Public Law 115-61 | Public Law 115–61: To amend the Financial Stability Act of 2010 to modify the term of the independent member of the Financial Stability Oversight Council.

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PUBLIC LAW 115–61—SEPT. 27, 2017

131 STAT. 1158

Public Law

115–61

115th Congress

An Act

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

Sept. 27, 2017

[H.R. 3110]

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

Financial Stability Oversight Council Insurance Member Continuity Act.

12 USC 5301 note.

SECTION 1.

SHORT TITLE.

This Act may be cited as the “

Financial Stability Oversight Council Insurance Member Continuity Act

”.

SEC. 2.

FINANCIAL STABILITY OVERSIGHT COUNCIL.

Section 111(c) of the Financial Stability Act of 2010 (12 U.S.C. 5321(c))

is amended

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.”

Approved September 27, 2017.

LEGISLATIVE HISTORY—H.R. 3110:

HOUSE REPORTS: ┐No. 115–293 (Comm. on Financial Services).

CONGRESSIONAL RECORD, Vol. 163 (2017):

Sept. 5, considered and passed House.

Sept. 19, considered and passed Senate.

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