H.R.3110 – Financial Stability Oversight Council Insurance Member Continuity Act

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Week ending September 8, 2017

H.R.3110 – Financial Stability Oversight Council Insurance Member Continuity Act

Brief

The bill aims to ‘amend the Financial Stability Act of 2010 to modify the term of the independent member of the Financial Stability Oversight Council.’

To that end, if a successor to the independent member of the Council…is not appointed and confirmed by the end of the term of service of such member, such member may continue to serve until the earlier of 18 months after the date on which the term of service ends; or the date on which a successor to such member is appointed and confirmed.”

“The Financial Stability Oversight Council has a clear statutory mandate that creates for the first time collective accountability for identifying risks and responding to emerging threats to financial stability. It is a collaborative body chaired by the Secretary of the Treasury that brings together the expertise of the federal financial regulators, an independent insurance expert appointed by the President, and state regulators.

“The Council has important new authorities to constrain excessive risk in the financial system. For instance, the Council has the authority to designate a nonbank financial firm for tough new supervision to help minimize the risk of such a firm from threatening the stability of the financial system.

“Additionally, to help with the identification of emerging risks to financial stability, the FSOC can provide direction to, and request data and analyses from, the newly created Office of Financial Research (OFR) housed within Treasury.” – Treasury.gov.

 (Full text of H.R. 3110 at congress.gov)

Sponsor:  Rep. Hultgren, Randy [R-IL-14] (Introduced 06/29/2017)

Status: Passed House /

VOTES and FLOOR ACTION

HOUSE

On Passage: On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 407 – 1 (Roll no. 439).

House Amendments:

Motion to recommit:

Text of the motion:

SENATE

On Passage:

Procedural Actions:

Senate Amendments:

COST AND IMPACT

Cost to the taxpayers:  Data not available

Pay-as-you-go requirements:  Data not available

Regulatory and Other Impact: Data not available

Dynamic Scoring:   Data not available

Tax Complexity:  Not applicable to this bill.

Earmark Certification:  Data not available

Duplication of programs: Data not available

Direct Rule-Making:  Data not available

Advisory Committee Statement: Data not available

Budget Authority: Data not available

Constitutional Authority:   Assumed.

 

More Bill Information:

 

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