169 
date of enactment of this subsection, the Commis-
sion shall issue final rules— 
‘‘(A) to require investment advisers de-
scribed in paragraph (1) to maintain such 
records and provide to the Commission such an-
nual or other reports as the Commission, taking 
into account fund size, governance, investment 
strategy, risk, and other factors, determines 
necessary and appropriate in the public interest 
and for the protection of investors; and 
‘‘(B) to define the term ‘private equity 
fund’ for purposes of this subsection.’’. 
SEC. 451. RECORDS AND REPORTS OF PRIVATE FUNDS. 
The Investment Advisers Act of 1940 (15 U.S.C. 
80b–1 et seq.) is amended— 
(1) in section 204(b)— 
(A) in paragraph (1)— 
(i) in subparagraph (A), by striking 
‘‘investors,’’ and all that follows and in-
serting ‘‘investors.’’; 
(ii) by striking subparagraph (B); and 
(iii) by striking ‘‘this title—’’ and all 
that follows through ‘‘to maintain’’ and in-
serting ‘‘this title to maintain’’; 
(B) in paragraph (3)(H)— 
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170 
(i) by striking ‘‘, in consultation with 
the Council,’’; and 
(ii) by striking ‘‘or for the assessment 
of systemic risk’’; 
(C) in paragraph (4), by striking ‘‘, or for 
the assessment of systemic risk’’; 
(D) in paragraph (5), by striking ‘‘or for 
the assessment of systemic risk’’; 
(E) in paragraph (6)(A)(ii), by striking ‘‘, 
or for the assessment of systemic risk’’; 
(F) by striking paragraph (7) and redesig-
nating paragraphs (8) through (11) as para-
graphs (7) through (10), respectively; and 
(G) in paragraph (8) (as so redesignated), 
by striking ‘‘paragraph (8)’’ and inserting 
‘‘paragraph (7)’’; and 
(2) in section 211(e)— 
(A) by striking ‘‘after consultation with the 
Council but’’; and 
(B) by striking ‘‘subsection 204(b)’’ and 
inserting ‘‘section 204(b)’’. 
SEC. 452. DEFINITION OF ACCREDITED INVESTOR. 
(a) IN GENERAL.—Section 2(a)(15) of the Securities 
Act of 1933 (15 U.S.C. 77b(a)(15)) is amended— 
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(1) by redesignating clauses (i) and (ii) as sub-
paragraphs (A) and (F), respectively; and 
(2) in subparagraph (A) (as so redesignated), 
by striking ‘‘; or’’ and inserting a semicolon, and in-
serting after such subparagraph the following: 
‘‘(B) any natural person whose individual 
net worth, or joint net worth with that person’s 
spouse, exceeds $1,000,000 (which amount, 
along with the amounts set forth in subpara-
graph (C), shall be adjusted for inflation by the 
Commission every 5 years to the nearest 
$10,000 to reflect the change in the Consumer 
Price Index for All Urban Consumers published 
by the Bureau of Labor Statistics) where, for 
purposes of calculating net worth under this 
subparagraph— 
‘‘(i) the person’s primary residence 
shall not be included as an asset; 
‘‘(ii) indebtedness that is secured by 
the person’s primary residence, up to the 
estimated fair market value of the primary 
residence at the time of the sale of securi-
ties, shall not be included as a liability (ex-
cept that if the amount of such indebted-
ness outstanding at the time of sale of se-
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curities exceeds the amount outstanding 60 
days before such time, other than as a re-
sult of the acquisition of the primary resi-
dence, the amount of such excess shall be 
included as a liability); and 
‘‘(iii) indebtedness that is secured by 
the person’s primary residence in excess of 
the estimated fair market value of the pri-
mary residence at the time of the sale of 
securities shall be included as a liability; 
‘‘(C) any natural person who had an indi-
vidual income in excess of $200,000 in each of 
the 2 most recent years or joint income with 
that person’s spouse in excess of $300,000 in 
each of those years and has a reasonable expec-
tation of reaching the same income level in the 
current year; 
‘‘(D) any natural person who is currently 
licensed or registered as a broker or investment 
adviser by the Commission, the Financial In-
dustry Regulatory Authority, or an equivalent 
self-regulatory organization (as defined in sec-
tion 3(a)(26) of the Securities Exchange Act of 
1934), or the securities division of a State or 
the equivalent State division responsible for li-
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173 
censing or registration of individuals in connec-
tion with securities activities; 
‘‘(E) any natural person the Commission 
determines, by regulation, to have demonstrable 
education or job experience to qualify such per-
son as having professional knowledge of a sub-
ject related to a particular investment, and 
whose education or job experience is verified by 
the Financial Industry Regulatory Authority or 
an equivalent self-regulatory organization (as 
defined in section 3(a)(26) of the Securities Ex-
change Act of 1934); or’’. 
(b) REPEAL.— 
(1) IN GENERAL.—Section 413 of the Dodd- 
Frank Wall Street Reform and Consumer Protection 
Act (Public Law 111–203) is hereby repealed. 
(2) CLERICAL AMENDMENT.—The table of con-
tents in section 1(b) of the Dodd-Frank Wall Street 
Reform and Consumer Protection Act is amended by 
striking the items relating to section 413. 
SEC. 453. REPEAL OF CERTAIN PROVISIONS REQUIRING A 
STUDY AND REPORT TO CONGRESS. 
(a) REPEAL.—The following provisions of the Dodd- 
Frank Wall Street Reform and Consumer Protection Act 
are repealed: 
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Consumer Protection Act is amended by striking the items 
relating to sections 1502, 1503, 1504, 1505, and 1506. 
Subtitle C—Commodity Futures 
Trading Commission Reforms 
SEC. 461. DIVISION DIRECTORS. 
Section 2(a)(6)(C) of the Commodity Exchange Act 
(7 U.S.C. 2(a)(6)(C)) is amended by inserting ‘‘, and the 
heads of the units shall serve at the pleasure of the Com-
mission’’ before the period. 
SEC. 462. PROCEDURES GOVERNING ACTIONS TAKEN BY 
COMMISSION STAFF. 
Section 2(a)(12) of the Commodity Exchange Act (7 
U.S.C. 2(a)(12)) is amended— 
(1) by striking ‘‘(12) The’’ and inserting the 
following: 
‘‘(12) RULES AND REGULATIONS.— 
‘‘(A) IN GENERAL.—Subject to the other 
provisions of this paragraph, the’’; and 
(2) by adding after and below the end the fol-
lowing new subparagraph: 
‘‘(B) NOTICE
TO
COMMISSIONERS.—The 
Commission shall develop and publish internal 
procedures governing the issuance by any divi-
sion or office of the Commission of any re-
sponse to a formal, written request or petition 
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from any member of the public for an exemp-
tive, a no-action, or an interpretive letter and 
such procedures shall provide that the commis-
sioners be provided with the final version of the 
matter to be issued with sufficient notice to re-
view the matter prior to its issuance.’’. 
SEC. 463. STRATEGIC TECHNOLOGY PLAN. 
Section 2(a) of the Commodity Exchange Act (7 
U.S.C. 2(a)), is amended by adding at the end the fol-
lowing: 
‘‘(16) STRATEGIC TECHNOLOGY PLAN.— 
‘‘(A) IN
GENERAL.—Every 5 years, the 
Commission shall develop and submit to the 
Committee on Agriculture of the House of Rep-
resentatives and the Committee on Agriculture, 
Nutrition, and Forestry of the Senate a detailed 
plan focused on the acquisition and use of tech-
nology by the Commission. 
‘‘(B) CONTENTS.—The plan shall— 
‘‘(i) include for each related division 
or office a detailed technology strategy fo-
cused on market surveillance and risk de-
tection, market data collection, aggrega-
tion, interpretation, standardization, har-
monization, 
normalization, 
validation, 
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streamlining or other data analytic proc-
esses, and internal management and pro-
tection of data collected by the Commis-
sion, including a detailed accounting of 
how the funds provided for technology will 
be used and the priorities that will apply in 
the use of the funds; 
‘‘(ii) set forth annual goals to be ac-
complished and annual budgets needed to 
accomplish the goals; and 
‘‘(iii) include a summary of any plan 
of action and milestones to address any 
known information security vulnerability, 
as identified pursuant to a widely accepted 
industry or Government standard, includ-
ing— 
‘‘(I) specific information about 
the industry or Government standard 
used to identify the known informa-
tion security vulnerability; 
‘‘(II) a detailed time line with 
specific deadlines for addressing the 
known information security vulner-
ability; and 
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‘‘(III) an update of any such 
time line and the rationale for any de-
viation from the time line.’’. 
SEC. 464. INTERNAL RISK CONTROLS. 
(a) IN GENERAL.—Section 2(a)(12) of the Com-
modity Exchange Act (7 U.S.C. 2(a)(12)), as amended by 
section 462, is further amended by adding at the end the 
following: 
‘‘(C) INTERNAL
RISK
CONTROLS.—The 
Commission, in consultation with the Chief 
Economist, shall develop comprehensive internal 
risk control mechanisms to safeguard and gov-
ern the storage of all market data by the Com-
mission, all market data sharing agreements of 
the Commission, and all academic research per-
formed at the Commission using market data.’’. 
(b) DEFINITION OF CHIEF ECONOMIST.—Section 1a 
of the Commodity Exchange Act (7 U.S.C. 1a) is amend-
ed— 
(1) by redesignating paragraphs (8) through 
(51) as paragraphs (9) through (52); and 
(2) by inserting after paragraph (7) the fol-
lowing: 
‘‘(8) CHIEF
ECONOMIST.—The term ‘Chief 
Economist’ means the Chief Economist of the Com-
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179 
mission, or an employee of the Commission with 
comparable authority, as determined by the Commis-
sion.’’. 
SEC. 465. SUBPOENA DURATION AND RENEWAL. 
Section 6(c)(5) of the Commodity Exchange Act (7 
U.S.C. 9(5)) is amended— 
(1) by striking ‘‘For the purpose of securing’’ 
and inserting the following: 
‘‘(A) IN GENERAL.—For the purpose of se-
curing’’; and 
(2) by adding after and below the end the fol-
lowing: 
‘‘(B) OMNIBUS
ORDERS
OF
INVESTIGA-
TION.— 
‘‘(i) DURATION
AND
RENEWAL.—An 
omnibus order of investigation shall not be 
for an indefinite duration and may be re-
newed only by Commission action. 
‘‘(ii) DEFINITION.—In clause (i), the 
term ‘omnibus order of investigation’ 
means an order of the Commission author-
izing 1 of more members of the Commis-
sion or its staff to issue subpoenas under 
subparagraph (A) to multiple persons in 
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relation to a particular subject matter 
area.’’. 
SEC. 466. APPLICABILITY OF NOTICE AND COMMENT RE-
QUIREMENTS OF THE ADMINISTRATIVE PRO-
CEDURE ACT TO GUIDANCE VOTED ON BY 
THE COMMISSION. 
Section 2(a)(12) of the Commodity Exchange Act (7 
U.S.C. 2(a)(12)), as amended by section 464, is further 
amended by adding at the end the following: 
‘‘(D) APPLICABILITY OF NOTICE AND COM-
MENT RULES TO GUIDANCE VOTED ON BY THE 
COMMISSION.—The notice and comment re-
quirements of section 553 of title 5, United 
States Code, shall also apply with respect to 
any Commission statement or guidance, includ-
ing interpretive rules, general statements of pol-
icy, or rules of Commission organization, proce-
dure, or practice, that has the effect of imple-
menting, interpreting or prescribing law or pol-
icy and that is voted on by the Commission.’’. 
SEC. 467. JUDICIAL REVIEW OF COMMISSION RULES. 
The Commodity Exchange Act (7 U.S.C. 1 et seq.) 
is amended by adding at the end the following: 
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181 
‘‘SEC. 24. JUDICIAL REVIEW OF COMMISSION RULES. 
‘‘(a) A person adversely affected by a rule of the 
Commission promulgated under this Act may obtain re-
view of the rule in the United States Court of Appeals 
for the District of Columbia Circuit or the United States 
Court of Appeals for the circuit where the party resides 
or has the principal place of business, by filing in the 
court, within 60 days after publication in the Federal Reg-
ister of the entry of the rule, a written petition requesting 
that the rule be set aside. 
‘‘(b) A copy of the petition shall be transmitted forth-
with by the clerk of the court to an officer designated by 
the Commission for that purpose. Thereupon the Commis-
sion shall file in the court the record on which the rule 
complained of is entered, as provided in section 2112 of 
title 28, United States Code, and the Federal Rules of 
Appellate Procedure. 
‘‘(c) On the filing of the petition, the court has juris-
diction, which becomes exclusive on the filing of the 
record, to affirm and enforce or to set aside the rule in 
whole or in part. 
‘‘(d) The court shall affirm and enforce the rule un-
less the Commission’s action in promulgating the rule is 
found to be arbitrary, capricious, an abuse of discretion, 
or otherwise not in accordance with law; contrary to con-
stitutional right, power, privilege, or immunity; in excess 
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of statutory jurisdiction, authority, or limitations, or short 
of statutory right; or without observance of procedure re-
quired by law.’’. 
SEC. 468. CROSS-BORDER REGULATION OF DERIVATIVES 
TRANSACTIONS. 
(a) RULEMAKING REQUIRED.—Within 1 year after 
the date of the enactment of this subtitle, the Commodity 
Futures Trading Commission shall issue a rule that ad-
dresses— 
(1) the nature of the connections to the United 
States that require a non-United States person to 
register as a swap dealer or a major swap partici-
pant under the Commodity Exchange Act and the 
regulations issued under such Act; 
(2) which of the United States swaps require-
ments apply to the swap activities of non-United 
States persons and United States persons and their 
branches, agencies, subsidiaries, and affiliates out-
side of the United States, and the extent to which 
the requirements apply; and 
(3) the circumstances under which a United 
States person or non-United States person in com-
pliance with the swaps regulatory requirements of a 
foreign jurisdiction shall be exempt from United 
States swaps requirements. 
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(b) CONTENT OF THE RULE.— 
(1) CRITERIA.—In the rule, the Commission 
shall establish criteria for determining that 1 or 
more categories of the swaps regulatory require-
ments of a foreign jurisdiction are comparable to 
and as comprehensive as United States swaps re-
quirements. The criteria shall include— 
(A) the scope and objectives of the swaps 
regulatory requirements of the foreign jurisdic-
tion; 
(B) the effectiveness of the supervisory 
compliance program administered; 
(C) the enforcement authority exercised by 
the foreign jurisdiction; and 
(D) such other factors as the Commission, 
by rule, determines to be necessary or appro-
priate in the public interest. 
(2) COMPARABILITY.—In the rule, the Commis-
sion shall— 
(A) provide that any non-United States 
person or any transaction between 2 non-United 
States persons shall be exempt from United 
States swaps requirements if the person or 
transaction is in compliance with the swaps reg-
ulatory requirements of a foreign jurisdiction 
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184 
which the Commission has determined to be 
comparable to and as comprehensive as United 
States swaps requirements; and 
(B) set forth the circumstances in which a 
United States person or a transaction between 
a United States person and a non-United 
States person shall be exempt from United 
States swaps requirements if the person or 
transaction is in compliance with the swaps reg-
ulatory requirements of a foreign jurisdiction 
which the Commission has determined to be 
comparable to and as comprehensive as United 
States swaps requirements. 
(3) OUTCOMES-BASED COMPARISON.—In devel-
oping and applying the criteria, the Commission 
shall emphasize the results and outcomes of, rather 
than the design and construction of, foreign swaps 
regulatory requirements. 
(4) RISK-BASED RULEMAKING.—In the rule, the 
Commission shall not take into account, for the pur-
poses of determining the applicability of United 
States swaps requirements, the location of personnel 
that arrange, negotiate, or execute swaps. 
(5) 
PRESERVATION
OF
ANTIFRAUD
AND 
ANTIMANIPULATION
AUTHORITY.—No part of any 
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185 
rulemaking under this section shall limit the Com-
mission’s antifraud or antimanipulation authority. 
(c) APPLICATION OF THE RULE.— 
(1) ASSESSMENTS
OF
FOREIGN
JURISDIC-
TIONS.—Beginning on the date on which a final rule 
is issued under this section, the Commission shall 
begin to assess the swaps regulatory requirements of 
foreign jurisdictions, in the order the Commission 
determines appropriate, in accordance with the cri-
teria established pursuant to subsection (b)(1). Fol-
lowing each assessment, the Commission shall deter-
mine, by rule or by order, whether the swaps regu-
latory requirements of the foreign jurisdiction are 
comparable to and as comprehensive as United 
States swaps requirements. 
(2) 
SUBSTITUTED
COMPLIANCE
FOR 
UNASSESSED
MAJOR
MARKETS.—Beginning 
months after the date of enactment of this Act— 
(A) the swaps regulatory requirements of 
each of the 8 foreign jurisdictions with the larg-
est swaps markets, as calculated by notional 
value during the 12-month period ending with 
such date of enactment, except those with re-
spect to which a determination has been made 
under paragraph (1), shall be considered to be 
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comparable to and as comprehensive as United 
States swaps requirements; and 
(B) a non-United States person or a trans-
action between 2 non-United States persons 
shall be exempt from United States swaps re-
quirements if the person or transaction is in 
compliance with the swaps regulatory require-
ments of any of such unexcepted foreign juris-
dictions. 
(3) SUSPENSION
OF
SUBSTITUTED
COMPLI-
ANCE.—If the Commission determines, by rule or by 
order, that— 
(A) the swaps regulatory requirements of a 
foreign jurisdiction are not comparable to and 
as comprehensive as United States swaps re-
quirements, using the categories and criteria es-
tablished under subsection (b)(1); 
(B) the foreign jurisdiction does not ex-
empt from its swaps regulatory requirements 
United States persons who are in compliance 
with United States swaps requirements; or 
(C) the foreign jurisdiction is not providing 
equivalent recognition of, or substituted compli-
ance for, registered entities (as defined in sec-
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tion 1a(41) of the Commodity Exchange Act) 
domiciled in the United States, 
the Commission may suspend, in whole or in part, 
a determination made under paragraph (1) or a con-
sideration granted under paragraph (2). 
(d) PETITION FOR REVIEW OF FOREIGN JURISDIC-
TION PRACTICES.—A registered entity, commercial mar-
ket participant (as defined in section 1a(7) of the Com-
modity Exchange Act), or Commission registrant (within 
the meaning of such Act) who petitions the Commission 
to make or change a determination under subsection 
(c)(1) or (c)(3) of this section shall be entitled to expedited 
consideration of the petition. A petition shall include any 
evidence or other supporting materials to justify why the 
petitioner believes the Commission should make or change 
the determination. Petitions under this section shall be 
considered by the Commission any time following the en-
actment of this Act. Within 180 days after receipt of a 
petition for a rulemaking under this section, the Commis-
sion shall take final action on the petition. Within 90 days 
after receipt of a petition to issue an order or change an 
order issued under this section, the Commission shall take 
final action on the petition. 
(e) REPORT
TO CONGRESS.—If the Commission 
makes a determination described in this section through 
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188 
an order, the Commission shall articulate the basis for the 
determination in a written report published in the Federal 
Register and transmitted to the Committee on Agriculture 
of the House of Representatives and Committee on Agri-
culture, Nutrition, and Forestry of the Senate within 15 
days of the determination. The determination shall not be 
effective until 15 days after the committees receive the re-
port. 
(f) DEFINITIONS.—As used in this section and for 
purposes of the rules issued pursuant to this section, the 
following definitions apply: 
(1) 
UNITED
STATES
PERSON.—The 
term 
‘‘United States person’’— 
(A) means— 
(i) any natural person resident in the 
United States; 
(ii) 
any 
partnership, 
corporation, 
trust, or other legal person organized or 
incorporated under the laws of the United 
States or having its principal place of busi-
ness in the United States; 
(iii) any account (whether discre-
tionary or non-discretionary) of a United 
States person; and 
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189 
(iv) any other person as the Commis-
sion may further define to more effectively 
carry out the purposes of this section; and 
(B) does not include the International 
Monetary Fund, the International Bank for Re-
construction and Development, the Inter-Amer-
ican Development Bank, the Asian Development 
Bank, the African Development Bank, the 
United Nations, their agencies or pension plans, 
or any other similar international organizations 
or their agencies or pension plans. 
(2) UNITED STATES SWAPS REQUIREMENTS.— 
The term ‘‘United States swaps requirements’’ 
means the provisions relating to swaps contained in 
the Commodity Exchange Act (7 U.S.C. 1a et seq.) 
that were added by title VII of the Dodd-Frank Wall 
Street Reform and Consumer Protection Act (15 
U.S.C. 8301 et seq.) and any rules or regulations 
prescribed by the Commodity Futures Trading Com-
mission pursuant to such provisions. 
(3) FOREIGN JURISDICTION.—The term ‘‘for-
eign jurisdiction’’ means any national or supra-
national political entity with common rules gov-
erning swaps transactions. 
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(4) SWAPS REGULATORY REQUIREMENTS.—The 
term ‘‘swaps regulatory requirements’’ means any 
provisions of law, and any rules or regulations pur-
suant to the provisions, governing swaps trans-
actions or the counterparties to swaps transactions. 
(g) CONFORMING AMENDMENT.—Section 4(c)(1)(A) 
of the Commodity Exchange Act (7 U.S.C. 6(c)(1)(A)) is 
amended by inserting ‘‘or except as necessary to effectuate 
the purposes of the Commodity End-User Relief Act,’’ 
after ‘‘to grant exemptions,’’. 
Subtitle D—Harmonization of 
Derivatives Rules 
SEC. 471. AGENCY REVIEW AND HARMONIZATION OF RULES 
RELATING TO THE REGULATION OF OVER- 
THE-COUNTER SWAPS MARKETS. 
The Securities and Exchange Commission and the 
Commodity Futures Trading Commission shall review 
each rule, order, and interpretive guidance issued by either 
such Commission pursuant to title VII of the Dodd-Frank 
Wall Street Reform and Consumer Protection Act (15 
U.S.C. 8301 et seq.) and, where the Commissions find in-
consistencies in any such rules, orders, or interpretive 
guidance, shall jointly issue new rules, orders, or interpre-
tive guidance to resolve such inconsistencies. 
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TITLE 
V—IMPROVING 
INSUR-
ANCE 
COORDINATION 
THROUGH AN INDEPENDENT 
ADVOCATE 
SEC. 501. REPEAL OF THE FEDERAL INSURANCE OFFICE; 
CREATION OF THE OFFICE OF THE INDE-
PENDENT INSURANCE ADVOCATE. 
(a) ESTABLISHMENT.—Section 313 of title 31, 
United States Code, is amended to read as follows: 
‘‘§ 313. Office of the Independent Insurance Advocate 
‘‘(a) ESTABLISHMENT.—There is established in the 
Department of the Treasury a bureau to be known as the 
Office of the Independent Insurance Advocate (in this sec-
tion referred to as the ‘Office’). 
‘‘(b) INDEPENDENT INSURANCE ADVOCATE.— 
‘‘(1) ESTABLISHMENT OF POSITION.—The chief 
officer of the Office of the Independent Insurance 
Advocate shall be known as the Independent Insur-
ance Advocate. The Independent Insurance Advocate 
shall perform the duties of such office under the 
general direction of the Secretary of the Treasury. 
‘‘(2) APPOINTMENT.—The Independent Insur-
ance Advocate shall be appointed by the President, 
by and with the advice and consent of the Senate, 
from among persons having insurance expertise. 
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‘‘(3) TERM.— 
‘‘(A) IN GENERAL.—The Independent In-
surance Advocate shall serve a term of 6 years, 
unless sooner removed by the President upon 
reasons which shall be communicated to the 
Senate. 
‘‘(B) SERVICE AFTER EXPIRATION.—If a 
successor is not nominated and confirmed by 
the end of the term of service of the Inde-
pendent Insurance Advocate, the person serving 
as Independent Insurance Advocate shall con-
tinue to serve until such time a successor is ap-
pointed and confirmed. 
‘‘(C) VACANCY.—An Independent Insur-
ance Advocate who is appointed to serve the re-
mainder of a predecessor’s uncompleted term 
shall be eligible thereafter to be appointed to a 
full 6 year term. 
‘‘(D) ACTING
OFFICIAL
ON
FINANCIAL 
STABILITY OVERSIGHT COUNCIL.—In the event 
of a vacancy in the office of the Independent 
Insurance Advocate, and pending the appoint-
ment and confirmation of a successor, or during 
the absence or disability of the Independent In-
surance Advocate, the Independent Member 
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shall appoint a federal official appointed by the 
President and confirmed by the Senate from a 
member agency of the Financial Stability Over-
sight Council, not otherwise serving on the 
Council, who shall serve as a member of the 
Council and act in the place of the Independent 
Insurance Advocate until such vacancy, ab-
sence, or disability concludes. 
‘‘(4) EMPLOYMENT.—The Independent Insur-
ance Advocate shall be an employee of the Federal 
Government within the definition of employee under 
section 2105 of title 5, United States Code. 
‘‘(c) INDEPENDENCE; OVERSIGHT.— 
‘‘(1) INDEPENDENCE.—The Secretary of the 
Treasury may not delay or prevent the issuance of 
any rule or the promulgation of any regulation by 
the Independent Insurance Advocate, and may not 
intervene in any matter or proceeding before the 
Independent Insurance Advocate, unless otherwise 
specifically provided by law. 
‘‘(2) OVERSIGHT
BY
INSPECTOR
GENERAL.— 
The Office of the Independent Insurance Advocate 
shall be an office in the establishment of the Depart-
ment of the Treasury for purposes of the Inspector 
General Act of 1978 (5 U.S.C. App.). 
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‘‘(d) RETENTION OF EXISTING STATE REGULATORY 
AUTHORITY.—Nothing in this section or section 314 shall 
be construed to establish or provide the Office or the De-
partment of the Treasury with general supervisory or reg-
ulatory authority over the business of insurance. 
‘‘(e) BUDGET.— 
‘‘(1) ANNUAL TRANSMITTAL.—For each fiscal 
year, the Independent Insurance Advocate shall 
transmit a budget estimate and request to the Sec-
retary of the Treasury, which shall specify the ag-
gregate amount of funds requested for such fiscal 
year for the operations of the Office of the Inde-
pendent Insurance Advocate. 
‘‘(2) INCLUSIONS.—In transmitting the pro-
posed budget to the President for approval, the Sec-
retary of the Treasury shall include— 
‘‘(A) an aggregate request for the Inde-
pendent Insurance Advocate; and 
‘‘(B) any comments of the Independent In-
surance Advocate with respect to the proposal. 
‘‘(3) PRESIDENT’S
BUDGET.—The President 
shall include in each budget of the United States 
Government submitted to the Congress— 
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‘‘(A) a separate statement of the budget 
estimate prepared in accordance with paragraph 
(1); 
‘‘(B) the amount requested by the Presi-
dent for the Independent Insurance Advocate; 
and 
‘‘(C) any comments of the Independent In-
surance Advocate with respect to the proposal if 
the Independent Insurance Advocate concludes 
that the budget submitted by the President 
would substantially inhibit the Independent In-
surance Advocate from performing the duties of 
the office. 
‘‘(f) ASSISTANCE.—The Secretary of the Treasury 
shall provide the Independent Insurance Advocate such 
services, funds, facilities and other support services as the 
Independent Insurance Advocate may request and as the 
Secretary may approve. 
‘‘(g) PERSONNEL.— 
‘‘(1) EMPLOYEES.—The Independent Insurance 
Advocate may fix the number of, and appoint and 
direct, the employees of the Office, in accordance 
with the applicable provisions of title 5, United 
States Code. The Independent Insurance Advocate is 
authorized to employ attorneys, analysts, economists, 
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and other employees as may be deemed necessary to 
assist the Independent Insurance Advocate to carry 
out the duties and functions of the Office. Unless 
otherwise provided expressly by law, any individual 
appointed under this paragraph shall be an employee 
as defined in section 2105 of title 5, United States 
Code, and subject to the provisions of such title and 
other laws generally applicable to the employees of 
the Executive Branch. 
‘‘(2) COMPENSATION.—Employees of the Office 
shall be paid in accordance with the provisions of 
chapter 51 and subchapter III of chapter 53 of title 
5, United States Code, relating to classification and 
General Schedule pay rates. 
‘‘(3) PROCUREMENT
OF
TEMPORARY
AND 
INTERMITTENT SERVICES.—The Independent Insur-
ance Advocate may procure temporary and intermit-
tent services under section 3109(b) of title 5, United 
States Code, at rates for individuals which do not 
exceed the daily equivalent of the annual rate of 
basic pay prescribed for Level V of the Executive 
Schedule under section 5316 of such title. 
‘‘(4) DETAILS.—Any employee of the Federal 
Government may be detailed to the Office with or 
without reimbursement, and such detail shall be 
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without interruption or loss of civil service status or 
privilege. An employee of the Federal Government 
detailed to the Office shall report to and be subject 
to oversight by the Independent Insurance Advocate 
during the assignment to the office, and may be 
compensated by the branch, department, or agency 
from which the employee was detailed. 
‘‘(5) INTERGOVERNMENTAL PERSONNEL.—The 
Independent Insurance Advocate may enter into 
agreements under subchapter VI of chapter 33 of 
title 5, United States Code, with State and local 
governments, institutions of higher education, Indian 
tribal governments, and other eligible organizations 
for the assignment of intermittent, part-time, and 
full-time personnel, on a reimbursable or non-reim-
bursable basis. 
‘‘(h) ETHICS.— 
‘‘(1) DESIGNATED
ETHICS
OFFICIAL.—The 
Legal Counsel of the Financial Stability Oversight 
Council, or in the absence of a Legal Counsel of the 
Council, the designated ethics official of any Council 
member agency, as chosen by the Independent In-
surance Advocate, shall be the ethics official for the 
Independent Insurance Advocate. 
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‘‘(2) RESTRICTION
ON
REPRESENTATION.—In 
addition to any restriction under section 205(c) of 
title18, United States Code, except as provided in 
subsections (d) through (i) of section 205 of such 
title, the Independent Insurance Advocate (except in 
the proper discharge of official duties) shall not, 
with or without compensation, represent anyone to 
or before any officer or employee of— 
‘‘(A) the Financial Stability Oversight 
Council on any matter; or 
‘‘(B) the Department of Justice with re-
spect to litigation involving a matter described 
in subparagraph (A). 
‘‘(3) COMPENSATION FOR SERVICES PROVIDED 
BY ANOTHER.—For purposes of section 203 of title 
18, United States Code, and if a special government 
employee— 
‘‘(A) the Independent Insurance Advocate 
shall not be subject to the restrictions of sub-
section (a)(1) of section 203,of title 18, United 
States Code, for sharing in compensation 
earned by another for representations on mat-
ters covered by such section; and 
‘‘(B) a person shall not be subject to the 
restrictions of subsection (a)(2) of such section 
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for sharing such compensation with the Inde-
pendent Insurance Advocate. 
‘‘(i) ADVISORY, TECHNICAL, AND PROFESSIONAL 
COMMITTEES.—The Independent Insurance Advocate may 
appoint such special advisory, technical, or professional 
committees as may be useful in carrying out the functions 
of the Office and the members of such committees may 
be staff of the Office, or other persons, or both. 
‘‘(j) MISSION AND FUNCTIONS.— 
‘‘(1) MISSION.—In carrying out the functions 
under this subsection, the mission of the Office shall 
be to act as an independent advocate on behalf of 
the interests of United States policyholders on pru-
dential aspects of insurance matters of importance, 
and to provide perspective on protecting their inter-
ests, separate and apart from any other Federal 
agency or State insurance regulator. 
‘‘(2) OFFICE.—The Office shall have the au-
thority— 
‘‘(A) to coordinate Federal efforts on pru-
dential aspects of international insurance mat-
ters, including representing the United States, 
as appropriate, in the International Association 
of Insurance Supervisors (or a successor entity) 
and assisting the Secretary in negotiating cov-
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200 
ered agreements (as such term is defined in 
subsection (q)) in coordination with States (in-
cluding State insurance commissioners) and the 
United States Trade Representative; 
‘‘(B) to consult with the States (including 
State insurance regulators) regarding insurance 
matters of national importance and prudential 
insurance matters of international importance; 
‘‘(C) to assist the Secretary in admin-
istering the Terrorism Insurance Program es-
tablished in the Department of the Treasury 
under the Terrorism Risk Insurance Act of 
2002 (15 U.S.C. 6701 note); 
‘‘(D) to observe all aspects of the insur-
ance industry, including identifying issues or 
gaps in the regulation of insurers that could 
contribute to a systemic crisis in the insurance 
industry or the United States financial system; 
and 
‘‘(E) to make determinations and exercise 
the authority under subsection (m) with respect 
to covered agreements and State insurance 
measures. 
‘‘(3) MEMBERSHIP
ON
FINANCIAL
STABILITY 
OVERSIGHT COUNCIL.— 
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‘‘(A) IN GENERAL.—The Independent In-
surance Advocate shall serve, pursuant to sec-
tion 111(b)(1)(J) of the Financial Stability Act 
of 2010 (12 U.S.C. 5321(b)(1)(J)), as a mem-
ber on the Financial Stability Oversight Coun-
cil. 
‘‘(B) AUTHORITY.—To assist the Financial 
Stability Oversight Council with its responsibil-
ities to monitor international insurance develop-
ments, advise the Congress, and make rec-
ommendations, the Independent Insurance Ad-
vocate shall have the authority— 
‘‘(i) to regularly consult with inter-
national insurance supervisors and inter-
national financial stability counterparts; 
‘‘(ii) to consult with the Board of 
Governors of the Federal Reserve System 
and the States with respect to representing 
the United States, as appropriate, in the 
International Association of Insurance Su-
pervisors (including to become a non-voting 
member thereof), particularly on matters 
of systemic risk; 
‘‘(iii) to participate at the Financial 
Stability Board of The Group of Twenty 
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and to join with other members from the 
United States including on matters related 
to insurance; and 
‘‘(iv) to participate with the United 
States delegation to the Organization for 
Economic Cooperation and Development 
and observe and participate at the Insur-
ance and Private Pensions Committee. 
‘‘(4) LIMITATIONS ON PARTICIPATION IN SU-
PERVISORY COLLEGES.—The Office may not engage 
in any activities that it is not specifically authorized 
to engage in under this section or any other provi-
sion of law, including participation in any super-
visory college or other meetings or fora for coopera-
tion and communication between the involved insur-
ance supervisors established for the fundamental 
purpose of facilitating the effectiveness of super-
vision of entities which belong to an insurance 
group. 
‘‘(k) SCOPE.—The authority of the Office as specified 
and limited in this section shall extend to all lines of insur-
ance except— 
‘‘(1) health insurance, as determined by the 
Secretary in coordination with the Secretary of 
Health and Human Services based on section 2791 
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of the Public Health Service Act (42 U.S.C. 300gg- 
91); 
‘‘(2) long-term care insurance, except long-term 
care insurance that is included with life or annuity 
insurance components, as determined by the Sec-
retary in coordination with the Secretary of Health 
and Human Services, and in the case of long-term 
care insurance that is included with such compo-
nents, the Secretary shall coordinate with the Sec-
retary of Health and Human Services in performing 
the functions of the Office; and 
‘‘(3) crop insurance, as established by the Fed-
eral Crop Insurance Act (7 U.S.C. 1501 et seq.). 
‘‘(l) ACCESS TO INFORMATION.—In carrying out the 
functions required under subsection (j), the Office may co-
ordinate with any relevant Federal agency and any State 
insurance regulator (or other relevant Federal or State 
regulatory agency, if any, in the case of an affiliate of an 
insurer) and any publicly available sources for the provi-
sion to the Office of publicly available information. Not-
withstanding any other provision of law, each such rel-
evant Federal agency and State insurance regulator or 
other Federal or State regulatory agency is authorized to 
provide to the Office such data or information. 
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‘‘(m) PREEMPTION PURSUANT TO COVERED AGREE-
MENTS.— 
‘‘(1) STANDARDS.—A State insurance measure 
shall be preempted pursuant to this section or sec-
tion 314 if, and only to the extent that the Inde-
pendent Insurance Advocate determines, in accord-
ance with this subsection, that the measure— 
‘‘(A) results in less favorable treatment of 
a non-United States insurer domiciled in a for-
eign jurisdiction that is subject to a covered 
agreement than a United States insurer domi-
ciled, licensed, or otherwise admitted in that 
State; and 
‘‘(B) is inconsistent with a covered agree-
ment. 
‘‘(2) DETERMINATION.— 
‘‘(A) NOTICE
OF
POTENTIAL
INCONSIST-
ENCY.—Before 
making 
any 
determination 
under paragraph (1), the Independent Insur-
ance Advocate shall— 
‘‘(i) notify and consult with the appro-
priate State regarding any potential incon-
sistency or preemption; 
‘‘(ii) notify and consult with the 
United States Trade Representative re-
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garding any potential inconsistency or pre-
emption; 
‘‘(iii) cause to be published in the 
Federal Register notice of the issue re-
garding the potential inconsistency or pre-
emption, including a description of each 
State insurance measure at issue and any 
applicable covered agreement; 
‘‘(iv) provide interested parties a rea-
sonable opportunity to submit written com-
ments to the Office; and 
‘‘(v) consider any comments received. 
‘‘(B) SCOPE OF REVIEW.—For purposes of 
this subsection, any determination of the Inde-
pendent Insurance Advocate regarding State in-
surance measures, and any preemption under 
paragraph (1) as a result of such determina-
tion, shall be limited to the subject matter con-
tained within the covered agreement involved 
and shall achieve a level of protection for insur-
ance or reinsurance consumers that is substan-
tially equivalent to the level of protection 
achieved under State insurance or reinsurance 
regulation. 
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‘‘(C) NOTICE OF DETERMINATION OF IN-
CONSISTENCY.—Upon making any determina-
tion under paragraph (1), the Director shall— 
‘‘(i) notify the appropriate State of 
the determination and the extent of the in-
consistency; 
‘‘(ii) establish a reasonable period of 
time, which shall not be less than 30 days, 
before the determination shall become ef-
fective; and 
‘‘(iii) notify the Committees on Finan-
cial Services and Ways and Means of the 
House of Representatives and the Commit-
tees on Banking, Housing, and Urban Af-
fairs and Finance of the Senate. 
‘‘(3) NOTICE OF EFFECTIVENESS.—Upon the 
conclusion of the period referred to in paragraph 
(2)(C)(ii), if the basis for such determination still 
exists, the determination shall become effective and 
the Independent Insurance Advocate shall— 
‘‘(A) cause to be published a notice in the 
Federal Register that the preemption has be-
come effective, as well as the effective date; and 
‘‘(B) notify the appropriate State. 
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‘‘(4) LIMITATION.—No State may enforce a 
State insurance measure to the extent that such 
measure has been preempted under this subsection. 
‘‘(5) APPLICABILITY OF ADMINISTRATIVE PRO-
CEDURES
ACT.—Determinations of inconsistency 
made pursuant to paragraph (2) shall be subject to 
the applicable provisions of subchapter II of chapter 
5 of title 5, United States Code (relating to adminis-
trative procedure), and chapter 7 of such title (relat-
ing to judicial review), except that in any action for 
judicial review of a determination of inconsistency, 
the court shall determine the matter de novo. 
‘‘(n) CONSULTATION.—The Independent Insurance 
Advocate shall consult with State insurance regulators, in-
dividually or collectively, to the extent the Independent In-
surance Advocate determines appropriate, in carrying out 
the functions of the Office. 
‘‘(o) NOTICES AND REQUESTS FOR COMMENT.—In 
addition to the other functions and duties specified in this 
section, the Independent Insurance Advocate may pre-
scribe such notices and requests for comment in the Fed-
eral Register as are deemed necessary related to and gov-
erning the manner in which the duties and authorities of 
the Independent Insurance Advocate are carried out; 
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‘‘(p) SAVINGS PROVISIONS.—Nothing in this section 
shall— 
‘‘(1) preempt— 
‘‘(A) any State insurance measure that 
governs any insurer’s rates, premiums, under-
writing, or sales practices; 
‘‘(B) any State coverage requirements for 
insurance; 
‘‘(C) the application of the antitrust laws 
of any State to the business of insurance; or 
‘‘(D) any State insurance measure gov-
erning the capital or solvency of an insurer, ex-
cept to the extent that such State insurance 
measure results in less favorable treatment of a 
non-United State insurer than a United States 
insurer; or 
‘‘(2) affect the preemption of any State insur-
ance measure otherwise inconsistent with and pre-
empted by Federal law. 
‘‘(q) RETENTION OF AUTHORITY OF FEDERAL FI-
NANCIAL REGULATORY AGENCIES.—Nothing in this sec-
tion or section 314 shall be construed to limit the author-
ity of any Federal financial regulatory agency, including 
the authority to develop and coordinate policy, negotiate, 
and enter into agreements with foreign governments, au-
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thorities, regulators, and multinational regulatory commit-
tees and to preempt State measures to affect uniformity 
with international regulatory agreements. 
‘‘(r) RETENTION OF AUTHORITY OF UNITED STATES 
TRADE REPRESENTATIVE.—Nothing in this section or 
section 314 shall be construed to affect the authority of 
the Office of the United States Trade Representative pur-
suant to section 141 of the Trade Act of 1974 (19 U.S.C. 
2171) or any other provision of law, including authority 
over the development and coordination of United States 
international trade policy and the administration of the 
United States trade agreements program. 
‘‘(s) 
CONGRESSIONAL
TESTIMONY.—The 
Inde-
pendent Insurance Advocate shall appear before the Com-
mittee on Financial Services of the House of Representa-
tives and the Committee on Banking, Housing, and Urban 
Affairs at semi-annual hearings and shall provide testi-
mony, which shall include submitting written testimony in 
advance of such appearances to such committees and to 
the Committee on Ways and Means of the House of Rep-
resentatives and the Committee on Finance of the Senate, 
on the following matters: 
‘‘(1) OFFICE ACTIVITIES.—The efforts, activi-
ties, objectives, and plans of the Office. 
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