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H. Rept. 115-293 1 (2017-09-05)

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                   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

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