washington u.s. senate bank committee top two lawmakers unveil bipartisan piece legislation wednesday design prevent prolong vacancy federal body determine large insurance company regulate propose legislation senate bank chairman mike crapo rank member sherrod brown would permit roy woodall independent insurance expert financial stability oversight council fsoc remain job replacement nominate confirm additional 18 months fsoc panel regulators power dub large financial firm include insurers systemic tag carry additional oversight federal reserve panel designate number insurers include prudential financial inc american international group inc metlife metlife fight designation court two still carry designation though prudential widely expect seek rescind two-thirds majority vote fsoc sit members need rescind designation woodall previously vote designate metlife prudential person panel insurance expertise six-year term expire september federal insurance regulator woodall effectively important figure u.s. regulation large insurers fsoc compose head federal financial regulators lead u.s. treasury secretary steven mnuchin fsoc members allow continue serve roles expire term temporarily replace act member vacancy due quirk dodd-frank law woodall hold temporarily replace term expire problem could leave gap fsoc wednesday propose bill provide much-needed clarity regard independent insurance member term crapo say brown add fix represent commonsense bipartisan measure also back large list republicans democrats panel sign likely win broad support lawmakers congress lawmakers unveil bill keep insurance expert risk panel