Financial Stability Oversight Council Insurance Member Continuity Act

Bill: 115-s-1463
Sponsor: full_name: Sen. Crapo, Mike [R-ID]
Introduced: 2017-06-28
Policy area: Finance and Financial Sector
Subjects: Banking and financial institutions regulation

Department of the Treasury

Executive agency funding and structure

Financial Stability Oversight Council

Insurance industry and regulation
Latest action: action_date: 2017-09-07
text: Committee on Banking, Housing, and Urban Affairs. Ordered to be reported without amendment favorably.

Summaries:
action_date: 2017-06-28
action_desc: Introduced in Senate
text: <p><b>Financial Stability Oversight Council Insurance Member Continuity Act</b></p> <p>This bill amends the Financial Stability Act of 2010 to modify the term of the independent member with insurance expertise of the Financial Stability Oversight Council to allow the current member to continue to serve in the event of a delay in the naming of a successor by the end of the member's six-year term. In such a case, the independent member may continue to serve until 18 months after the end of the term or until a successor is confirmed, whichever is earlier. </p>

tv_txt: II 115th CONGRESS 1st Session S. 1463 IN THE SENATE OF THE UNITED STATES June 28, 2017 Mr. Crapo (for himself, Mr. Brown , Ms. Cortez Masto , Mr. Cotton , Mr. Menendez , Mr. Perdue , Mr. Rounds , Mr. Scott , Mr. Tester , Mr. Tillis , Mr. Van Hollen , Mr. Warner , and Ms. Warren ) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To amend the Financial Stability Act of 2010 to modify the term of the independent member of the Financial Stability Oversight Council.

1. Short title This Act may be cited as the Financial Stability Oversight Council Insurance Member Continuity Act . 2. Financial Stability Oversight Council Section 111(c) of the Financial Stability Act of 2010 ( 12 U.S.C. 5321(c) ) is amended by adding at the end the following: (4) Term of independent member Notwithstanding paragraph (1), if a successor to the independent member of the Council serving under subsection (b)(1)(J) is not appointed and confirmed by the end of the term of service of such member, such member may continue to serve until the earlier of— (A) 18 months after the date on which the term of service ends; or (B) the date on which a successor to such member is appointed and confirmed. .