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U.S. GOVERNMENT
INFORMATION
Gp
115TH CONGRESS REPORT
1st Session HOUSE OF REPRESENTATIVES 115-293
FINANCIAL STABILITY OVERSIGHT COUNCIL INSURANCE
MEMBER CONTINUITY ACT
SEPTEMBER 5, 2017.-Committed to the Committee of the Whole House on the State
of the Union and ordered to be printed
Mr. HENSARLING, from the Committee on Financial Services,
submitted the following
REPORT
[To accompany H.R. 3110]
[Including cost estimate of the Congressional Budget Office]
The Committee on Financial Services, to whom was referred the
bill (H.R. 3110) to amend the Financial Stability Act of 2010 to
modify the term of the independent member of the Financial Sta-
bility Oversight Council, having considered the same, report favor-
ably thereon without amendment and recommend that the bill do
pass.
PURPOSE AND SUMMARY
On June 29, 2017, H.R. 3110, the Financial Stability Oversight
Council Insurance Member Continuity Act was introduced by Rep.
Randy Hultgren.
H.R. 3110 would amend Section 111(c) of Title I of the Dodd-
Frank Wall Street Reform and Consumer Protection Act (Dodd-
Frank Act) to alter the term of the Independent Member with in-
surance expertise of the Financial Stability Oversight Council
(FSOC). The legislation would permit the Independent Member,
after the expiration of their term, to serve on the FSOC 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.
BACKGROUND AND NEED FOR LEGISLATION
H.R. 3110 will provide continuity and certainty for insurance rep-
resentation on the FSOC, address a statutory oversight, and clarify
the term of the Independent Member.
69-006](ViewImageLocal?handle=hein.congrecreports/crptxaaom0001&div=1&collection=&method=preview&ext=.png&size=3)