House Passes Hultgren-Waters Technical Fix to the Dodd-Frank Act
Washington, DC —Today, the House of Representatives voted 407-1 to pass H.R. 3110, the Financial Stability Oversight Council Insurance Member Continuity Act, bipartisan legislation introduced by U.S. Representatives Randy Hultgren (R-IL-14) and Ranking Member Maxine Waters (D-CA-43). The bill strengthens the work of the Financial Stability Oversight Council (FSOC) by permitting its Independent Member with insurance expertise to continue serving in the position beyond his or her term.
“My legislation ensures that the FSOC is able to benefit from the perspective of a voting member with insurance expertise without any unnecessary lapses. 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,” said Rep. Hultgren during consideration by the House. “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.”
“This legislation is especially timely given that the term of the individual currently filling this position, Roy Woodall, ends on September 30th of this year. I’m further encouraged and reassured by the broad bipartisan support Ranking Member Waters and I have received in passing this important technical fix to Dodd-Frank” said Rep. Hultgren. “Since President Trump has yet to announce a successor, and the Senate will not likely have sufficient time to react between now and September 30th, we must have this legislation signed into law without further delay.”
The Financial Stability Oversight Council Insurance Member Continuity Act is a technical correction to the Dodd-Frank Act. Under current law, it is unclear if someone can serve in this position as an acting official once the term of the FSOC independent member with insurance expertise expires. The term of the individual currently serving in this position expires on September 30th of this year. The legislation allows the FSOC independent member with insurance expertise to remain past his or her term for the earlier of either: (1) 18 months, or (2) when a successor is confirmed.
On July 25, 2017, the House Financial Services Committee unanimously passed H.R. 3110. For more details, please see the press release here.