[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[S. 1463 Introduced in Senate (IS)]

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115th CONGRESS
  1st Session
                                S. 1463

To amend the Financial Stability Act of 2010 to modify the term of the 
    independent member of the Financial Stability Oversight Council.


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                   IN THE SENATE OF THE UNITED STATES

                             June 28, 2017

 Mr. Crapo (for himself, Mr. Brown, Ms. Cortez Masto, Mr. Cotton, Mr. 
 Menendez, Mr. Perdue, Mr. Rounds, Mr. Scott, Mr. Tester, Mr. Tillis, 
 Mr. Van Hollen, Mr. Warner, and Ms. Warren) 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 modify the term of the 
    independent member of the Financial Stability Oversight Council.

    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 ``Financial Stability Oversight 
Council Insurance Member Continuity Act''.

SEC. 2. FINANCIAL STABILITY OVERSIGHT COUNCIL.

    Section 111(c) of the Financial Stability Act of 2010 (12 U.S.C. 
5321(c)) is amended by adding at the end the following:
            ``(4) Term of independent member.--Notwithstanding 
        paragraph (1), if a successor to the independent member of the 
        Council serving under subsection (b)(1)(J) is not appointed and 
        confirmed by the end of the term of service of such member, 
        such member may continue to serve until the earlier of--
                    ``(A) 18 months after the date on which the term of 
                service ends; or
                    ``(B) the date on which a successor to such member 
                is appointed and confirmed.''.
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