Bill > HR3354

This bill amends the Financial Stability Act of 2010 to add a State insurance commissioner as a full voting member of the Financial Stability Oversight Council (FSOC), a federal body that monitors financial system risks. Currently, the State insurance commissioner is only a non-voting member. The bill requires the President to appoint the State insurance commissioner with Senate confirmation, and provides that the President can request candidate recommendations from the National Association of Insurance Commissioners (NAIC), but is not strictly bound by their list. The State insurance commissioner would serve a 4-year term, and if a vacancy occurs, a unique selection process involving State insurance commissioners would temporarily fill the role with a non-voting member until a new commissioner is officially appointed and confirmed. The bill also makes several technical amendments to the Financial Stability Act, such as clarifying definitions and making minor language adjustments. A transitional provision ensures that existing procedures remain in place until the new voting member is appointed. These changes aim to give state-level insurance regulators more direct input into federal financial oversight and risk assessment processes.

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https://www.congress.gov/bill/119th-congress/house-bill/3354/all-info