US HB3354

Adds a State insurance commissioner as a voting member of the Financial Stability Oversight Council (FSOC), appointed by the President with Senate confirmation for a 4-year term

Requires the President to request candidate recommendations from the National Association of Insurance Commissioners before appointment, though the President may select someone not on the list

Removes the existing nonvoting State insurance commissioner position from FSOC, replacing it with the new voting position

Establishes that during vacancies, a State insurance commissioner designated by other State commissioners will serve as a nonvoting member until a successor is confirmed

Provides a transition period allowing the current nonvoting commissioner arrangement to continue until the new voting member is appointed and confirmed