Lawmakers are applauding the passage Tuesday of H.R. 3110, the Financial Stability Oversight Council Insurance Member Continuity Act, bipartisan legislation introduced by Rep. Maxine Waters, D-Calif., ranking member of the House Financial Services Committee, and Rep. Randy Hultgren, R-Ill., which would extend the term of FSOC independent member with insurance expertise.
"I applaud my colleagues in the Senate for passing this commonsense legislation that would allow the Financial Stability Oversight Council to continue to have a member with insurance expertise, and ensure that the FSOC has a complete roster of voting members," said Waters in a Wednesday statement.
FSOC "plays a crucial role in keeping our financial system safe, and this technical correction is an example of bipartisan cooperation to improve the Dodd–Frank Wall Street Reform and Consumer Protection Act … and the functioning of our regulatory system."
Waters added that it is "unclear" under current law if the independent insurance member, who is nominated by the president and confirmed by the Senate to serve six years, can continue serving in this position as an acting official once the member's term expires.
H.R. 3110, which passed the House and now goes to the president's desk for approval, allows the independent insurance member to serve for an additional 18 months or until the confirmation of a new individual.
Current FSOC independent insurance member Roy Woodall's term expires on Sept. 30, and his successor has not yet been nominated.
