Scott, Jones Introduce Bill to Allow State Insurance Commissioner a Vote on the Financial Stability Oversight Council
WASHINGTON—Today, Senators Scott (R-SC) and Jones (D-AL) introduced the Primary Regulators of Insurance Vote Act (PRIVA Act) of 2019 to ensure that a state insurance commissioner is a voting member of the Financial Stability Oversight Council.
“To this day, state insurance agencies have no voting seat on the influential Financial Stability Oversight Council (FSOC). This bill would ensure that they have a vote for any and all decision making that would affect the insurance sector and its regulation,” said Senator Scott.
“When federal regulators consider rules that impact the entire financial industry, it’s important that state insurance commissioners not only have a say, but also a vote. These commissioners have been the primary regulators of the insurance industry for over a century, and their voting presence will result in better informed federal policies. Our bipartisan legislation will make this common-sense adjustment to the FSOC,” said Senator Jones, a member of the Senate Committee on Banking, Housing and Urban Affairs.
The Financial Stability Oversight Council (FSOC) is composed of ten voting members: Treasury Secretary, Federal Reserve Chair, Comptroller of the Currency, CFPB Director, SEC Chair, FDIC Chair, CFTC Chair, FHFA Director, NCUA Chair, and an independent insurance expert. The PRIVA Act reclassifies the non-voting state-based insurance regulator on the FSOC as a voting member of the Council.