; and (2) would not recognize existing Federal and State laws, regulations, and policies on the regulation of insurance as satisfying such proposals. (b) Federal Insurance Office functions Subparagraph (E) of section 313(c)(1) of title 31, United States Code, is amended by inserting Department of the Treasury of the before United States . 4. State insurance regulator involvement in international standard setting In developing international insurance standards pursuant to section 3, and throughout the negotiations of such standards, parties representing the Federal Government shall, on matters related to insurance, closely consult, coordinate with and include in such meetings, State insurance commissioners or, at the option of the State insurance commissioners, designees of the insurance commissioners acting at their direction. 5. Consultation with Congress (a) Consultation Before initiating negotiations to enter into an agreement under section 3, during such negotiations, and before entering into any such agreement, parties representing the Federal Government shall provide written notice to and consult with the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate, and any other relevant committees of jurisdiction, regarding— (1) the intention of the United States to participate or enter into such negotiations; (2) the nature and objectives of the negotiations; (3) the implementation of the agreement, including how it is consistent with and does not materially differ from or otherwise affect Federal or State laws or regulations