Hultgren, Waters Introduce Bipartisan Technical Fix to the Dodd-Frank Act
Washington, DC —U.S. Representatives Randy Hultgren (R-IL-14) and Ranking Member Maxine Waters (D-CA-43) of the Financial Services Committee, along with 21 of their colleagues, today introduced bipartisan legislation that strengthens the work of the Financial Stability Oversight Council (FSOC) by permitting its independent member with insurance expertise to continue serving in his or her position. There is widespread agreement that the provision as written in the 2010 Dodd-Frank Act was not the legislative intent.
“I am proud to work in a bipartisan manner to ensure insurance expertise maintains a strong voice with financial regulators in Washington so those regulators can make informed and prudent policy determinations,” said Rep. Hultgren. “Illinois is home to dozens of insurance companies, employing thousands of individuals in my district and across the state. My state has carefully crafted regulations that balance policyholder protection without stifling economic growth.”
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 30 of this year. The legislation allows the FSOC independent member with insurance expertise to remain past his or her term for the earlier of (1) 18 months or (2) when a successor is confirmed.