I 
119TH CONGRESS 
1ST SESSION H. R. 3354 
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 13, 2025 
Mr. LOUDERMILK (for himself and Mr. GARAMENDI) 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. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Primary Regulators 
of Insurance Vote Act of 2025’’. 
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SEC. 2. ESTABLISHMENT OF STATE INSURANCE COMMIS-
SIONER AS A VOTING MEMBER OF THE FI-
NANCIAL STABILITY OVERSIGHT COUNCIL. 
Section 111 of the Financial Stability Act of 2010 
(12 U.S.C. 5321) is amended— 
(1) in subsection (b)— 
(A) in paragraph (1)— 
(i) by redesignating subparagraph (J) 
as subparagraph (K); 
(ii) in subparagraph (I), by striking 
‘‘and’’ at the end; and 
(iii) by inserting after subparagraph 
(I) the following new subparagraph: 
‘‘(J) a State insurance commissioner, ap-
pointed by the President, by and with the ad-
vice and consent of the Senate, as described in 
paragraph (4); and’’; and 
(B) by adding at the end the following new 
paragraph: 
‘‘(4) STATE
INSURANCE
COMMISSIONER.—Be-
fore making any appointments pursuant to para-
graph (1)(J), the President shall request a list of 
recommended candidates from the States through 
the National Association of Insurance Commis-
sioners. The President may appoint a member under 
paragraph (1)(J) that does not appear on such list. 
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‘‘(ii) such vacancy shall be filled by a 
State insurance commissioner, to be des-
ignated by a selection process determined 
by the State insurance commissioners, who 
shall serve as a nonvoting member of the 
Council until a successor is appointed and 
confirmed.’’; and 
(C) in paragraph (4)— 
(i) by striking ‘‘INDEPENDENT MEM-
BER’’ in the heading, and inserting ‘‘IN-
SURANCE MEMBERS’’; and 
(ii) striking ‘‘subsection (b)(1)(J)’’ 
and inserting ‘‘subsection (b)(1)(K) or the 
State 
insurance 
commissioner 
serving 
under subsection (b)(1)(J)’’. 
SEC. 3. REPEAL OF STATE INSURANCE COMMISSIONER AS 
NONVOTING MEMBER OF FSOC. 
(a) IN GENERAL.—Section 111(b)(2) of the Finan-
cial Stability Act of 2010 (12 U.S.C. 5321(b)(2)) is 
amended by striking subparagraph (C) and redesignating 
subparagraphs (D) and (E) as subparagraphs (C) and 
(D), respectively. 
(b) CONFORMING AMENDMENT.—Section 111(c)(1) 
of such Act (12 U.S.C. 5321(c)(1)) is amended by striking 
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by ‘‘subparagraphs (C), (D), and (E)’’ and inserting ‘‘sub-
paragraphs (C) and (D)’’. 
SEC. 4. TEMPORARY SERVICE; TRANSITION. 
Notwithstanding the amendments made by this Act, 
during the period beginning on the date of the enactment 
of this Act and ending on the date on which the State 
insurance commissioner is appointed and confirmed pursu-
ant to section 111(b)(1) of the Financial Stability Act of 
2010 (12 U.S.C. 5321(b)(1)), as amended by section 2, 
section 111(b)(2)(C) of the Financial Stability Act of 
2010 (12 U.S.C. 5321(b)(2)(C)) shall continue to apply. 
SEC. 5. TECHNICAL AND CLARIFYING AMENDMENTS. 
The Financial Stability Act of 2010 (12 U.S.C. 5311 
et seq.) is amended— 
(1) in section 102(a), by adding at the end the 
following new paragraph: 
‘‘(8) COUNCIL.—The term ‘Council’ means the 
Financial Stability Oversight Council established in 
section 111.’’; 
(2) in section 112(a)(2)(D), by striking ‘‘to 
monitor’’ and inserting ‘‘monitor’’; 
(3) in section 154(c)(1)— 
(A) by striking ‘‘CENTER.—’’ and all that 
follows through ‘‘The Research’’ and inserting 
the following: ‘‘CENTER.—The Research’’; and 
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(B) by redesignating subparagraphs (A) 
through (H) as paragraphs (1) through (8), re-
spectively; and 
(4) in section 155(a)(2), by striking the comma 
after ‘‘subsection (c)’’. 
Æ 
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