,,ii  #aagth ,,congress  #b;d ,session  
,s4 #daaj  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,april #bh1    
#bjbb,mr4 ,scott of ,south ,carolina    
7for himself and ,mr4 ,king7 introduced 
the following bill2 which was read twice
 and referred to the ,committee on      
,banking1 ,housing1 and ,urban ,affairs 
,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 
#bjbb4  #b4 ,establishment of ,state    
insurance commissioner as a voting      
member of the ,financial ,stability     
,oversight ,council ,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 following3  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 ,before making   
any appointments pursuant to paragraph  
7#a77;,j71 the ,president shall request 
a list of recommended candidates from   
the ,states through the ,national       
,association of ,insurance              
,commissioners4 ,the ,president may     
appoint a member under paragraph        
7#a77;,j7 that does not appear on such  
list4 ,if the ,national ,association of 
,insurance ,commissioners fails to      
submit such list within #ae business    
days after the date of the request1 the 
,president may appoint a member under   
paragraph 7#a77;,j7 without considering 
the views of the ,national ,association 

of ,insurance ,commissioners4  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 by striking paragraph 7#b7 
and inserting the following3  7#b7      
,vacancies  7,a7 ,in general ,subject to
 subparagraph 7,b71 any vacancy on the  
,council shall be filled in the manner  
in which the original appointment was   
made4  7,b7 ,state insurance            
commissioner ,with respect to a vacancy 
in the membership of the ,state         
insurance commissioner serving under    
subsection 7b77#a77;,j7-- 7i7 the       
,federal ,vacancy ,reform ,act 7#e      
,u4,s4,c4 #ccde et seq47 shall not      
apply2 and  7ii7 such vacancy shall be  
filled by a ,state insurance            
commissioner1 to be designated by a     
selection process determined by the     
,state insurance commissioners1 who     
shall serve as a nonvoting member of the
 ,council until a successor is appointed

 and confirmed4  2 and  7,c7 in         
paragraph 7#d7-- 7i7 by striking        
independent member in the heading1 and  
inserting insurance members2 and  7ii7  
striking subsection 7b77#a77;,j7 and    
inserting subsection 7b77#a77,k7 or the 
,state insurance commissioner serving   
under subsection 7b77#a77;,j74  #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 ,technical and       
conforming amendment ,section           
#aaa7;c77#a7 of the ,financial          
,stability ,act of #bjaj ,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 #b of this ,act1 section       
#aaa7;b77#b77;,c7 of the ,financial     
,stability ,act of #bjaj 7#ab ,u4,s4,c4 
#ecba7;b77#b77;,c771 as in effect on the
 day before the date of enactment of    
this ,act1 shall continue to apply4  #e4
 ,technical and conforming amendments   
,the ,financial ,stability ,act of #bjaj
 7#ab ,u4,s4,c4 #ecaa et seq47 is       
amended-- 7#a7 in section #ajb7;a7 7#ab 
,u4,s4,c4 #ecaa71 by adding at the end  
the following3  7#h7 ,council ,the term 
,council means the ,financial ,stability
 ,oversight ,council established in     
section #aaa4  2  7#b7 in section       
#aab7;a77#b77;,d7 7#ab ,u4,s4,c4        
#ecbb7;a77#b77;,d771 by striking to     

monitor and inserting monitor2  7#c7 in 
section #aed7;c77#a7 7#ab ,u4,s4,c4     
#ecdd7;c77#a77-- 7,a7 by striking       
,center4-- and all that follows through 
,the ,research and inserting the        
following3 ,center4--,the ,research2 and
  7,b7 by redesignating subparagraphs   
7,a7 through 7,h7 as paragraphs 7#a7    
through 7#h71 respectively2 and  7#d7 in
 section #aee7;a77#b7 7#ab ,u4,s4,c4    
#ecde7;a77#b771 by striking the comma   
after subsection 7c74