WASHINGTON, D.C. – U.S. Senate Committee on Banking, Housing and Urban Affairs Chairman Mike Crapo (R-Idaho) and Ranking Member Sherrod Brown (D-Ohio) today introduced legislation that allows the Financial Stability and Oversight Council (FSOC) to continue to benefit from the important insight and contributions of the independent member with insurance expertise if his/her replacement has not been confirmed.
As the statute is currently written, the independent insurance member cannot serve beyond the length of his/her term, and there is no contingency provision in the event that a new independent insurance member has not been confirmed. The FSOC Insurance Member Continuity Act will allow the independent member with insurance expertise to continue serving and voting on FSOC at the end of his/her term in the same capacity until the earlier of: (A) 18 months or (B) the nomination and confirmation of a new individual. This is on par with some other federal Commission members.
“This fix provides much-needed clarity regarding the independent insurance member’s term, and ensures that FSOC will continue to have the benefit of insurance expertise on the Council,” Chairman Crapo said.
“Democrats have long said that they are willing to work on commonsense, bipartisan fixes to Wall Street reform. Ensuring that the Council continues to have an insurance expert in place will benefit consumers and help identify potential risks to our financial system,” said Ranking Member Brown.
A copy of the bill is attached. The bipartisan bill is cosponsored by Senators Catherine Cortez Masto (D-Nevada), Tom Cotton (R-Arkansas), Bob Menendez (D-New Jersey), David Perdue (R-Georgia), Mike Rounds (R-South Dakota), Tim Scott (R-South Carolina), Jon Tester (D-Montana), Thom Tillis (R-North Carolina), Chris Van Hollen (D-Maryland), Mark Warner (D-Virginia) and Elizabeth Warren (D-Massachusetts).