The U.S. House of Representatives Committee on Financial Services passed a series of six bills designed to reduce federal regulations.
The Automotive Service Association (ASA) reports that one of the bills, HR 3861, Federal Insurance Office Reform Act of 2017, introduced last year was part of the package approved by a vote of 36-21. ASA is concerned that the legislation dilutes the authority of the Federal Insurance Office (FIO), which is part of the U.S. Department of Treasury.
U.S. Rep. Sean Duffy, R-Wis., introduced HR 3861 in 2017. ASA supported the creation of the FIO in the Dodd-Frank Wall Street