Will County Gazette

U.S. Rep. Randy Hultgren (R-IL) said he and other members of the Financial Services Subcommittee recently introduced bipartisan legislation to strengthen the Financial Stability Oversight Council (FSOC), a panel that identifies and monitors risks to the U.S. financial system.

The legislation would allow independent members of the FSOC with insurance expertise to continue serving after their position expires. a release on Hultgren's website said.

Hultgren and Rep. Maxine Waters (D-CA), who is the ranking member of the Financial Services Committee, co-sponsored the FSOC Insurance Member Continuity Act as technical correction to the Dodd-Frank Act, the federal law that places regulation of the financial industry.

Under current law, when the term of an FSOC independent member with insurance expertise expires on Sept. 30, it is unclear if someone can serve in that position as an acting official.

The legislation allows the FSOC independent member with insurance expertise to remain past his or her term for the earlier of 18 months or when a successor is confirmed.

“I am proud to work in a bipartisan manner to ensure insurance expertise maintains a strong voice with financial regulators in Washington so those regulators can make informed and prudent policy determinations,” Hultgren said in the release. “Illinois is home to dozens of insurance companies, employing thousands of individuals in my district and across the state. My state has carefully crafted regulations that balance policyholder protection without stifling economic growth.”