Washington, D.C. – Today, U.S. Senator Catherine Cortez Masto (D-Nev.) joined Banking, Housing and Urban Affairs Committee Chairman Mike Crapo (R-Idaho) and Ranking Member Sherrod Brown (D-Ohio) in introducing legislation that allows the Financial Stability and Oversight Council (FSOC) to continue to benefit from the important insight and contributions of the independent member with insurance expertise if a replacement has not been confirmed.
As the statute is currently written, the independent insurance member cannot serve beyond the length of his/her term, and there is no contingency provision in the event that a new independent insurance member has not been confirmed. The FSOC Insurance Member Continuity Act will allow the independent member with insurance expertise to continue serving and voting on FSOC at the end of his/her term in the same capacity until the earlier of: (A) 18 months or (B) the nomination and confirmation of a new individual. This is on par with some other federal Commission members.
“The Financial Stability and Oversight Council plays an indispensable role in regulating our nation’s financial markets,” said Cortez Masto. “I am proud to partner with my colleagues from both sides of the aisle to introduce legislation that would ensure that the Council never loses access to the expertise and guidance of an independent insurance member, even while the search for a new member takes place.”
A copy of the bill is available here. The bipartisan bill is also cosponsored by Senators Tom Cotton (R-Arkansas), Bob Menendez (D-N.J.), David Perdue (R-Ga.), Mike Rounds (R-S.D.), Tim Scott (R-S.C.), Jon Tester (D-Mont.), Thom Tillis (R-N.C.), Chris Van Hollen (D-Md.), Mark Warner (D-Va.) and Elizabeth Warren (D-Mass.).