About the bill
H.R. 5059 amends the Home Owners’ Loan Act to create a definition of an Insurance Savings and Loan Holding Companies (ISLHC) and creates a regulatory framework that would limit the Federal Reserve’s oversight of ISLHCs. If the Federal Reserve does examine an ISLHC, the legislation requires that the Federal Reserve tailor the supervisory framework to the unique risks and activities of the business of insurance and develop in consultation with State insurance authorities to ensure that framework does not duplicate or conflict with State insurance requirements. Importantly, H.R. 5059 would also maintain the Federal Reserve’s authority to examine ISLHCs. However, the Federal Reserve must do so in conjunction with other State and Federal authorities in order to reduce and eliminate duplicative reviews.
ISLHCs are insurance companies that operate savings and …
Sponsor and status
Sponsor. Representative for Pennsylvania's 12th congressional district. Republican.
Last Updated: Sep 17, 2018
Length: 11 pages
115th Congress (2017–2019)
This bill was introduced in a previous session of Congress and was passed by the House on September 12, 2018 but was never passed by the Senate.
Although this bill was not enacted, its provisions could have become law by being included in another bill. It is common for legislative text to be introduced concurrently in multiple bills (called companion bills), re-introduced in subsequent sessions of Congress in new bills, or added to larger bills (sometimes called omnibus bills).
4 Cosponsors (2 Republicans, 2 Democrats)
What legislators are saying
“Beatty-Backed Insurance Regulation Bill Passes House”
— Rep. Joyce Beatty [D-OH3] (Co-sponsor) on Sep 13, 2018
What stakeholders are saying
Feb 15, 2018
Bills and resolutions are referred to committees which debate the bill before possibly sending it on to the whole chamber.
Jul 24, 2018
A committee has voted to issue a report to the full chamber recommending that the bill be considered further. Only about 1 in 4 bills are reported out of committee.
Sep 12, 2018
Passed House (Senate next)
The bill was passed in a vote in the House. It goes to the Senate next. The vote was by voice vote so no record of individual votes was made.
Sep 12, 2018
Reported by House Committee on Financial Services
A committee issued a report on the bill, which often provides helpful explanatory background on the issue addressed by the bill and the bill's intentions.
H.R. 5059 (115th) was a bill in the United States Congress.
A bill must be passed by both the House and Senate in identical form and then be signed by the President to become law.
Bills numbers restart every two years. That means there are other bills with the number H.R. 5059. This is the one from the 115th Congress.
This bill was introduced in the 115th Congress, which met from Jan 3, 2017 to Jan 3, 2019. Legislation not passed by the end of a Congress is cleared from the books.
How to cite this information.
We recommend the following MLA-formatted citation when using the information you see here in academic work:
GovTrack.us. (2022). H.R. 5059 — 115th Congress: State Insurance Regulation Preservation Act. Retrieved from https://www.govtrack.us/congress/bills/115/hr5059
“H.R. 5059 — 115th Congress: State Insurance Regulation Preservation Act.” www.GovTrack.us. 2018. September 27, 2022 <https://www.govtrack.us/congress/bills/115/hr5059>
State Insurance Regulation Preservation Act, H.R. 5059, 115th Cong. (2018).
|title=H.R. 5059 (115th)
|accessdate=September 27, 2022
|author=115th Congress (2018)
|date=February 15, 2018
|quote=State Insurance Regulation Preservation Act
Where is this information from?
GovTrack automatically collects legislative information from a variety of governmental and non-governmental sources. This page is sourced primarily from Congress.gov, the official portal of the United States Congress. Congress.gov is generally updated one day after events occur, and so legislative activity shown here may be one day behind. Data via the congress project.