II 

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. 

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 2022’’. 


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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 Section 111 of the Financial Stability Act of 2010 

5 (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: 

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.—Be21 fore making any appointments pursuant to para22 graph (1)(J), the President shall request a list of 

23 recommended candidates from the States through 

24 the National Association of Insurance Commis25 sioners. The President may appoint a member under 

26 paragraph (1)(J) that does not appear on such list. 


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1 If the National Association of Insurance Commis2 sioners fails to submit such list within 15 business 

3 days after the date of the request, the President 

4 may appoint a member under paragraph (1)(J) 

5 without considering the views of the National Asso6 ciation of Insurance Commissioners.’’; 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) by striking paragraph (2) and insert12 ing the following: 

13 ‘‘(2) VACANCIES.— 

14 ‘‘(A) IN GENERAL.—Subject to subpara15 graph (B), any vacancy on the Council shall be 

16 filled in the manner in which the original ap17 pointment was made. 

18 ‘‘(B) STATE INSURANCE COMMISSIONER.— 

19 With respect to a vacancy in the membership of 

20 the State insurance commissioner serving under 

21 subsection (b)(1)(J)— 

22 ‘‘(i) the Federal Vacancy Reform Act 

23 (5 U.S.C. 3345 et seq.) shall not apply; 

24 and 


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1 ‘‘(ii) such vacancy shall be filled by a 

2 State insurance commissioner, to be des3 ignated by a selection process determined 

4 by the State insurance commissioners, who 

5 shall serve as a nonvoting member of the 

6 Council until a successor is appointed and 

7 confirmed.’’; and 

8 (C) in paragraph (4)— 

9 (i) by striking ‘‘INDEPENDENT MEM10 BER’’ in the heading, and inserting ‘‘IN11 SURANCE MEMBERS’’; and 

12 (ii) striking ‘‘subsection (b)(1)(J)’’ 

13 and inserting ‘‘subsection (b)(1)(K) or the 

14 State insurance commissioner serving 

15 under subsection (b)(1)(J)’’. 

16 SEC. 3. REPEAL OF STATE INSURANCE COMMISSIONER AS 

17 NONVOTING MEMBER OF FSOC. 

18 (a) IN GENERAL.—Section 111(b)(2) of the Finan19 cial Stability Act of 2010 (12 U.S.C. 5321(b)(2)) is 

20 amended by striking subparagraph (C) and redesignating 

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

22 (D), respectively. 

23 (b) TECHNICAL AND CONFORMING AMENDMENT.— 

24 Section 111(c)(1) of the Financial Stability Act of 2010 

25 Act (12 U.S.C. 5321(c)(1)) is amended by striking by 


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1 ‘‘subparagraphs (C), (D), and (E)’’ and inserting ‘‘sub2 paragraphs (C) and (D)’’. 

3 SEC. 4. TEMPORARY SERVICE; TRANSITION. 

4 Notwithstanding the amendments made by this Act, 

5 during the period beginning on the date of the enactment 

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

7 insurance commissioner is appointed and confirmed pursu8 ant to section 111(b)(1) of the Financial Stability Act of 

9 2010 (12 U.S.C. 5321(b)(1)), as amended by section 2 

10 of this Act, section 111(b)(2)(C) of the Financial Stability 

11 Act of 2010 (12 U.S.C. 5321(b)(2)(C)), as in effect on 

12 the day before the date of enactment of this Act, shall 

13 continue to apply. 

14 SEC. 5. TECHNICAL AND CONFORMING AMENDMENTS. 

15 The Financial Stability Act of 2010 (12 U.S.C. 5311 

16 et seq.) is amended— 

17 (1) in section 102(a) (12 U.S.C. 5311), by add18 ing at the end the following: 

19 ‘‘(8) COUNCIL.—The term ‘Council’ means the 

20 Financial Stability Oversight Council established in 

21 section 111.’’; 

22 (2) in section 112(a)(2)(D) (12 U.S.C. 

23 5322(a)(2)(D)), by striking ‘‘to monitor’’ and insert24 ing ‘‘monitor’’; 


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1 (3) in section 154(c)(1) (12 U.S.C. 

2 5344(c)(1))— 

3 (A) by striking ‘‘CENTER.—’’ and all that 

4 follows through ‘‘The Research’’ and inserting 

5 the following: ‘‘CENTER.—The Research’’; and 

6 (B) by redesignating subparagraphs (A) 

7 through (H) as paragraphs (1) through (8), re8 spectively; and 

9 (4) in section 155(a)(2) (12 U.S.C. 

10 5345(a)(2)), by striking the comma after ‘‘sub11 section (c)’’. 

Æ 


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