I 

116TH CONGRESS 

1ST SESSION H. R. 2479 

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 2, 2019 

Mr. HECK (for himself and Mr. LOUDERMILK) 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. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Primary Regulators 

5 of Insurance Vote Act of 2019’’. 


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1 SEC. 2. ESTABLISHMENT OF STATE INSURANCE COMMIS2 SIONER AS A VOTING MEMBER OF THE FI3 NANCIAL STABILITY OVERSIGHT COUNCIL. 

4 (a) IN GENERAL.—Section 111 of the Financial Sta5 bility Act of 2010 (12 U.S.C. 5321) is amended— 

6 (1) in subsection (b)— 

7 (A) in paragraph (1)— 

8 (i) by redesignating subparagraph (J) 

9 as subparagraph (K); 

10 (ii) in subparagraph (I), by striking 

11 ‘‘and’’ at the end; and 

12 (iii) by inserting after subparagraph 

13 (I) the following new subparagraph: 

14 ‘‘(J) a State insurance commissioner, ap15 pointed by the President, by and with the ad16 vice and consent of the Senate, as described in 

17 paragraph (4); and’’; and 

18 (B) by adding at the end the following new 

19 paragraph: 

20 ‘‘(4) STATE INSURANCE COMMISSIONER.—In 

21 selecting an individual to appoint as a State insur22 ance commissioner under paragraph (1)(J), the 

23 President shall request a list of recommendations for 

24 such individual from State insurance commissioners 

25 through a process determined by the State insurance 

26 commissioners. Such recommendations shall not be 


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1 binding on the President. If the State insurance 

2 commissioners fail to submit a list of recommenda3 tions within 15 business days after the date of the 

4 request, the President may select an individual to 

5 appoint without considering such recommenda6 tions.’’; and 

7 (2) in subsection (c)— 

8 (A) in paragraph (1), by inserting ‘‘, the 

9 State insurance commissioner shall serve for a 

10 term of 4 years’’ after ‘‘6 years’’; 

11 (B) in paragraph (2), by inserting the fol12 lowing new sentence at the end: ‘‘For a vacancy 

13 in the membership of the State insurance com14 missioner serving under subsection (b)(1)(J), 

15 the President shall appoint another State insur16 ance commissioner to serve on the Council for 

17 the remainder of the term or until a successor 

18 is appointed and confirmed under paragraph 

19 (5), whichever is earlier.’’; and 

20 (C) by adding at the end the following new 

21 paragraph: 

22 ‘‘(5) TERM OF STATE INSURANCE COMMIS23 SIONER.—Notwithstanding paragraph (1), if a suc24 cessor to the State insurance commissioner serving 

25 under subsection (b)(1)(J) is not appointed and conVerDate Sep 11 2014 04:41 May 08, 2019 Jkt 089200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H2479.IH H2479

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1 firmed by the end of the term of service of such 

2 commissioner, such commissioner may continue to 

3 serve until the earlier of— 

4 ‘‘(A) 18 months after the date on which 

5 the term of service ends; or 

6 ‘‘(B) the date on which a successor to such 

7 commissioner is appointed and confirmed.’’. 

8 (b) CONFORMING AMENDMENT.—Section 111(c)(4) 

9 of such Act (12 U.S.C. 5321(c)(4)) is amended by striking 

10 ‘‘subsection (b)(1)(J)’’ and inserting ‘‘subsection 

11 (b)(1)(K)’’. 

12 SEC. 3. REPEAL OF STATE INSURANCE COMMISSIONER AS 

13 NONVOTING MEMBER OF FSOC. 

14 (a) IN GENERAL.—Section 111(b)(2) of the Finan15 cial Stability Act of 2010 (12 U.S.C. 5321(b)(2)) is 

16 amended by striking subparagraph (C) and redesignating 

17 subparagraphs (D) and (E) as subparagraphs (C) and 

18 (D), respectively. 

19 (b) CONFORMING AMENDMENT.—Section 111(c)(1) 

20 of such Act (12 U.S.C. 5321(c)(1)) is amended by striking 

21 by ‘‘subparagraphs (C), (D), and (E)’’ and inserting ‘‘sub22 paragraphs (C) and (D)’’. 

23 SEC. 4. TEMPORARY SERVICE; TRANSITION. 

24 Notwithstanding the amendments made by this Act, 

25 during the period beginning on the date of the enactment 


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1 of this Act and ending on the date on which the State 

2 insurance commissioner is appointed and confirmed pursu3 ant to section 111(b)(1) of the Financial Stability Act of 

4 2010 (12 U.S.C. 5321(b)(1)), as amended by section 2, 

5 section 111(b)(2)(C) of the Financial Stability Act of 

6 2010 (12 U.S.C. 5321(b)(2)(C)) shall continue to apply. 

Æ 


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