On April 27, 2018 a new bill, H.R. 5666, the “Primary Regulators of Insurance Vote Act of 2018,” was introduced into Congress by Reps. Dennis Ross, R-Fla. and Denny Heck, D-Wash. If enacted, H.R. 5666 would elevate the role of the state insurance commissioner in the Financial Stability Oversight Council (FSOC), making the state insurance commissioner a voting member. The text of this bill has not yet been released.
The FSOC is charged with monitoring the stability of our nation’s financial system by identifying risks and responding to emerging threats to financial stability. The FSOC is currently made up of 10 voting members and 5 nonvoting members. All members of the council can be found here.
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