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