"mediaId",6188204,"mediaKeyId","5064006-750bc71de352aeb5589d3b48ffd1740f","parentId",5064006,"title","Rep. Troy Downing urges elimination of Federal Insurance Office, proposes Treasury appointee for international role","audioSeconds",795,"startMs",4083000,"endMs",4878000,"viewUrl","/Search/View?dp=1&key=5064006-750bc71de352aeb5589d3b48ffd1740f&start=4083&end=4878","thumbnailUrl","https://assets.pipeline.soar.com/5064006-750bc71de352aeb5589d3b48ffd1740f/thumbnail_4083000.jpg","articleUrl","/articles/6188204/Rep-Troy-Downing-urges-elimination-of-Federal-Insurance-Office-proposes-Treasury-appointee-for-international-role","mediaUrl","https://secure.pipeline.soar.com/6188204-7f2382e3c0e33a82457930113c1eed5d/orig.mp4?Expires=1771202711&Signature=Vo-xnTxh1z1QOez4TNrhYDNSIj5LUnjlJXfALZorKUErOE-CgNo1q6NAluF7DBheZ1zpyMrx~A0sv3iq9Tm8Hyr6W4-MFYIK~aE302fsqTP4DVGxgCuoVl5NjmdZjzUOPqnGkTbhlLwJvDUwY1Oyq~O7WgEJnBBX6HUf6VQbrfNdquOve3nrGS8YLLV9mxBNOhdusPsreWkNWigYBdwU3XQmlQTQE-4SMfV4KwUkBewrG7efOS1f57wR7FYwA2OjCi0PWFEq~aGNqDgdzw1zYVL27HGbCyr~CTvZ1E27nHYHYndw6KKki6ugw~F27lofUL~gdWObZ9VydC3nDF0Xiw__&Key-Pair-Id=KUT5TJCACFTXG","author","U.S. House Committee on Financial Services","date","2025-06-25T11:34:46.573Z","article","Representative Troy Downing told the House Financial Services Committee on Member Day that he has introduced legislation to eliminate the Federal Insurance Office and return primary insurance regulation to the states.

Downing said the McCarran‑Ferguson Act of 1945 makes “very clear that states have the sole regulatory authority over the insurance industry” and called FIO, created under the Dodd‑Frank Act of 2010, an unnecessary federal intrusion. “The 2010 Dodd Frank Act dumped into decades of this practice by creating the federal insurance office to monitor all aspects of insurance,” he said.

Why it matters: FIO sits on the Financial Stability Oversight Council and represents the United States in international insurance fora; removing it would change how the federal government coordinates on insurance regulation and international engagement.

Downing described his bill, cited in testimony as H.R. 643, the Federal Insurance Office Elimination Act, and said it would return regulatory authority to states while preserving narrow federal functions. “Let me be clear. I did not come to Washington to slash and burn. I came to Washington to advocate for targeted regulatory reforms,” he said, and added that any international representation should continue.

Asked by the committee chair how international representation would be handled if FIO were eliminated, Downing recommended a narrowly tailored solution: “On the very narrow part of that where they are dealing with... international issues, I believe that that could be an appointee under Treasury. I think that could be a person that handled that part and that would solve... the problem with the life companies that do have international exposure.”

Downing also criticized what he described as past FIO actions issuing broad data calls to domestic insurers on climate matters and said the office had not sufficiently consulted state regulators. He told the committee he did not believe FIO should have subpoena power and said the National Association of Insurance Commissioners had seen its priorities misrepresented.

No formal vote or committee action occurred during the member‑day hearing. Downing’s remarks were part of witness testimony and subsequent member questioning; he said he looks forward to working with the committee and insurance stakeholders to advance the legislation.","mediaType","Video","parentTitle","House Committee on Financial Services Member Day Hearing (EventID=118412)","oneSentenceSummary","Representative Troy Downing told the House Financial Services Committee on Member Day that he has introduced legislation to eliminate the Federal Insurance Office and return primary insurance regulation to the states.","taxTitle","Financial Services: House Committee, Standing Committees - House & Senate, Congressional Hearings Compilation, Legislative, Federal","taxId",1981,"location","","headline","shortSummary",{"_33":76,"_35":36,"_37":38,"_39":77,"_41":78,"_43":79,"_45":80,"_47":81,"_49":82,"_51":83,"_53":84,"_55":56,"_57":58,"_59":85,"_61":62,"_63":64,"_65":86,"_67":68,"_69":70,"_71":72,"_73":72,"_74":72},6188202,"Rep. Sarah McBride introduces bipartisan bill to curb credit‑repair scams, require escrow for upfront fees",728,4268000,4996000,"/Search/View?dp=1&key=5064006-750bc71de352aeb5589d3b48ffd1740f&start=4268&end=4996","https://assets.pipeline.soar.com/5064006-750bc71de352aeb5589d3b48ffd1740f/thumbnail_4268000.jpg","/articles/6188202/Rep-Sarah-McBride-introduces-bipartisan-bill-to-curb-creditrepair-scams-require-escrow-for-upfront-fees","https://secure.pipeline.soar.com/6188202-853f39ea161ecb17654c622f6b411f99/orig.mp4?Expires=1771202711&Signature=ct2z194yyZlL~DsgXznNWqhlqIhpRwofapttoO9eqGXQmss6QJtZC3G46tKaEU7avmlelWy-82irzXP~opUSXgIA~7q1cyqhYhMTT7sz92EFIBnFTgvC9G5LC-Acs~aMFj9~rRREXsFIKPap1QM3MfXe~9WZ04JeSTAjPdrljW2bRTlwa1SnaaALZc~5jgaENYOVt2vXpnBSIHgSTbJBL6r03NmBdOTXwFU~cuQfJG2YjZK5178bRXmC1IoU178WkLa6YQr8z656tfNsNql5hxRdXldfH9FkVmDi91zEFK41TnT9EXPHQEXFMJyCFJ31W1Ky3SsIMXxm4-YhbLzGOQ__&Key-Pair-Id=KUT5TJCACFTXG","Representative Sarah McBride told the House Financial Services Committee that she is sponsoring bipartisan legislation, the Ending Scam Credit Repair Act (ESCROW), to strengthen consumer protections against abusive credit repair organizations.

McBride said CROs—credit repair organizations—use persuasive advertisements and digital communications to promise large credit‑score improvements while charging high upfront fees or exploiting loopholes in existing law. “Shiny promises and toll free numbers offering miraculous credit score boosts,” she said, “But what we don't see behind these advertisements is the deception, the abuse, and the heartbreak.”

What the bill would do: McBride said ESCROW would bar CROs from charging upfront fees until at least six months after a consumer is shown proof of real credit‑score improvement, close a telemarketing‑era loophole that CROs exploit online, prohibit duplicative or “jamming” requests that overwhelm financial institutions, strengthen state oversight, and increase penalties for bad actors.

McBride told the committee the existing federal prohibition on upfront fees was written for an era of telemarketing and has been evaded by new digital communications. “The protections, while well intended, are obviously hollow in those communication methods,” she said. She cited bipartisan support and said both consumer advocates and parts of the financial industry back the measure.

The committee’s discussion included member questions about whether the problem has grown with technology; McBride replied that enforcement actions and large settlements have occurred but that the loophole persists. No committee vote or formal action took place during the member‑day hearing.","Representative Sarah McBride told the House Financial Services Committee that she is sponsoring bipartisan legislation, the Ending Scam Credit Repair Act (ESCROW), to strengthen consumer protections against abusive credit repair organizations.",{"_33":88,"_35":36,"_37":38,"_39":89,"_41":90,"_43":91,"_45":92,"_47":93,"_49":94,"_51":95,"_53":96,"_55":56,"_57":58,"_59":97,"_61":62,"_63":64,"_65":98,"_67":68,"_69":70,"_71":72,"_73":72,"_74":72},6188191,"Rep. Sherman outlines package on bank accounting reforms, China risk disclosures and limits on federal involvement in crypto",266,5285000,5551000,"/Search/View?dp=1&key=5064006-750bc71de352aeb5589d3b48ffd1740f&start=5285&end=5551","https://assets.pipeline.soar.com/5064006-750bc71de352aeb5589d3b48ffd1740f/thumbnail_5285000.jpg","/articles/6188191/Rep-Sherman-outlines-package-on-bank-accounting-reforms-China-risk-disclosures-and-limits-on-federal-involvement-in-crypto","https://secure.pipeline.soar.com/6188191-43a6bd55e7540ce3d7100f42fbb0bb94/orig.mp4?Expires=1771202711&Signature=cecT6BKSJt~Bsnlm~GCx7a2uHoP1XqwSh4ofgaUmVenkMbCk2BA8oAak0Y4RBJyxLqwV7LFsXfw4ne7m~fIEcrDpa4x05G8k2tPWZ2oEVgXMlnSOItOOrRh7Y969jBkFz0jE981GI0gv~e2BL-23YBIle0uEcLcUinsfT5BN6xKenKENCqNIrIcfzZsbdRjUnKvlh9mccnz51HBvCrVT7fIuX2NPporH2A5Xb8pSu~xFZSv4WGQ9qtoeL~DpRbIgoB6r5QPaSUFOy2-PMJE~D0uZjYADcINgLIoXTmL29onqLCga36IMJwen80w3VP8Cv2MI1SHiXVomRnNQsFj9pw__&Key-Pair-Id=KUT5TJCACFTXG","Representative Brad Sherman used Member Day testimony to detail several legislative proposals aimed at tightening bank accounting and market disclosures and limiting federal exposure to cryptocurrencies.

Sherman said the Bank Safety Act would change how banks treat long‑term securities and address the accounting treatment that he said contributed to recent failures. “This is exactly what Silicon Valley bank did. And that's why we don't have Silicon Valley bank,” he said, describing a practice of treating certain long‑term treasuries as if they had no mark‑to‑market risk for regulatory purposes.

Sherman also described a China Risk Reporting Act to require public companies to disclose risks arising from operations in China and to explain measures to “de‑risk” or decouple operations. He proposed restricting investment in certain sanctioned foreign companies and said index funds that invest through variable interest entities can obscure investors’ exposure to Chinese firms.

On cryptocurrencies, Sherman proposed two measures: the No Crypto Bailout Act, which would bar taxpayer bailouts of crypto firms, and a prohibition on federal investments in crypto assets. “Crypto should not be bailed out by the American taxpayer and we shouldn't use taxpayer money to buy crypto assets,” he said, adding that while Federal Reserve Chair Jerome Powell said he does not seek authority to buy crypto, Treasury does have authority and that is a risk.

Sherman presented the items as part of a package rather than as finalized bills at mark‑up; committee members asked about jurisdictional boundaries and next steps. There were no votes or formal actions during the member‑day hearing.","Representative Brad Sherman presented a package of proposals on bank accounting, China‑related disclosure requirements and limits on federal involvement in cryptocurrencies during Member Day testimony to the House Financial Services Committee.",{"_33":100,"_35":36,"_37":38,"_39":101,"_41":102,"_43":103,"_45":104,"_47":105,"_49":106,"_51":107,"_53":108,"_55":56,"_57":58,"_59":109,"_61":62,"_63":64,"_65":110,"_67":68,"_69":70,"_71":72,"_73":72,"_74":72},6188196,"Members urge action on housing affordability, flood insurance reform and HUD capacity during Financial Services Member Day",1442,4423000,5865000,"/Search/View?dp=1&key=5064006-750bc71de352aeb5589d3b48ffd1740f&start=4423&end=5865","https://assets.pipeline.soar.com/5064006-750bc71de352aeb5589d3b48ffd1740f/thumbnail_4423000.jpg","/articles/6188196/Members-urge-action-on-housing-affordability-flood-insurance-reform-and-HUD-capacity-during-Financial-Services-Member-Day","https://secure.pipeline.soar.com/6188196-911ee050b849aaaa6978f4822e9b50ce/orig.mp4?Expires=1771202711&Signature=TbM5xmy-tmNUpv15JeA~ilZ3rIwidkTRgNnzpEbTj-urTsMyykicQUYiqv4OOR6O3mpXi1vbxnK7icdgrxGoEliMaEhwX8tJjXVjLCtXPMW9gLOAFwhlzEtenVhhqxBsS98TK1KsprEea8qHp4-8t-rXkFQ88gh6ah8a~KJG-j1qzqYiBsJQJaCFGLDT-4fZeQxoxs7Oz85-34BFljERtWt5EW9pI5zZulqmM8nJBQO6hSvVZi6ymG2vWgNMA5kxRplaPf7HRwVFyaa-EU1h8Bw0zSj5ECIaQL~AVpV0-DuB88PJT~sKp7F5CiQW~CEDCGj9Y5xVhIWMRuRYbBMVRQ__&Key-Pair-Id=KUT5TJCACFTXG","Representative Nellie Poe told the House Financial Services Committee that housing affordability and housing safety are urgent issues for her New Jersey district and urged the committee to prioritize legislation to increase supply, remediate lead, support down payments and renew the National Flood Insurance Program (NFIP).

“One of the challenges that keeps my constituents up at night is housing,” Poe said, and described New Jersey as “one of the most densely populated states in the union” with a substantial shortfall of affordable homes. She said high rents, rising home prices and property taxes make it difficult for residents to buy or remain in homes.

Poe described public‑health and safety concerns: nearly two‑thirds of New Jersey housing was built before the federal ban on lead‑based paint, and her hometown of Paterson “has one of the highest level[s] in the state of children with elevated blood lead levels.” She warned of lead’s developmental harms and urged investment in remediation.

On flood insurance, Poe asked the committee to “renew and reform the national flood insurance program” to make it more affordable and fair, recommending accurate maps, flood‑risk investments, protections against unaffordable premium increases and a strengthened claims process for survivors.

Ranking member on the subcommittee (housing and insurance) emphasized HUD capacity limits and oversight needs. He said past oversight testimony from the HUD inspector general highlighted HUD’s limited ability to address program challenges and urged annual testimony from the HUD secretary (citing the HUD Accountability Act). He and others argued that excessive or uncoordinated compliance requirements across programs can increase costs and delay projects, especially for small nonprofits and minority developers.

Both witnesses and members said common‑sense reforms to HOME and Community Development Block Grant (CDBG) programs and stronger coordination with USDA rural housing programs could expand supply. Committee members asked whether resilience funding could be made available ahead of disasters; one member suggested maintaining a coffer of funds for rapid response and resilience investments.

The statements were part of Member Day testimony and committee questioning; no formal legislative action occurred during the hearing.","Representative Nellie Poe and subcommittee ranking member raised housing supply, lead remediation, rising homelessness, and the need to renew and reform the National Flood Insurance Program; committee members also discussed HUD capacity constraints and potential updates to HOME and CDBG programs.",{"_33":112,"_35":36,"_37":38,"_39":113,"_41":114,"_43":115,"_45":116,"_47":117,"_49":118,"_51":119,"_53":120,"_55":56,"_57":58,"_59":121,"_61":62,"_63":64,"_65":122,"_67":68,"_69":70,"_71":72,"_73":72,"_74":72},6188186,"Rep. Al Green highlights disaster recovery reform, community bank protections and fair‑lending measures",476,5872000,6348000,"/Search/View?dp=1&key=5064006-750bc71de352aeb5589d3b48ffd1740f&start=5872&end=6348","https://assets.pipeline.soar.com/5064006-750bc71de352aeb5589d3b48ffd1740f/thumbnail_5872000.jpg","/articles/6188186/Rep-Al-Green-highlights-disaster-recovery-reform-community-bank-protections-and-fairlending-measures","https://secure.pipeline.soar.com/6188186-cfc5090cbbe82db3353f04d3de5a3d6c/orig.mp4?Expires=1771202711&Signature=JIhApzhkFkb3LgQMUS6ghrtA8MmnM~R~JYn9L~ZS9~Af2LvJzk8Ce8XN21SisslzOMrtcAkUVT7Ye55-av4YjY8YOLQYm9eiDlfKXqqJgYU4aAeGvH1N1-4g~m90pCxLnR6msuJ4f4BaDbgBg5KvMj6jIbKdKk2mDAnhnngyZBnR8cA2IVqe9mUvMhDTf1WMPzoOR3pV-SUHe9kcTjdT9xbQT-WMd17YJxq69VT-gC~nY1dQFef8kCJxdK0jFldd63rtIkqYQ3kCQszQmQ8aEz0qVKmoEoZf1FOr4LI8IRugim5M4Ts7r5kMTBePBZvJJNgBw-J3xXmJBhTEcSqqzA__&Key-Pair-Id=KUT5TJCACFTXG","Representative Al Green used Member Day testimony to outline multiple legislative priorities ranging from disaster recovery reform to protections for community banks and fair‑lending enforcement.

Green urged Congress to codify processes for disaster recovery and preserve institutional knowledge through the Reforming Disaster Recovery Act, which he said would make the post‑disaster response more consistent and allow faster, more effective relief. “It codifies a process. Currently, after each disaster, we reinvent the wheel, we lose institutional knowledge,” he said.

On pre‑disaster resilience, Green supported keeping a ready coffer of funds so smaller cities can move quickly on immediate needs. In committee questioning, he told the chair that such a coffer “would give us the opportunity to move quickly with the immediate needs. And thereafter, we can deal with the long term needs.”

Green also described bills to shield community banks from being assessed for systemic risk inappropriately, to require regulators to issue reports after invoking systemic‑risk exceptions, and to authorize financial awards for CFPB whistleblowers who expose wrongdoing. He called for stronger fair‑lending enforcement, including a proposed Office of Fair Lending and testing similar to HUD’s fair‑housing testing model.

Green framed a separate, ceremonial bill to award a congressional gold medal to Africans and their descendants enslaved in the United States from 1619 to 1865. He emphasized the gesture as an expression of respect rather than reparations.

These items were presented as legislative priorities during Member Day testimony and discussed in questioning; the hearing produced no formal committee votes or enactments.","Representative Al Green presented a package that includes the Reforming Disaster Recovery Act (to codify processes for disaster response and propose pre‑disaster coffers), legislation shielding small community banks from systemic risk assessments, transparency rules for systemic risk authority, CFPB whistleblower awards, and fair‑lending/testing","actionData","errors"]

Article not found

Rep. Troy Downing urges elimination of Federal Insurance Office, proposes Treasury appointee for international role

Rep. Sarah McBride introduces bipartisan bill to curb credit‑repair scams, require escrow for upfront fees

Rep. Sherman outlines package on bank accounting reforms, China risk disclosures and limits on federal involvement in crypto

Members urge action on housing affordability, flood insurance reform and HUD capacity during Financial Services Member Day

Rep. Al Green highlights disaster recovery reform, community bank protections and fair‑lending measures