[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[S. 4110 Introduced in Senate (IS)]
<DOC>
117th CONGRESS
2d Session
S. 4110
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 SENATE OF THE UNITED STATES
April 28, 2022
Mr. Scott of South Carolina (for himself and Mr. King) introduced the
following bill; which was read twice and referred to the Committee on
Banking, Housing, and Urban Affairs
_______________________________________________________________________
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 2022''.
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:
``(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 striking paragraph (2) and inserting the
following:
``(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) Technical and Conforming Amendment.--Section 111(c)(1) of the
Financial Stability Act of 2010 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 of this Act,
section 111(b)(2)(C) of the Financial Stability Act of 2010 (12 U.S.C.
5321(b)(2)(C)), as in effect on the day before the date of enactment of
this Act, shall continue to apply.
SEC. 5. TECHNICAL AND CONFORMING AMENDMENTS.
The Financial Stability Act of 2010 (12 U.S.C. 5311 et seq.) is
amended--
(1) in section 102(a) (12 U.S.C. 5311), by adding at the
end the following:
``(8) Council.--The term `Council' means the Financial
Stability Oversight Council established in section 111.'';
(2) in section 112(a)(2)(D) (12 U.S.C. 5322(a)(2)(D)), by
striking ``to monitor'' and inserting ``monitor'';
(3) in section 154(c)(1) (12 U.S.C. 5344(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) (12 U.S.C. 5345(a)(2)), by
striking the comma after ``subsection (c)''.
<all>