210 
‘‘(2) SECTION
313(L)
ACTIONS.—Any actions 
taken by the Office pursuant to subsection (l) (re-
garding preemption pursuant to covered agree-
ments). 
‘‘(3) INSURANCE INDUSTRY.—The state of, and 
developments in, the insurance industry. 
‘‘(4) U.S. AND GLOBAL INSURANCE AND REIN-
SURANCE MARKETS.—The breadth and scope of the 
global insurance and reinsurance markets and the 
critical role such markets plays in supporting insur-
ance in the United States and the ongoing impacts 
of part II of the Nonadmitted and Reinsurance Re-
form Act of 2010 on the ability of State regulators 
to access reinsurance information for regulated com-
panies in their jurisdictions. 
‘‘(5) OTHER.—Any other matters as deemed 
relevant by the Independent Insurance Advocate or 
requested by such Committees. 
‘‘(t) REPORT UPON END OF TERM OF OFFICE.—Not 
later than two months prior to the expiration of the term 
of office, or discontinuation of service, of each individual 
serving as the Independent Insurance Advocate, the Inde-
pendent Insurance Advocate shall submit a report to the 
Committees on Financial Services and Ways and Means 
of the House of Representatives and the Committees on 
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Banking, Housing, and Urban Affairs and Finance of the 
Senate setting forth recommendations regarding the Fi-
nancial Stability Oversight Council and the role, duties, 
and functions of the Independent Insurance Advocate. 
‘‘(u) DEFINITIONS.—In this section and section 314, 
the following definitions shall apply: 
‘‘(1) AFFILIATE.—The term ‘affiliate’ means, 
with respect to an insurer, any person who controls, 
is controlled by, or is under common control with the 
insurer. 
‘‘(2) COVERED
AGREEMENT.—The term ‘cov-
ered agreement’ means a written bilateral or multi-
lateral agreement regarding prudential measures 
with respect to the business of insurance or reinsur-
ance that— 
‘‘(A) is entered into between the United 
States and one or more foreign governments, 
authorities, or regulatory entities; and 
‘‘(B) relates to the recognition of pruden-
tial measures with respect to the business of in-
surance or reinsurance that achieves a level of 
protection for insurance or reinsurance con-
sumers that is substantially equivalent to the 
level of protection achieved under State insur-
ance or reinsurance regulation. 
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‘‘(3) INSURER.—The term ‘insurer’ means any 
person engaged in the business of insurance, includ-
ing reinsurance. 
‘‘(4) FEDERAL FINANCIAL REGULATORY AGEN-
CY.—The term ‘Federal financial regulatory agency’ 
means the Department of the Treasury, the Board 
of Governors of the Federal Reserve System, the Of-
fice of the Comptroller of the Currency, the Office 
of Thrift Supervision, the Securities and Exchange 
Commission, the Commodity Futures Trading Com-
mission, the Federal Deposit Insurance Corporation, 
the Federal Housing Finance Agency, or the Na-
tional Credit Union Administration. 
‘‘(5) FINANCIAL STABILITY OVERSIGHT COUN-
CIL.—The term ‘Financial Stability Oversight Coun-
cil ’ means the Financial Stability Oversight Council 
established under section 111(a) of the Dodd-Frank 
Wall Street Reform and Consumer Protection Act 
(12 U.S.C. 5321(a)). 
‘‘(6) MEMBER
AGENCY.—The term ‘member 
agency’ has the meaning given such term in section 
111(a) of the Dodd-Frank Wall Street Reform and 
Consumer Protection Act (12 U.S.C. 5321(a)). 
‘‘(7) NON-UNITED STATES INSURER.—The term 
‘non-United States insurer’ means an insurer that is 
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organized under the laws of a jurisdiction other than 
a State, but does not include any United States 
branch of such an insurer. 
‘‘(8) OFFICE.—The term ‘Office’ means the Of-
fice of the Independent Insurance Advocate estab-
lished by this section. 
‘‘(9) STATE INSURANCE MEASURE.—The term 
‘State insurance measure’ means any State law, reg-
ulation, administrative ruling, bulletin, guideline, or 
practice relating to or affecting prudential measures 
applicable to insurance or reinsurance. 
‘‘(10) STATE
INSURANCE
REGULATOR.—The 
term ‘State insurance regulator’ means any State 
regulatory authority responsible for the supervision 
of insurers. 
‘‘(11) SUBSTANTIALLY
EQUIVALENT
TO
THE 
LEVEL OF PROTECTION ACHIEVED.—The term ‘sub-
stantially equivalent to the level of protection 
achieved’ means the prudential measures of a for-
eign government, authority, or regulatory entity 
achieve a similar outcome in consumer protection as 
the outcome achieved under State insurance or rein-
surance regulation. 
‘‘(12) UNITED
STATES
INSURER.—The term 
‘United States insurer’ means— 
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‘‘(A) an insurer that is organized under 
the laws of a State; or 
‘‘(B) a United States branch of a non- 
United States insurer.’’. 
(b) PAY AT LEVEL III OF EXECUTIVE SCHEDULE.— 
Section 5314 of title 5, United States Code, is amended 
by adding at the end the following new item: 
‘‘Independent Insurance Advocate, Department 
of the Treasury.’’. 
(c) VOTING MEMBER OF FSOC.—Paragraph (1) of 
section 111(b) of the Dodd-Frank Wall Street Reform and 
Consumer Protection Act (12 U.S.C. 5321(b)(1)) is 
amended by striking subparagraph (J) and inserting the 
following new subparagraph: 
‘‘(J) the Independent Insurance Advocate 
appointed pursuant to section 313 of title 31, 
United States Code.’’. 
(d) INDEPENDENCE.—Section 111 of Public Law 93– 
495 (12 U.S.C. 250) is amended— 
(1) by inserting ‘‘the Independent Insurance 
Advocate of the Department of the Treasury,’’ after 
‘‘Federal Housing Finance Agency,’’; and 
(2) by inserting ‘‘or official’’ before ‘‘submitting 
them’’. 
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(e) TRANSFER OF EMPLOYEES.—All employees of the 
Department of Treasury who are performing staff func-
tions for the independent member of the Financial Sta-
bility Oversight Council under section 111(b)(2)(J) of the 
Dodd-Frank Wall Street Reform and Consumer Protec-
tion Act (12 U.S.C. 5321(b)(2)(J)) on a full-time equiva-
lent basis as of the date of enactment of this Act shall 
be eligible for transfer to the Office of the Independent 
Insurance Advocate established pursuant to the amend-
ment made by subsection (a) of this section for appoint-
ment as an employee and shall be transferred at the joint 
discretion of the Independent Insurance Advocate and the 
eligible employee. Any employee eligible for transfer that 
is not appointed within 360 days from the date of enact-
ment of this Act shall be eligible for detail under section 
313(f)(4) of title 31, United States Code. 
(f) TEMPORARY SERVICE; TRANSITION.—Notwith-
standing the amendment made by subsection (a) of this 
section, during the period beginning on the date of the 
enactment of this Act and ending on the date on which 
the Independent Insurance Advocate is appointed and con-
firmed pursuant to section 313(b)(2) of title 31, United 
States Code, as amended by such amendment, the person 
serving, on such date of enactment, as the independent 
member of the Financial Stability Oversight Council pur-
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suant to section 111(b)(1)(J) of the Dodd-Frank Wall 
Street Reform and Consumer Protection Act (12 U.S.C. 
5321(b)(1)(J)) shall act for all purposes as, and with the 
full powers of, the Independent Insurance Advocate. 
(g) COMPARABILITY
IN
COMPENSATION
SCHED-
ULES.—Subsection (a) of section 1206 of the Financial 
Institutions Reform, Recovery, and Enforcement Act of 
1989 (12 U.S.C. 1833b(a)) is amended by inserting ‘‘and 
the Office of the Independent Insurance Advocate of the 
Department of the Treasury,’’ after ‘‘Farm Credit Admin-
istration,’’. 
(h) SENIOR EXECUTIVES.—Subparagraph (D) of sec-
tion 3132(a)(1) of title 5, United States Code, is amended 
by inserting ‘‘the Office of the Independent Insurance Ad-
vocate of the Department of the Treasury,’’ after ‘‘Fi-
nance Agency,’’. 
SEC. 502. TREATMENT OF COVERED AGREEMENTS. 
Subsection (c) of section 314 of title 31, United 
States Code is amended— 
(1) by designating paragraphs (1) and (2) as 
paragraphs (2) and (3), respectively; and 
(2) by inserting before paragraph (2), as so re-
designated, the following new paragraph: 
‘‘(1) the Secretary of the Treasury and the 
United States Trade Representative have caused to 
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be published in the Federal Register, and made 
available for public comment for a period of not 
fewer than 30 days and not greater than 90 days 
(which period may run concurrently with the 90-day 
period for the covered agreement referred to in para-
graph (3)), the proposed text of the covered agree-
ment;’’. 
TITLE 
VI—DEMANDING 
AC-
COUNTABILITY FROM FINAN-
CIAL REGULATORS AND DE-
VOLVING POWER AWAY FROM 
WASHINGTON 
Subtitle A—Cost-Benefit Analyses 
SEC. 611. DEFINITIONS. 
As used in this subtitle— 
(1) the term ‘‘agency’’ means the Board of Gov-
ernors of the Federal Reserve System, the Consumer 
Financial Opportunity Commission, the Commodity 
Futures Trading Commission, the Federal Deposit 
Insurance Corporation, the Federal Housing Fi-
nance Agency, the Office of the Comptroller of the 
Currency, the National Credit Union Administra-
tion, and the Securities and Exchange Commission; 
(2) the term ‘‘chief economist’’ means— 
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(A) with respect to the Board of Governors 
of the Federal Reserve System, the Director of 
the Division of Research and Statistics, or an 
employee of the agency with comparable author-
ity; 
(B) with respect to the Consumer Finan-
cial Opportunity Commission, the Head of the 
Office of Economic Analysis, or an employee of 
the agency with comparable authority; 
(C) with respect to the Commodity Fu-
tures Trading Commission, the Chief Econo-
mist, or an employee of the agency with com-
parable authority; 
(D) with respect to the Federal Deposit 
Insurance Corporation, the Director of the Divi-
sion of Insurance and Research, or an employee 
of the agency with comparable authority; 
(E) with respect to the Federal Housing 
Finance Agency, the Chief Economist, or an 
employee of the agency with comparable author-
ity; 
(F) with respect to the Office of the Comp-
troller of the Currency, the Director for Policy 
Analysis, or an employee of the agency with 
comparable authority; 
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(G) with respect to the National Credit 
Union Administration, the Chief Economist, or 
an employee of the agency with comparable au-
thority; and 
(H) with respect to the Securities and Ex-
change Commission, the Director of the Divi-
sion of Economic and Risk Analysis, or an em-
ployee of the agency with comparable authority; 
(3) the term ‘‘Council’’ means the Chief Econo-
mists Council established under section 618; and 
(4) the term ‘‘regulation’’— 
(A) means an agency statement of general 
applicability and future effect that is designed 
to implement, interpret, or prescribe law or pol-
icy or to describe the procedure or practice re-
quirements of an agency, including rules, orders 
of general applicability, interpretive releases, 
and other statements of general applicability 
that the agency intends to have the force and 
effect of law; and 
(B) does not include— 
(i) a regulation issued in accordance 
with the formal rulemaking provisions of 
section 556 or 557 of title 5, United States 
Code; 
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(ii) a regulation that is limited to 
agency organization, management, or per-
sonnel matters; 
(iii) a regulation promulgated pursu-
ant to statutory authority that expressly 
prohibits compliance with this provision; 
(iv) a regulation that is certified by 
the agency to be an emergency action, if 
such certification is published in the Fed-
eral Register; 
(v) a regulation that is promulgated 
by the Board of Governors of the Federal 
Reserve System or the Federal Open Mar-
ket Committee under section 10A, 10B, 
13, 13A, or 19 of the Federal Reserve Act, 
or any of subsections (a) through (f) of 
section 14 of that Act; or 
(vi) a regulation filed with the Com-
mission by a self-regulatory organization— 
(I) that meet the criteria for im-
mediate effectiveness under section 
240.19b-4(f) of title 17, Code of Fed-
eral Regulations; and 
(II) for which the self-regulatory 
organization has itself conducted the 
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