,i  #aafth ,,congress  #ast ,session    
,h4 ,r4 #bdgi  ,,in ,,the ,,house ,,of  
,,representatives  ,may #b1 #bjai,mr4   
,heck 7for himself and ,mr4 ,loudermilk7
 introduced the following bill2 which   
was referred to the ,committee on       
,financial ,services  ,a ,,bill  ,to    
amend the ,financial ,stability ,act of 
#bjaj to include the ,state insurance   
commissioner as a voting member of the  
,financial ,stability ,oversight        
,council1 and for other purposes4  #a4  
,short title ,this ,act may be cited as 
the ,primary ,regulators of ,insurance  
,vote ,act of #bjai4  #b4 ,establishment
 of ,state insurance commissioner as a  
voting member of the ,financial         
,stability ,oversight ,council  7a7 ,in 
general ,section #aaa of the ,financial 
,stability ,act of #bjaj 7#ab ,u4,s4,c4 
#ecba7 is amended--  7#a7 in subsection 
7b7-- 7,a7 in paragraph 7#a7--  7i7 by  
redesignating subparagraph 7,j7 as      
subparagraph 7,k72  7ii7 in subparagraph
 7,i71 by striking and at the end2 and  

7iii7 by inserting after subparagraph   
7,i7 the following new subparagraph3    
7,j7 a ,state insurance commissioner1   
appointed by the ,president1 by and with
 the advice and consent of the ,senate1 
as described in paragraph 7#d72 and  2  
and  7,b7 by adding at the end the      
following new paragraph3  7#d7 ,state   
insurance commissioner ,in selecting an 
individual to appoint as a ,state       
insurance commissioner under paragraph  
7#a77;,j71 the ,president shall request 
a list of recommendations for such      
individual from ,state insurance        
commissioners through a process         
determined by the ,state insurance      
commissioners4 ,such recommendations    
shall not be binding on the ,president4 
,if the ,state insurance commissioners  
fail to submit a list of recommendations
 within #ae business days after the date
 of the request1 the ,president may     
select an individual to appoint without 
considering such recommendations4  2 and
  7#b7 in subsection 7c7-- 7,a7 in      

paragraph 7#a71 by inserting 1 the      
,state insurance commissioner shall     
serve for a term of #d years after #f   
years2  7,b7 in paragraph 7#b71 by      
inserting the following new sentence at 
the end3 ,for a vacancy in the          
membership of the ,state insurance      
commissioner serving under subsection   
7b77#a77;,j71 the ,president shall      
appoint another ,state insurance        
commissioner to serve on the ,council   
for the remainder of the term or until a
 successor is appointed and confirmed   
under paragraph 7#e71 whichever is      
earlier42 and  7,c7 by adding at the end
 the following new paragraph3  7#e7     
,term of ,state insurance commissioner  
,notwithstanding paragraph 7#a71 if a   
successor to the ,state insurance       
commissioner serving under subsection   
7b77#a77;,j7 is not appointed and       
confirmed by the end of the term of     
service of such commissioner1 such      
commissioner may continue to serve until
 the earlier of--  7,a7 #ah months after

 the date on which the term of service  
ends2 or  7,b7 the date on which a      
successor to such commissioner is       
appointed and confirmed4  4  7b7        
,conforming amendment ,section          
#aaa7;c77#d7 of such ,act 7#ab ,u4,s4,c4
 #ecba7;c77#d77 is amended by striking  
subsection 7b77#a77;,j7 and inserting   
subsection 7b77#a77,k74  #c4 ,repeal of 
,state insurance commissioner as        
nonvoting member of ,,fsoc  7a7 ,in     
general ,section #aaa7;b77#b7 of the    
,financial ,stability ,act of #bjaj 7#ab
 ,u4,s4,c4 #ecba7;b77#b77 is amended by 
striking subparagraph 7,c7 and          
redesignating subparagraphs 7,d7 and    
7,e7 as subparagraphs 7,c7 and 7,d71    
respectively4  7b7 ,conforming amendment
 ,section #aaa7;c77#a7 of such ,act 7#ab
 ,u4,s4,c4 #ecba7;c77#a77 is amended by 
striking by subparagraphs 7,c71 7,d71   
and 7,e7 and inserting subparagraphs    
7,c7 and 7,d74  #d4 ,temporary service2 
transition ,notwithstanding the         
amendments made by this ,act1 during the

 period beginning on the date of the    
enactment of this ,act and ending on the
 date on which the ,state insurance     
commissioner is appointed and confirmed 
pursuant to section #aaa7;b77#a7 of the 
,financial ,stability ,act of #bjaj 7#ab
 ,u4,s4,c4 #ecba7;b77#a771 as amended by
 section #b1 section #aaa7;b77#b77;,c7  
of the ,financial ,stability ,act of    
#bjaj 7#ab ,u4,s4,c4 #ecba7;b77#b77;,c77
 shall continue to apply4