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(This measure has not been amended since it was introduced. The expanded summary of the House passed version is repeated here.)
Financial Stability Oversight Council Insurance Member Continuity Act
(Sec. 2) This bill amends the Financial Stability Act of 2010 to modify the term of the independent member with insurance expertise of the Financial Stability Oversight Council to allow the current member to continue to serve in the event of a delay in the naming of a successor by the end of the member's six-year term. In such a case, the independent member may continue to serve until 18 months after the end of the term or until a successor is confirmed, whichever is earlier.
the third day of January, two thousand and seventeen
To amend the Financial Stability Act of 2010 to modify the term of the independent member of the Financial Stability Oversight Council.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
This Act may be cited as the “Financial Stability Oversight Council Insurance Member Continuity Act”.
Section 111(c) of the Financial Stability Act of 2010 (12 U.S.C. 5321(c)) is amended by adding at the end the following:
“(4) TERM OF INDEPENDENT MEMBER.—Notwithstanding paragraph (1), if a successor to the independent member of the Council serving under subsection (b)(1)(J) 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—
“(A) 18 months after the date on which the term of service ends; or
“(B) the date on which a successor to such member is appointed and confirmed.”.