Referred to the House Committee on Financial Services.
Why This Matters
This bill allows the State insurance commissioner to vote on important financial stability decisions, giving them a stronger voice in federal financial matters.
If you live in a state with an insurance commissioner, they will have a say in national financial stability decisions.
Who this affects
State insurance commissioners · Communities served
What changes is this bill making?
1This bill adds the State insurance commissioner as a voting member of the Financial Stability Oversight Council.
2The President will appoint the State insurance commissioner with input from the National Association of Insurance Commissioners.
3The State insurance commissioner will serve a term of four years on the Council.
4This bill removes the previous nonvoting status of the State insurance commissioner on the Council.
5It ensures that a vacancy for the State insurance commissioner will be filled by a designated State insurance commissioner.
