U.S. Senators Ted Cruz (R-Tex.), Cindy Hyde-Smith (R-Miss.), and Jim Inhofe (R-Okla.) have introduced a bill to eliminate the Federal Insurance Office.
The Federal Insurance Office was created by the Dodd-Frank Wall Street Reform and Consumer Protection Act.
“This crucial legislation will rein in bureaucratic overreach by the federal government, and allow insurance regulation to be centered in the states,” Senator Cruz said in a statement. “I am proud to lead this effort with Senators Cindy Hyde-Smith and Jim Inhofe as our bill will empower states and defend their proper authority to regulate the insurance industry.”
“The Federal Insurance Office is one of the many redundant bureaucratic agencies created under the Dodd-Frank Act. This bill is another strong effort to rein in the regulatory overreach spawned by a very flawed law and to reassert states' rights,” Senator Hyde-Smith said.
“Cutting bureaucratic red tape here in Washington and giving states back their power is something Republicans in Congress and President Trump have made a priority,” Senator Inhofe said. “I'm glad to continue in those efforts along with Senators Cruz and Hyde-Smith with the introduction of our bill to eliminate the Federal Insurance Office – a duplicative, unaccountable agency – and give states the power to regulate the insurance industry.”
Learn more: Bill.
Steven A. Meyerowitz
Steven A. Meyerowitz, a Harvard Law School graduate, is the founder and president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. He may be contacted at [email protected].