I 

117TH CONGRESS 

1ST SESSION H. R. 3099 

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 11, 2021 

Mr. GARAMENDI (for himself, Mr. LOUDERMILK, Mr. MOONEY, and Mr. WILLIAMS of Texas) 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 2021’’. 


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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 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.—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 amending paragraph (2) to read as 

12 follows: 

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

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


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1 by ‘‘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 section 111(b)(2)(C) of the Financial Stability Act of 

11 2010 (12 U.S.C. 5321(b)(2)(C)) shall continue to apply. 

12 SEC. 5. TECHNICAL AND CLARIFYING AMENDMENTS. 

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

14 et seq.) is amended— 

15 (1) in section 102(a), by adding at the end the 

16 following new paragraph: 

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

18 Financial Stability Oversight Council established in 

19 section 111.’’; 

20 (2) in section 112(a)(2)(D), by striking ‘‘to 

21 monitor’’ and inserting ‘‘monitor’’; 

22 (3) in section 154(c)(1)— 

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

24 follows through ‘‘The Research’’ and inserting 

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


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1 (B) by redesignating subparagraphs (A) 

2 through (H) as paragraphs (1) through (8), re3 spectively; and 

4 (4) in section 155(a)(2), by striking the comma 

5 after ‘‘subsection (c)’’. 

Æ 


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