II 

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. 

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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•S 1298 IS

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: 

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: 

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

20 selecting an individual to appoint as a State insur21 ance commissioner under paragraph (1)(J), the 

22 President shall request a list of recommendations for 

23 the individual from State insurance commissioners 

24 through a process determined by the State insurance 

25 commissioners. The recommendations shall not be 

26 binding on the President. If the State insurance 


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•S 1298 IS

1 commissioners fail to submit a list of recommenda2 tions within 15 business days after the date of the 

3 request, the President may select an individual to 

4 appoint without considering the recommendations.’’; 

5 and 

6 (2) in subsection (c)— 

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

8 State insurance commissioner shall serve for a 

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

10 (B) in paragraph (2), by inserting at the 

11 end the following: ‘‘For vacancy in the member12 ship of the State insurance commissioner serv13 ing under subsection (b)(1)(J), the President 

14 shall appoint another State insurance commis15 sioner to serve on the Council for the remainder 

16 of the term or until a successor is appointed 

17 and confirmed under paragraph (5), whichever 

18 is earlier.’’; and 

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

20 paragraph: 

21 ‘‘(5) TERM OF STATE INSURANCE COMMIS22 SIONER.—Notwithstanding paragraph (1), if a suc23 cessor to the State insurance commissioner serving 

24 under subsection (b)(1)(J) is not appointed and con25 firmed by the end of the term of service of such 


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•S 1298 IS

1 commissioner, such commissioner may continue to 

2 serve until the earlier of— 

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

4 the term of service ends; or 

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

6 member is appointed and confirmed.’’. 

7 (b) TECHNICAL AND CONFORMING AMENDMENT.— 

8 Section 111(c)(4) of the Financial Stability Act of 2010 

9 (12 U.S.C. 5321(c)(4)) is amended by striking ‘‘sub10 section (b)(1)(J)’’ and inserting ‘‘subsection (b)(1)(K)’’. 

11 SEC. 3. REPEAL OF STATE INSURANCE COMMISSIONER AS 

12 NONVOTING MEMBER OF FSOC. 

13 (a) IN GENERAL.—Section 111(b)(2) of the Finan14 cial Stability Act of 2010 (12 U.S.C. 5321(b)(2)) is 

15 amended by striking subparagraph (C) and redesignating 

16 subparagraph (D) and (E) as subparagraphs (C) and (D), 

17 respectively. 

18 (b) TECHNICAL AND CONFORMING AMENDMENT.— 

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

20 (12 U.S.C. 5321(c)(1)) is amended by striking by ‘‘sub21 paragraphs (C), (D), and (E)’’ and inserting ‘‘subpara22 graphs (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 of this Act, section 111(b)(2)(C) of the Financial Stability 

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

7 the date of enactment of this Act, shall continue to apply. 

Æ 


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