H.R. 3354 — Primary Regulators of Insurance Vote Act of 2025

This section designates a State insurance commissioner, appointed by the President with Senate confirmation after requesting (but not required to select from) a list of candidates from the National Association of Insurance Commissioners, as a voting member of the Financial Stability Oversight Council (FSOC)—increasing voting membership to 11 (from 10)—with a four-year term. The section further (1) provides that vacancies in this position are not subject to the Federal Vacancy Reform Act and are temporarily filled by a State insurance commissioner designated by the state commissioners serving as a nonvoting member until a successor is confirmed; and (2) makes conforming changes to references, terms, and headings for the independent insurance expert member (now designated as subsection (b)(1)(K)). (As background, the FSOC, established by the Dodd-Frank Act, identifies risks to U.S. financial stability; designates systemically important financial institutions; and coordinates among federal and state financial regulators.)

This section eliminates the state insurance commissioner as a nonvoting member of the Financial Stability Oversight Council (FSOC), which identifies risks to U.S. financial stability, promotes market discipline, and responds to emerging threats to the financial system. It makes a conforming amendment to specify that the remaining nonvoting members—a state banking supervisor and a state securities commissioner—serve two-year terms.

This section provides a transition period, from the date of enactment until the appointment and Senate confirmation of a State insurance commissioner as a voting member of the Financial Stability Oversight Council (FSOC) pursuant to amendments made by section 2, during which the existing provision for a nonvoting State insurance commissioner—designated by a process determined by the State insurance commissioners—continues to apply notwithstanding other amendments made by this Act.

This section makes technical and clarifying amendments to the Financial Stability Act of 2010 by (1) adding an explicit definition of "Council" in section 102(a)(8) as the Financial Stability Oversight Council established in section 111; (2) striking "to" before "monitor" in section 112(a)(2)(D); (3) revising punctuation and redesignating subparagraphs (A) through (H) as paragraphs (1) through (8) in section 154(c)(1); and (4) striking a comma after "subsection (c)" in section 155(a)(2).