President Signs Hultgren-Waters Regulatory Amendment into Law
Washington, DC —Today, President Trump signed into law H.R. 3110, the Financial Stability Oversight Council Insurance Member Continuity Act, bipartisan legislation introduced by Financial Services Committee member U.S. Representatives Randy Hultgren (R-IL-14) and Ranking Member Maxine Waters (D-CA-43). The bill improves 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.
“I am very pleased President Trump has signed my bipartisan legislation into law. Given the several recent natural disasters hitting our country’s shores, it is now extremely important that we have someone with a deep understanding of our insurance markets, and how they interact with our entire financial system, to continue serving as a voting member of FSOC,” said Rep. Hultgren. “The Financial Stability Oversight Council Insurance Member Continuity Act ensures that this key regulatory body is able to benefit from the perspective of a voting member with insurance expertise without any unnecessary lapses. I am pleased the individual currently filling this position, Roy Woodall, has agreed to continue to serve in his role.
“I am encouraged that both sides of the aisle and both chambers of Congress were able to agree on an amendment to the Dodd-Frank Act. I look forward to working with my colleagues on additional, much-needed changes to this law.”
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 either: (1) 18 months, or (2) when a successor is confirmed.
On September 5, 2017, the House voted 407-1 to pass H.R. 3110, followed by the Senate by unanimous consent on September 19.