On June 5, the House Appropriations Financial Services subcommittee passed their Financial Services and General Government (FSGG) spending bill for FY’25, which begins on October 1, 2024, by voice vote.

Included in the spending bill is a policy provision that PIA strongly supports and has been actively advocating in favor of from Rep. Scott Fitzgerald’s (R-WI) Insurance Data Protection Act (H.R. 5535). This provision would prevent funds for FY’25 from being used to implement, administer, or enforce the Federal Insurance Office’s (FIO) subpoena authority. This prohibition would only prevent funding from being used by the FIO to exercise its subpoena and enforcement authority for that specific fiscal year, meaning that efforts to keep FIO’s subpoena authority from being funded would restart in the FY’26 appropriations process.

The appropriations process has also only just begun, and this provision will have to survive the rest of that process in both the House and the Senate. PIA strongly supports the Insurance Data Protection Act and we will continue to work with members of the House Appropriations Committee to urge the inclusion of this provision when this bill moves to the full Appropriations Committee. At the same time, PIA is also continuing to work with Rep. Fitzgerald’s office towards a more long-term solution by passing the Insurance Data Protection Act, which has already passed the House Financial Services Committee, through the legislative process.