Primary Regulators of Insurance Vote Act of 2021
Bill: H.R.3099 | Sponsor: Rep. Garamendi, John (D-CA)
Policy area: Finance and Financial Sector

Summary:
Primary Regulators of Insurance Vote Act of 2021
This bill establishes a state insurance commissioner as a voting member of the Financial Stability Oversight Council. The member is appointed by the President with the advice and consent of the Senate. Under current law, this member is nonvoting and selected by state insurance commissioners.

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 Representatives 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 2021''.

SEC. 2. ESTABLISHMENT OF STATE INSURANCE COMMISSIONER AS A VOTING 
              MEMBER OF THE FINANCIAL 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, appointed by 
                the President, by and with the advice 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.--Before making any 
        appointments pursuant to paragraph (1)(J), the President shall 
        request a list of recommended candidates from the States 
        through the National Association of Insurance Commissioners. 
        The President may appoint a member under paragraph (1)(J) that 
        does not appear on such list. If the National Association of 
        Insurance Commissioners fails to submit such list within 15 
        business days after the date of the request, the President may 
        appoint a member under paragraph (1)(J) without considering the 
        views of the National Association of Insurance 
        Commissioners.''; and
            (2) in subsection (c)--
                    (A) in paragraph (1), by inserting ``, the State 
                insurance commissioner shall serve for a term of 4 
                years'' after ``6 years'';
                    (B) by amending paragraph (2) to read as follows:
            ``(2) Vacancies.--
                    ``(A) In general.--Subject to subparagraph (B), any 
                vacancy on the Council shall be filled in the manner in 
                which the original appointment was made.
                    ``(B) State insurance commissioner.--With respect 
                to a vacancy in the membership of the State insurance 
                commissioner serving under subsection (b)(1)(J)--
                            ``(i) the Federal Vacancy Reform Act (5 
                        U.S.C. 3345 et seq.) shall not apply; and
                            ``(ii) such vacancy shall be filled by a 
                        State insurance commissioner, to be designated 
                        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 member'' in 
                        the heading, and inserting ``insurance 
                        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 Financial 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 by ``subparagraphs (C), (D), and 
(E)'' and inserting ``subparagraphs (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 pursuant 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
                    (B) by redesignating subparagraphs (A) through (H) 
                as paragraphs (1) through (8), respectively; and
            (4) in section 155(a)(2), by striking the comma after 
        ``subsection (c)''.
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