Insurance regulators get federal voting power—and industry influence grows
H.R. 3354 — Primary Regulators of Insurance Vote Act of 2025 · Filed by Barry Loudermilk (R-GA) · 1 cosponsor · Introduced May 13, 2025 · Referred to committee
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What it does
This bill amends the Financial Stability Act of 2010 to elevate a state insurance commissioner from a nonvoting observer to a voting member of the Financial Stability Oversight Council (FSOC), a powerful federal body that monitors systemic financial risk. The President appoints the commissioner (with Senate confirmation) from a list recommended by the National Association of Insurance Commissioners, giving state insurance regulators a formal voice in federal financial stability decisions.
Why we flagged it
The bill restructures federal financial stability governance to give state insurance commissioners—who are often aligned with or responsive to insurance industry interests—direct voting power on FSOC, a body that sets policy affecting major insurers. This is functionally a shift in regulatory power toward the insurance sector.
What the text implies
- State insurance commissioners often have close relationships with the insurance industry they regulate; elevating one to FSOC voting membership may create conflicts of interest or bias federal systemic-risk decisions toward industry-friendly outcomes.
- The bill allows the President to appoint a commissioner NOT on the NAIC's recommended list, potentially enabling political capture of the seat by appointing a commissioner sympathetic to administration or industry priorities.
- During vacancies, a nonvoting state commissioner fills the seat temporarily, but the bill's language on the selection process is vague ('determined by the State insurance commissioners'), creating potential for backroom coordination among state regulators.
- FSOC decisions affect capital requirements, stress testing, and systemic-risk designations for major insurers; giving state regulators voting power may weaken federal enforcement and create regulatory arbitrage opportunities.
Who it affects
The bill may improve regulatory coordination by bringing state insurance expertise into federal systemic-risk oversight, potentially strengthening consumer protections. However, it also gives insurance industry-aligned state regulators voting power over federal financial stability policy, which could dilute federal oversight and create conflicts of interest if state commissioners prioritize industry interests over systemic safety.
Who stands to gain
- major insurance companies (AIG, Prudential, Principal Financial, Assurant, Fiserv/Alliant)
- insurance industry trade associations
- state insurance commissioners (expanded authority and federal influence)
Named in the bill
Financial Stability Oversight Council (FSOC), Financial Stability Act of 2010, National Association of Insurance Commissioners (NAIC), State insurance commissioners, AIG, Prudential (PRU), Principal Financial Group (PFG), Assurant (AIZ), Fiserv (FISV) / Alliant (FBK), President of the United States, U.S. Senate
Where it stands
1 cosponsor: 1 Democrats.
- May 13, 2025 — Introduced · Congress.gov: “Introduced in House”
- May 13, 2025 — Referred to House Committee on Financial Services · Congress.gov: “Referred to the House Committee on Financial Services”
Dates and quoted wording are Congress.gov's action record; the timeline shows status changes, not every procedural step.
Money around this bill
1 lobbying clients named this bill on 2 disclosure filings across 2 quarters, Dec 2025 to Jun 2026. Those filings disclosed $3,540,000 in lobbying spend. A filing names 135 bills on average, so that figure is what each filing reported, not a share belonging to this bill.
More lobbying clients named this bill than 0% of bills with at least one filing.
Barry Loudermilk, the sponsor, reported $166,750 in PAC receipts in the 2026 cycle.
- American Property Casualty Insurance Association — $3,540,000 on 2 filings
Lobbying Disclosure Act filings through Jul 22, 2026. A filing shows who paid to lobby on a bill it names, not what changed.
How this was measured
Analysis — Quorum's AI read the full bill text on Jun 8, 2026; transparency and hidden-provision scores are compared against the median of 16,222 analysed bills.
Status and sponsors — Congress.gov's bill record — actions, committee referrals and cosponsors — loaded nightly. The timeline shows status changes, not every procedural action.
Money — Senate Lobbying Disclosure Act filings whose specific-issue field names this bill for quarters ending Dec 2025 to Jun 2026. A filing's amount is reported whole beside the median number of bills a filing names; it is never divided across them. PAC receipts are FEC-reported contributions to the sponsor's candidate committee in the 2026 cycle.
As of — lobbying records through Jul 22, 2026 · page rendered 2026-10-20.
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