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US HB7130
Bill
Status
Introduced
1/16/2026
Primary Sponsor
Troy Downing
Click for details
AI Summary
- Eliminates the Federal Insurance Office (FIO) within the Department of the Treasury and abolishes the Director position
- Establishes a new United States Insurance Representative within Treasury to be appointed within 1 year of enactment, responsible for coordinating federal policy on international insurance matters, representing Treasury in the International Association of Insurance Supervisors, and assisting with covered agreement negotiations
- Grants the Insurance Representative authority to preempt state insurance measures that provide less favorable treatment to non-U.S. insurers under covered agreements, subject to notice requirements, public comment periods, and judicial review
- Excludes health insurance, long-term care insurance (unless combined with life/annuity products), and crop insurance from the Representative's jurisdiction
- Adds a State insurance commissioner as a voting member of the Financial Stability Oversight Council (FSOC), appointed by the President with Senate confirmation to a 4-year term, while removing the FIO Director from FSOC's nonvoting membership
Legislative Description
McCarran-Ferguson Restoration Act
Last Action
Referred to the House Committee on Financial Services.
1/16/2026
Committee Referrals
Financial Services1/16/2026
Full Bill Text
No bill text available