Establishment of State insurance commissioner as a voting member of the Financial Stability Oversight Council

Section 111 of the Financial Stability Act of 2010 (12 U.S.C. 5321) is amended— (1) in subsection (b)— (A) in paragraph (1)— (i) by redesignating subparagraph (J) as subparagraph (K); (ii) in subparagraph (I), by striking and at the end; and (iii) by inserting after subparagraph (I) the following new subparagraph: (J) a State insurance commissioner, appointed by the President, by and with the advice and consent of the Senate, as described in paragraph (4); and; and (B) by adding at the end the following new paragraph: (4) State insurance commissioner Before making any appointments pursuant to paragraph (1)(J), the President shall request a list of recommended candidates from the States through the National Association of Insurance Commissioners. The President may appoint a member under paragraph (1)(J) that does not appear on such list. If the National Association of Insurance Commissioners fails to submit such list within 15 business days after the date of the request, the President may appoint a member under paragraph (1)(J) without considering the views of the National Association of Insurance Commissioners.; and (2) in subsection (c)— (A) in paragraph (1), by inserting, the State insurance commissioner shall serve for a term of 4 years after 6 years; (B) by amending paragraph (2) to read as follows: (2) Vacancies (A) In general Subject to subparagraph (B), any vacancy on the Council shall be filled in the manner in which the original appointment was made. (B) State insurance commissioner With respect to a vacancy in the membership of the State insurance commissioner serving under subsection (b)(1)(J)— (i) the Federal Vacancy Reform Act (5 U.S.C. 3345 et seq.) shall not apply; and (ii) such vacancy shall be filled by a State insurance commissioner, to be designated by a selection process determined by the State insurance commissioners, who shall serve as a nonvoting member of the Council until a successor is appointed and confirmed.; and (C) in paragraph (4)— (i) by striking independent member in the heading, and inserting insurance members; and (ii) striking subsection (b)(1)(J) and inserting subsection (b)(1)(K) or the State insurance commissioner serving under subsection (b)(1)(J).