Page:United States Statutes at Large Volume 124.djvu/1419

 124 STAT. 1393 PUBLIC LAW 111–203—JULY 21, 2010 (A) the Secretary of the Treasury, who shall serve as Chairperson of the Council; (B) the Chairman of the Board of Governors; (C) the Comptroller of the Currency; (D) the Director of the Bureau; (E) the Chairman of the Commission; (F) the Chairperson of the Corporation; (G) the Chairperson of the Commodity Futures Trading Commission; (H) the Director of the Federal Housing Finance Agency; (I) the Chairman of the National Credit Union Administration Board; and (J) an independent member appointed by the President, by and with the advice and consent of the Senate, having insurance expertise. (2) NONVOTING MEMBERS.—The nonvoting members, who shall serve in an advisory capacity as a nonvoting member of the Council, shall be— (A) the Director of the Office of Financial Research; (B) the Director of the Federal Insurance Office; (C) a State insurance commissioner, to be designated by a selection process determined by the State insurance commissioners; (D) a State banking supervisor, to be designated by a selection process determined by the State banking super- visors; and (E) a State securities commissioner (or an officer per- forming like functions), to be designated by a selection process determined by such State securities commissioners. (3) NONVOTING MEMBER PARTICIPATION.—The nonvoting members of the Council shall not be excluded from any of the proceedings, meetings, discussions, or deliberations of the Council, except that the Chairperson may, upon an affirmative vote of the member agencies, exclude the nonvoting members from any of the proceedings, meetings, discussions, or delibera- tions of the Council when necessary to safeguard and promote the free exchange of confidential supervisory information. (c) TERMS; VACANCY.— (1) TERMS.—The independent member of the Council shall serve for a term of 6 years, and each nonvoting member described in subparagraphs (C), (D), and (E) of subsection (b)(2) shall serve for a term of 2 years. (2) VACANCY.—Any vacancy on the Council shall be filled in the manner in which the original appointment was made. (3) ACTING OFFICIALS MAY SERVE.—In the event of a vacancy in the office of the head of a member agency or department, and pending the appointment of a successor, or during the absence or disability of the head of a member agency or depart- ment, the acting head of the member agency or department shall serve as a member of the Council in the place of that agency or department head. (d) TECHNICAL AND PROFESSIONAL ADVISORY COMMITTEES.— The Council may appoint such special advisory, technical, or profes- sional committees as may be useful in carrying out the functions of the Council, including an advisory committee consisting of State