As ordered reported by the House Committee on Financial Services on April 17, 2024
By Fiscal Year, Millions of Dollars
2024
2024-2029
2024-2034
Direct Spending (Outlays)
*
*
*
Revenues
*
*
*
Increase or Decrease (-) in the Deficit
*
*
*
Spending Subject to Appropriation (Outlays)
*
*
not estimated
Increases net direct spending in any of the four consecutive 10-year periods beginning in 2035?
*
Statutory pay-as-you-go procedures apply?
Yes
Mandate Effects
Increases on-budget deficits in any of the four consecutive 10-year periods beginning in 2035?
*
Contains intergovernmental mandate?
No
Contains private-sector mandate?
Yes, Under Threshold
* = between -$500,000 and $500,000.
Summary
H.R. 5535 would eliminate the authority of the Department of the Treasury’s Federal Insurance Office (FIO) and Office of Financial Research (OFR) to subpoena insurance companies for data or information. The bill also would require federal financial regulators to coordinate with relevant federal and state regulators and consult publicly available databases prior to collecting data or information from an insurance company. Federal financial regulators under the bill include the Commodity Futures Trading Commission (CFTC), Federal Deposit Insurance Corporation (FDIC), Federal Reserve, Financial Stability Oversight Council (FSOC), National Credit Union Administration (NCUA), Office of the Comptroller of the Currency (OCC), OFR, and Securities and Exchange Commission (SEC).
