Waters and Hultgren Introduce Bipartisan Bill to Continue the Term of the FSOC Independent Member with Insurance Expertise
Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, and Congressman Randy Hultgren (R-IL), introduced a bipartisan bill to make a technical correction to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank), and address an issue regarding the term of the Financial Stability Oversight Council (FSOC) independent member with insurance expertise.
“This legislation is an example of cooperation across the aisle in order to make a commonsense technical correction to improve Dodd-Frank,” said Ranking Member Waters. “I am pleased to join with Congressman Hultgren in leading this effort.”
FSOC was created by Dodd-Frank for the purpose of identifying risks to financial stability that could arise from the material financial distress, failure, or ongoing activities, of large, interconnected bank holding companies, as well as nonbanks; promoting market discipline by eliminating expectations on the part of market participants that the government will shield such participants from losses; and responding to emerging threats to financial stability. The FSOC is composed of ten voting members and five nonvoting members.