washington u.s. house representatives easily approve legislation tuesday would ensure key regulatory panel would able retain expertise insurance industry vote 407 lawmakers approve bill would guarantee financial stability oversight council force remove current insurance expert term expire even though replacement name bill would address appear technical oversight 2010 dodd-frank financial reform law law create fsoc fail include language would allow panel insurance expert remain council 18 months replacement name law currently stand fsoc current insurance expert s. roy woodall would force vacate seat sept. 27 six-year term expire debate alter 2010 law intensely partisan u.s. congress tuesday bill appear one handful change could make law since enact fsoc charge monitor large significant financial institutions identify handful insurance company merit strict oversight systemically significant firm woodall member primarily insurance expertise panel house financial service committee unanimously pass bill july senate bank committee take similar measure thursday bill protect unintended vacancy independent member insurance expertise provide contingency plan comparable already place vote members fsoc say dirk kempthorne president chief executive american council life insurers industry group also tuesday house approve bill alter exist securities exchange commission rule bid grant access small company seek raise capital relax regulatory framework measure improve access capital act also pass house 2015 never become law u.s. house approve bill preserve insurance expert regulatory panel