Rep. Cline introduces bill to eliminate wasteful and expansive government agency

Last week, Congressmen Ben Cline (VA-06) introduced H.R. 4866 – the Federal Insurance Office Elimination Act.

Created by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, the Federal Insurance Office is a glaring example of redundancy and overreach within the Treasury Department. Continuing its expansion, President Biden recently issued an Executive Order which further delegates the responsibilities of the state-level insurance regulators to the Federal government. This legislation would eliminate the unnecessary Federal Insurance Office.

“As a member of the Virginia General Assembly, I stood against Federal overreach into areas traditionally reserved for states and localities. When the Federal government began to apply duplicative and onerous regulations on insurance, costs went up for millions of Americans. Repealing authorization for this expansive bureaucracy, known as the Federal Insurance Office, is a positive step toward draining the swamp and in returning power to the states and people where it rightfully belongs.”

Text of the legislation can be found here. Background on why this bill is necessary can be found here.