WASHINGTON, Aug. 3 -- Sen. Ted Cruz issued the following press release:
U.S. Sens. Ted Cruz (R-Texas), Mike Lee (R-Utah), Marsha Blackburn (R-Tenn.), and Rand Paul (R-Ky.) reintroduced the Federal Insurance Office Abolishment Act. The legislation abolishes the Federal Insurance Office (FIO) within the U.S. Department of the Treasury, returning sole regulatory authority over the insurance industry to the states.
Sen. Cruz said, "The Federal Insurance Office is a redundant, ever-expanding, unaccountable entity that infringes upon states' authority to regulate the insurance industry. This legislation will rein in bureaucratic overreach by the federal government and empower state regulators to focus on what is best for consumers in their stat...