S. 1463Senate115th Congress (2017-2019)In Committee

Financial Stability Oversight Council Insurance Member Continuity Act

Sponsored by Mike CrapoSen. Mike Crapo (R-ID)
Introduced June 28, 2017

AI-Generated Summary

Updated April 15, 2026 at 4:48 PM UTC

The bill changes the Financial Stability Oversight Council (FSOC) rules so that an independent member can remain on the council beyond their original term if a replacement hasn’t been confirmed. It allows the member to serve for up to 18 months after their term ends, or until a successor is appointed and confirmed, whichever comes first. This aims to maintain continuity in the council’s work.

Key Provisions

  • Adds a new provision to FSOC’s governing law stating that an independent member may continue serving after their term expires until the earlier of 18 months after the term ends or the appointment and confirmation of a successor.

Legislative Activity

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2 earlier actions
SenateCommittee Latest Action

Committee on Banking, Housing, and Urban Affairs. Ordered to be reported without amendment favorably.

September 7, 2017

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SenateIntro Referral

Introduced in Senate

June 28, 2017

SenateIntro Referral

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

June 28, 2017

SenateCommittee

Committee on Banking, Housing, and Urban Affairs. Ordered to be reported without amendment favorably.

September 7, 2017

Floor Debate

2 members

What members said about S. 1463 on the floor

2 Republicans
Jeff Flake
Sen. Jeff FlakeR-AZ · Sep 7, 2017

Mr. President, I have 7 requests for committees to meet during today's session of the Senate. They have the approval of the Majority and Minority leaders. Pursuant to rule XXVI, paragraph 5(a), of…

Mitch McConnell
Sen. Mitch McConnellR-KY · Sep 7, 2017

Mr. President, I have 1 request for a committee to meeting during today's session of the Senate. It has the approval of the Majority and Minority Leaders. Pursuant to Rule XXVI, paragraph 5(a), of…

Bill Text

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Introduced in SenateIssued June 28, 2017

II

115th CONGRESS

1st Session

S. 1463

IN THE SENATE OF THE UNITED STATES

June 28, 2017

Mr. Crapo (for himself, Mr. Brown, Ms. Cortez Masto, Mr. Cotton, Mr. Menendez, Mr. Perdue, Mr. Rounds, Mr. Scott, Mr. Tester, Mr. Tillis, Mr. Van Hollen, Mr. Warner, and Ms. Warren) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs

A BILL

To amend the Financial Stability Act of 2010 to modify the term of the independent member of the Financial Stability Oversight Council.

1.

Short title

This Act may be cited as the Financial Stability Oversight Council Insurance Member Continuity Act.

2.

Financial Stability Oversight Council

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.

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