Primary Regulators of Insurance Vote Act of 2025 · Introduced in House (2025-05-13)

119th CONGRESS 1st Session

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 · Sponsor: Mr. Loudermilk · Committee: Committee on Financial Services

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 () is amended— 12 U.S.C. 5321

in subsection (b)—
- in paragraph (1)—
  - (i) by redesignating subparagraph (J) as subparagraph (K);
  - (ii) in subparagraph (I), by striking at the end; and
  - (iii) by inserting after subparagraph (I) the following new subparagraph:
    - a State insurance commissioner, appointed by the President, by and with the advice and consent of the Senate, as described in paragraph (4); and
  - (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.
- by adding at the end the following new paragraph:
in subsection (c)—
- in paragraph (1), by inserting after ;
- 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 () shall not apply; and 5 U.S.C. 3345 et seq.
        
        (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.
- in paragraph (4)—
  - (i) by striking in the heading, and inserting ; 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 () is amended by striking subparagraph (C) and redesignating subparagraphs (D) and (E) as subparagraphs (C) and (D), respectively. 12 U.S.C. 5321(b)(2)

(b) Conforming amendment

Section 111(c)(1) of such Act () is amended by striking by and inserting subparagraphs (C) and (D). 12 U.S.C. 5321(c)(1)

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 (), as amended by section 2, section 111(b)(2)(C) of the Financial Stability Act of 2010 () shall continue to apply. 12 U.S.C. 5321(b)(1); 12 U.S.C. 5321(b)(2)(C)

SEC. 5. Technical and clarifying amendments

The Financial Stability Act of 2010 () is amended— 12 U.S.C. 5311 et seq.

(8) Council
- The term means the Financial Stability Oversight Council established in section 111.
in section 102(a), by adding at the end the following new paragraph:
in section 112(a)(2)(D), by striking to monitorand inserting monitor;
in section 154(c)(1)—
- by striking and all that follows through and inserting the following: ; and
- by redesignating subparagraphs (A) through (H) as paragraphs (1) through (8), respectively; and
in section 155(a)(2), by striking the comma after .

H.R. 3354

Table of contents

SEC. 1. Short title

SEC. 2. Establishment of State insurance commissioner as a voting member of the Financial Stability Oversight Council

SEC. 3. Repeal of State insurance commissioner as nonvoting member of FSOC

SEC. 4. Temporary service; transition

SEC. 5. Technical and clarifying amendments