Senate Passes FSOC Insurance Member Continuity Act
WASHINGTON – Today, United States Senate Committee on Banking, Housing and Urban Affairs Chairman Mike Crapo (R-Idaho) and Ranking Member Sherrod Brown (D-Ohio) lauded the passage of the Financial Stability Oversight Council (FSOC) Insurance Member Continuity Act (H.R. 3110).
“This simple fix will allow the FSOC to continue to benefit from the important insight and contributions of the independent member with insurance expertise if their replacement has not been confirmed,” said Crapo. “I thank Senator Brown for working with me to ensure its passage.”
“This bill is another example of how we can find broad, bipartisan consensus on fixes to Wall Street Reform,” said Brown. “I thank Senator Crapo and the members of the Committee for their work on this bill.”
As the statute is currently written, the independent insurance member has a six year term, and is not explicit on extensions in the event that a new independent insurance member has not been confirmed. This bill will allow the independent insurance member to serve for an additional 18 months or until the confirmation of a new individual – thus ensuring that the FSOC will continue to have the benefit of insurance expertise on the Council.
An identical bill was cleared by the Senate Banking Committee by voice vote, and H.R. 3110 was also approved by the full House of Representatives. It now goes to the President’s desk for signature.
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