Cline introduces bill to eliminate Federal Insurance Office
Congressmen Ben Cline (R-VA-06) has introduced H.R. 4866 – the Federal Insurance Office Elimination Act.
The issue to Republicans: President Biden recently issued an Executive Order which further delegates the responsibilities of the state level insurance regulators to the Federal Insurance Office, which was created by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.
“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.”