The House passed a bipartisan bill from U.S. Rep. Randy Hultgren (R-IL) on Tuesday that would ensure continuity on the Financial Stability Oversight Council (FSOC), which monitors strength of the U.S. financial system.
The measure, the Financial Stability Oversight Council Insurance Member Continuity Act, H.R. 3110, would clarify a provision of the Dodd-Frank Wall Street Reform and Consumer Protection Act regarding when the term for the FSOC independent member with insurance expertise expires.
“My legislation ensures that the FSOC is able to benefit from the perspective of a voting member with insurance expertise without any unnecessary lapses,” Hultgren said.
The legislation makes clear that the FSOC’s independent member can continue serving beyond his or her initial term.
“The independent member is the only member appointed by the president to specifically serve on the council, and is the only voting member which is expected to have insurance expertise,” he said.
Under current law, the term for the FSOC independent member is scheduled to end on Sept. 30. H.R. 3110 would enable the member to remain on the council for another 18 months, or until a successor is appointed.
“Absent the appointment and confirmation of a successor, the expiration of the independent member’s term would leave the council without a voting member who has insurance expertise because Dodd-Frank did not make clear if the position can be filled by an acting official,” Hultgren said.
Hultgren introduced the bill with bipartisan support from U.S. Rep. Maxine Waters (D-CA). The House approved the measure on a vote of 407-1.