Legislative Activity

The Federal Insurance Office Elimination Act eliminates the Federal Insurance Office and the position of its Director within the Department of the Treasury. It transfers certain responsibilities and authorities previously held by the office to other entities, such as the Secretary of the Treasury and the Board of Governors. The act also makes related amendments to the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Economic Growth, Regulatory Relief, and Consumer Protection Act to reflect these changes. This bill does not repeal or limit the Secretary of the Treasury's authority over insurance-related matters.

The "Repealing Big Brother Overreach Act" repeals the Corporate Transparency Act, eliminating the requirement for companies to report beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN). It also makes necessary technical adjustments to Title 31 of the United States Code, specifically sections related to financial recordkeeping and reporting of currency and foreign transactions, to reflect the repeal.

The READY Accounts Act establishes Residential Emergency Asset-accumulation Deferred Taxation Yield (READY) accounts, which allow individuals to deduct up to $4,500 annually for contributions used for qualified home disaster mitigation and recovery expenses. These accounts offer tax benefits, including tax-exempt status and exclusion of qualified distributions from gross income, while non-qualified distributions are subject to taxation and potential penalties. The bill also outlines rules for rollovers, divorce-related transfers, treatment upon the beneficiary's death, and reporting requirements. This act amends the Internal Revenue Code to coordinate READY accounts with existing tax provisions and takes effect for taxable years beginning after December 31, 2024.