The American Council of Life Insurers (ACLI) is welcoming the introduction of a bill that could make a state insurance commissioner a voting member of the Financial Stability Oversight Council (FSOC).
The bill is the Primary Regulators of Insurance Vote Act of 2019 bill, PRIVA.
The Senate version of the PRIVA bill, S. 1298, was introduced by Sens. Tim Scott, R-S.C., and Doug Jones, D-Ala.
The House version, H.R. 2479, was introduced by Reps. Denny Heck, D-Wash., and Barry Loudermilk, R-Ga.
Congress put the provision creating FSOC in the Dodd-Frank Act.
FSOC is supposed to help federal regulators keep track of organizations and trends that could affect the stability of the U.S. financial system.