As the sponsor of the Federal Insurance Office Elimination Act, Congressman Troy Downing is at the forefront of efforts to reshape federal oversight of the insurance industry. Formerly Montana’s State Auditor, Rep. Downing oversaw the state’s insurance industry and brings firsthand regulatory experience to Capitol Hill. Now serving in Congress, he sits on the House Financial Services Committee and its Housing and Insurance Subcommittee, where he plays a key role in financial and insurance-related policymaking.

What drove you to run for Congress?

In 2001, I was moose hunting in Alaska. I was dropped off in the wild for nearly a month. My only contact with civilization was an aviation radio. After harvesting a moose, we noticed that we hadn’t seen any airplanes fly in days. We had no idea of the tragedy in New York. When our plane finally landed on the lake, the pilot tailed up to shore, shut down the engines, and told us about the terror attacks at the World Trade Center.

That hit me in the gut because I didn’t see it on TV, I just heard it from a pilot sticking his head out of the window of a float plane. I was struck by the sadness of the loss, the anger of being attacked, and the violation of that attack taking place on our own soil.

I didn’t have a whole lot growing up. And here I was moose hunting in Alaska with my taxidermist, and I’m saying to myself, “what have I ever done deserve this?” I didn’t have a good answer. So, I enlisted in the U.S. Air Force at age 34, one year prior to the age cutoff.

I served eight years with a combat search and rescue squadron and completed two tours of duty to Afghanistan, and I have been looking for ways to dedicate my life to public service ever since.

How has your time as Montana State Auditor, in which you oversaw the state’s insurance industry, helped you identify the biggest issues currently facing the industry?

My primary role at Commissioner of Securities and Insurance (CSI) was to ensure the proper application of securities and insurance regulation in Montana, the Treasure State. That included taking enforcement action to ensure Montanans’ claims were settled in accordance with the law and communicating with the public on best practices and potential pitfalls in the industry.

My experience navigating the interplay between state and federal regulation from the position of a statewide elected official has given me a unique perspective on the inefficiencies and inadequacies of federal insurance regulation. States are best equipped to deal with the unique factors impacting insurance regulation in their communities, and we need to reaffirm states’ sole authority to regulate the insurance industries within their borders.

What insurance-related priorities do you have for your first term?

My top priority this Congress with respect to the insurance space is getting my Federal Insurance Office Elimination Act passed by the House of Representatives and enacted into law. The McCarran Ferguson Act of 1945 made clear that states have sole regulatory authority over the insurance industry.

In 2010, Dodd Frank upended this preeminence with the creation of the Federal Insurance Office at the U.S. Treasury. FIO was given “the authority to monitor all aspects of the insurance sector,” clearly violating McCarran-Ferguson.

I was a tireless advocate for the abolishment of FIO as state auditor. As a member of Congress, I plan on bringing the full weight of my Housing and Insurance Subcommittee appointment on the House Financial Services Committee to bear in the fight to dismantle this vestigial office.

How can PIA’s independent agent members help you in your efforts?

I would ask PIA’s agent members for their support, advocacy, and input. While I have considerable experience in the insurance industry in both the private and public sectors, the landscape is always changing.

Our independent agents are on the front lines and bear witness to this change, not members of Congress. PIA’s members are best positioned to educate lawmakers who may not possess a background in insurance. I ask that they impress upon my colleagues the importance of state-centric insurance regulation.

I am in a position where I can affect change in the legal framework that governs this landscape. To do this in any meaningful or impactful way, it takes the input and context that PIA’s members can provide.

What achievements are you most proud of in your career?

I have been extraordinarily blessed throughout my career. As a young man, I founded a tech startup that completely changed my life. I have been fortunate to have seen success in a number of other ventures. And despite my success in business, I have always found that the achievements I am most proud of and are the most meaningful to me are those centered in service.

I am extremely proud of my service in the Air Force and Air National Guard and the work my teammates and I did to get American servicemembers out of harm’s way. I’m honored to have been able to serve the people of Montana in elected office as State Auditor. Perhaps most important of all, I am proud to be a husband and father. There is no question that to excel in this capacity, it takes a service forward mentality. There are no days off, and I am blessed with a loving family who supports me as I embark on this new chapter in Congress.

I’ve said this before, but I come from austere beginnings. A kid like me was never supposed to hold the office that I hold today. I thank God every day that the American dream is still alive and well, and I plan to use my office to ensure that it stays that way.