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124 STAT. 1588 PUBLIC LAW 111–203—JULY 21, 2010

‘‘(A) an insurer that is organized under the laws of
a State; or
‘‘(B) a United States branch of a non-United States
insurer.
‘‘(s) AUTHORIZATION OF APPROPRIATIONS.—There are authorized
to be appropriated for the Office for each fiscal year such sums
as may be necessary.

‘‘SEC. 314. COVERED AGREEMENTS.
‘‘(a) AUTHORITY.—The Secretary and the United States Trade
Representative are authorized, jointly, to negotiate and enter into
covered agreements on behalf of the United States.
‘‘(b) REQUIREMENTS FOR CONSULTATION WITH CONGRESS.—
‘‘(1) IN GENERAL.—Before initiating negotiations to enter
into a covered agreement under subsection (a), during such
negotiations, and before entering into any such agreement,
the Secretary and the United States Trade Representative shall
jointly consult with the Committee on Financial Services and
the Committee on Ways and Means of the House of Representa-
tives and the Committee on Banking, Housing, and Urban
Affairs and the Committee on Finance of the Senate.
‘‘(2) SCOPE.—The consultation described in paragraph (1)
shall include consultation with respect to—
‘‘(A) the nature of the agreement;
‘‘(B) how and to what extent the agreement will achieve
the applicable purposes, policies, priorities, and objectives
of section 313 and this section; and
‘‘(C) the implementation of the agreement, including
the general effect of the agreement on existing State laws.
‘‘(c) SUBMISSION AND LAYOVER PROVISIONS.—A covered agree-
ment under subsection (a) may enter into force with respect to
the United States only if—
‘‘(1) the Secretary and the United States Trade Representa-
tive jointly submit to the congressional committees specified
in subsection (b)(1), on a day on which both Houses of Congress
are in session, a copy of the final legal text of the agreement;
and
Time period. ‘‘(2) a period of 90 calendar days beginning on the date
on which the copy of the final legal text of the agreement
is submitted to the congressional committees under paragraph
(1) has expired.’’.
(b) DUTIES OF SECRETARY.—Section 321(a) of title 31, United
States Code, is amended—
(1) in paragraph (7), by striking ‘‘; and’’ and inserting
a semicolon;
(2) in paragraph (8)(C), by striking the period at the end
and inserting ‘‘; and’’; and
(3) by adding at the end the following new paragraph:
‘‘(9) advise the President on major domestic and inter-
national prudential policy issues in connection with all lines
of insurance except health insurance.’’.
(c) CLERICAL AMENDMENT.—The table of sections for subchapter
I of chapter 3 of title 31, United States Code, is amended by
striking the item relating to section 312 and inserting the following
new items:

LAWS ‘‘Sec. 312. Terrorism and financial intelligence. ‘‘Sec. 313. Federal Insurance Office.PUBLIC with on anorris VerDate Nov 24 2008 12:15 Aug 04, 2010 Jkt 089139 PO 00203 Frm 00214 Fmt 6580 Sfmt 6582 E:\PUBLAW\PUBL203.111 APPS06 PsN: PUBL203