The Biden administration is trying to collect climate-related data from insurance companies through the Federal Insurance Office (FIO), a subagency of the Treasury Department.
Republican lawmakers are concerned about the agency’s recent actions to overstep state regulators and collect this data.
Takeaways: Collecting climate-related data is the responsibility of state insurance regulators, not the FIO.
The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 authorizes the FIO to collect certain data, but it limits such actions to traditional regulation and mandates consultation with state insurance regulators.
The FIO’s recent actions are not in line with the letter or spirit of the law. This type of government overreach is unacceptable and must be stopped.
It’s time for Republicans to hold the FIO accountable for their actions and stand up against the Biden administration’s attempt to impose their radical agenda on American businesses.
The Biden administration’s attempt to collect climate-related data from insurance companies through the FIO is just another example of their overreach and attempt to dictate how private businesses operate.
This type of government intervention is unacceptable and goes against the principles of free-market capitalism.
Republicans must stand up against this and hold the FIO accountable for their actions.