Financial Services Committee Passes Federal Insurance Office Act
Today, the House Financial Services Committee passed by a unanimous voice vote H.R. 2609, the Federal Insurance Office Act, introduced by Congressman Paul E. Kanjorski (D-PA), Chairman of the Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises.
“Today, the Financial Services Committee completed its initial work to reform the regulatory structure of the financial services industry by passing my Federal Insurance Office Act,” said Chairman Kanjorski. “I have been working on this bipartisan bill since 2008, and I am pleased that the new Administration recognizes the importance of ensuring that the federal government has a knowledge base on insurance. With the improvements made to the bill today through amendments, we can now continue to move this important bill and the other regulatory reform bills through the legislative process. I am eager to pass these bills in the House.”
Chairman Kanjorski introduced bipartisan legislation earlier this year and in the last Congress to create a federal insurance office, which was included in President Obama’s proposals for financial services regulatory reform. Congresswoman Judy Biggert (R-IL), Ranking Member of the House Financial Services Subcommittee on Oversight and Investigations, joined as an original co-sponsor of the 2009 bill when it was first introduced.
A summary of the Federal Insurance Office Act follows:
Federal Insurance Office Act
Click here to view the Federal Insurance Office Act.