Sen. Cruz Introduces Legislation to Eliminate Redundant, Unaccountable Treasury Dept. Offices
March 2, 2021
WASHINGTON, D.C. - U.S. Sen. Ted Cruz (R-Texas) today introduced two bills to eliminate redundant and unaccountable offices within the Treasury Department. Both offices were created by the Dodd-Frank Wall Street Reform and Consumer Protection Act. The first bill eliminates the Federal Insurance Office and is cosponsored by U.S. Sens. Jim Inhofe (R-Okla.), Mike Braun (R-Ind.), and Cynthia Lummis (R-Wyo.). Sen. Cruz previously introduced this bill in 2019. The second bill would eliminate the Office of Financial Research and is cosponsored by U.S. Sens. Mike Braun and Tom Cotton (R-Ark.). U.S. Rep. Ted Budd (R-N.C.) introduced the companion bill in the House of Representatives. Sen. Cruz also previously introduced this bill in 2019.
Upon introduction of these two bills, Sen. Cruz said:
"Federal overreach is guaranteed with the Biden administration. I'm introducing these two pieces of legislation to ensure that the Federal Insurance Office and the Office of Financial Research are not weaponized politically and used to expand our bloated government. Both of these offices were created by the Dodd-Frank Wall Street Reform and Consumer Protection Act and should be swiftly eliminated to shrink the size of government."
The Texas Professional Insurance Agents and the National Association of Professional Insurance Agents sent a letter in support of the repeal of the Federal Insurance Office. Read the full text of their letter here.