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[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3354 Introduced in House (IH)]
<DOC>
119th CONGRESS
1st Session
H. R. 3354
To amend the Financial Stability Act of 2010 to include the State
insurance commissioner as a voting member of the Financial Stability
Oversight Council, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
May 13, 2025
Mr. Loudermilk (for himself and Mr. Garamendi) introduced the following
bill; which was referred to the Committee on Financial Services
_______________________________________________________________________
A BILL
To amend the Financial Stability Act of 2010 to include the State
insurance commissioner as a voting member of the Financial Stability
Oversight Council, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Primary Regulators of Insurance Vote
Act of 2025''.
SEC. 2. ESTABLISHMENT OF STATE INSURANCE COMMISSIONER AS A VOTING
MEMBER OF THE FINANCIAL STABILITY OVERSIGHT COUNCIL.
Section 111 of the Financial Stability Act of 2010 (12 U.S.C. 5321)
is amended--
(1) in subsection (b)--
(A) in paragraph (1)--
(i) by redesignating subparagraph (J) as
subparagraph (K);
(ii) in subparagraph (I), by striking
``and'' at the end; and
(iii) by inserting after subparagraph (I)
the following new subparagraph:
``(J) a State insurance commissioner, appointed by
the President, by and with the advice and consent of
the Senate, as described in paragraph (4); and''; and
(B) by adding at the end the following new
paragraph:
``(4) State insurance commissioner.--Before making any
appointments pursuant to paragraph (1)(J), the President shall
request a list of recommended candidates from the States
through the National Association of Insurance Commissioners.
The President may appoint a member under paragraph (1)(J) that
does not appear on such list. If the National Association of
Insurance Commissioners fails to submit such list within 15
business days after the date of the request, the President may
appoint a member under paragraph (1)(J) without considering the
views of the National Association of Insurance
Commissioners.''; and
(2) in subsection (c)--
(A) in paragraph (1), by inserting ``, the State
insurance commissioner shall serve for a term of 4
years'' after ``6 years'';
(B) by amending paragraph (2) to read as follows:
``(2) Vacancies.--
``(A) In general.--Subject to subparagraph (B), any
vacancy on the Council shall be filled in the manner in
which the original appointment was made.
``(B) State insurance commissioner.--With respect
to a vacancy in the membership of the State insurance
commissioner serving under subsection (b)(1)(J)--
``(i) the Federal Vacancy Reform Act (5
U.S.C. 3345 et seq.) shall not apply; and
``(ii) such vacancy shall be filled by a
State insurance commissioner, to be designated
by a selection process determined by the State
insurance commissioners, who shall serve as a
nonvoting member of the Council until a
successor is appointed and confirmed.''; and
(C) in paragraph (4)--
(i) by striking ``independent member'' in
the heading, and inserting ``insurance
members''; and
(ii) striking ``subsection (b)(1)(J)'' and
inserting ``subsection (b)(1)(K) or the State
insurance commissioner serving under subsection
(b)(1)(J)''.
SEC. 3. REPEAL OF STATE INSURANCE COMMISSIONER AS NONVOTING MEMBER OF
FSOC.
(a) In General.--Section 111(b)(2) of the Financial Stability Act
of 2010 (12 U.S.C. 5321(b)(2)) is amended by striking subparagraph (C)
and redesignating subparagraphs (D) and (E) as subparagraphs (C) and
(D), respectively.
(b) Conforming Amendment.--Section 111(c)(1) of such Act (12 U.S.C.
5321(c)(1)) is amended by striking by ``subparagraphs (C), (D), and
(E)'' and inserting ``subparagraphs (C) and (D)''.
SEC. 4. TEMPORARY SERVICE; TRANSITION.
Notwithstanding the amendments made by this Act, during the period
beginning on the date of the enactment of this Act and ending on the
date on which the State insurance commissioner is appointed and
confirmed pursuant to section 111(b)(1) of the Financial Stability Act
of 2010 (12 U.S.C. 5321(b)(1)), as amended by section 2, section
111(b)(2)(C) of the Financial Stability Act of 2010 (12 U.S.C.
5321(b)(2)(C)) shall continue to apply.
SEC. 5. TECHNICAL AND CLARIFYING AMENDMENTS.
The Financial Stability Act of 2010 (12 U.S.C. 5311 et seq.) is
amended--
(1) in section 102(a), by adding at the end the following
new paragraph:
``(8) Council.--The term `Council' means the Financial
Stability Oversight Council established in section 111.'';
(2) in section 112(a)(2)(D), by striking ``to monitor'' and
inserting ``monitor'';
(3) in section 154(c)(1)--
(A) by striking ``Center.--'' and all that follows
through ``The Research'' and inserting the following:
``Center.--The Research''; and
(B) by redesignating subparagraphs (A) through (H)
as paragraphs (1) through (8), respectively; and
(4) in section 155(a)(2), by striking the comma after
``subsection (c)''.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
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