Sec. 5. Financial Stability Oversight Council membership
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The Dodd-Frank Wall Street Reform and Consumer Protection Act ( 12 U.S.C. 5301 et seq. ) is amended— in section 111 ( 12 U.S.C. 5321 )— in subsection (b)— in paragraph (1)— in subparagraph (I), by striking and at the end; in subparagraph (J), by striking the period at the end and inserting ; and ; and by adding at the end the following: a State insurance commissioner appointed by the President, by and with the advice and consent of the Senate, as described in paragraph (4). ; in paragraph (2)— in subparagraph (B), to read as follows: the United States Insurance Representative; ; by striking subparagraph (C); and by redesignating subparagraphs
(D)and
(E)as subparagraphs
(C)and (D), respectively; and by adding at the end the following: Before making any appointments pursuant to paragraph (1)(K), the President shall request a list of recommended candidates from the States through the National Association of Insurance Commissioners, which shall not be binding on the President. If the National Association of Insurance Commissioners fails to submit a list of recommendations not later than 15 business days after the date of the request, the President may make the requisite appointment without considering the views of the National Association of Insurance Commissioners. ; and in subsection (c)— in paragraph (1)— by inserting , the State insurance commissioner shall serve a term of 4 years after 6 years ; and by striking (C), (D), and
(E)and inserting
(C)and
(D); and by adding at the end the following: Notwithstanding section 3345 of title 5, United States Code, in the event of a vacancy of the State insurance commissioner of the Council or during the absence or disability of the State insurance commissioner of the Council, an acting State insurance commissioner of the Council shall serve as a nonvoting member of the Council until a successor is appointed and confirmed. The acting State insurance commissioner described in subparagraph
(A)shall be selected through process determined by the National Association of Insurance Commissioners. Notwithstanding paragraph (1), if a successor to the State insurance commissioner of the Council is not appointed and confirmed by the end of the term of service of the commissioner, such member may continue to serve until the earlier of— 18 months after the date on which the term of service ends; or the date on which a successor to the commissioner is appointed and confirmed. , and in section 112 ( 12 U.S.C. 5322 )— in subsection (a)(2)(A), by striking member agencies, other Federal and State financial regulatory agencies, the Federal Insurance Office and inserting the following: member agencies and other Federal and State financial regulatory agencies ; and in subsection (d)— in paragraph (1), in the matter preceding subparagraph (A), by striking the Office of Financial Research, member agencies, and the Federal Insurance Office and inserting the Office of Financial Research and member agencies ; and in paragraph (2), by striking , any member agency, and the Federal Insurance Office, and inserting and any member agency .
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