[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 1298 Introduced in Senate (IS)]

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116th CONGRESS
  1st Session
                                S. 1298

   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

                              May 2, 2019

Mr. Scott of South Carolina (for himself and Mr. Jones) 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 2019''.

SEC. 2. ESTABLISHMENT OF STATE INSURANCE COMMISSIONER AS A VOTING 
              MEMBER OF THE FINANCIAL STABILITY OVERSIGHT COUNCIL.

    (a) In General.--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:
            ``(4) State insurance commissioner.--In selecting an 
        individual to appoint as a State insurance commissioner under 
        paragraph (1)(J), the President shall request a list of 
        recommendations for the individual from State insurance 
        commissioners through a process determined by the State 
        insurance commissioners. The recommendations shall not be 
        binding on the President. If the State insurance commissioners 
        fail to submit a list of recommendations within 15 business 
        days after the date of the request, the President may select an 
        individual to appoint without considering the 
        recommendations.''; 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) in paragraph (2), by inserting at the end the 
                following: ``For vacancy in the membership of the State 
                insurance commissioner serving under subsection 
                (b)(1)(J), the President shall appoint another State 
                insurance commissioner to serve on the Council for the 
                remainder of the term or until a successor is appointed 
                and confirmed under paragraph (5), whichever is 
                earlier.''; and
                    (C) by adding at the end the following new 
                paragraph:
            ``(5) Term of state insurance commissioner.--
        Notwithstanding paragraph (1), if a successor to the State 
        insurance commissioner serving under subsection (b)(1)(J) is 
        not appointed and confirmed by the end of the term of service 
        of such commissioner, such commissioner 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.''.
    (b) Technical and Conforming Amendment.--Section 111(c)(4) of the 
Financial Stability Act of 2010 (12 U.S.C. 5321(c)(4)) is amended by 
striking ``subsection (b)(1)(J)'' and inserting ``subsection 
(b)(1)(K)''.

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 subparagraph (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 (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 before the date of enactment of this Act, 
shall continue to apply.
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