To amend the Federal Deposit Insurance Act to replace the Director of the Bureau of Consumer Financial Protection with the Chairman of the Board of Governors of the Federal Reserve System as a member of the Board of Directors of the Federal Deposit Insurance Corporation.

Amends the Federal Deposit Insurance Act to remove the Director of the Consumer Financial Protection Bureau (CFPB) from membership on the Board of Directors of the Federal Deposit Insurance Corporation (FDIC) and substitute the Chairman of the Board of Governors of the Federal Reserve System (or a designee).

[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2081 Introduced in House (IH)]

112th CONGRESS
  1st Session
                                H. R. 2081

 To amend the Federal Deposit Insurance Act to replace the Director of 
 the Bureau of Consumer Financial Protection with the Chairman of the 
  Board of Governors of the Federal Reserve System as a member of the 
    Board of Directors of the Federal Deposit Insurance Corporation.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              June 1, 2011

Mr. Renacci (for himself, Mrs. Capito, Mr. Garrett, Mr. Neugebauer, Mr. 
Royce, Mr. Campbell, Mr. Canseco, Mr. Grimm, Mr. Huizenga of Michigan, 
Mr. Pearce, Mr. Stivers, and Mr. Westmoreland) introduced the following 
    bill; which was referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
 To amend the Federal Deposit Insurance Act to replace the Director of 
 the Bureau of Consumer Financial Protection with the Chairman of the 
  Board of Governors of the Federal Reserve System as a member of the 
    Board of Directors of the Federal Deposit Insurance Corporation.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. MEMBERSHIP OF THE BOARD.

    (a) In General.--Section 2(a)(1)(B) of the Federal Deposit 
Insurance Act (12 U.S.C. 1812(a)(1)(B)) is amended by striking 
``Director of the Consumer Financial Protection Bureau'' and inserting 
``Chairman of the Board of Governors of the Federal Reserve System, or 
such other member of the Board of Governors of the Federal Reserve 
System as the Chairman may designate''.
    (b) Effective Date.--The amendments made by subsection (a) shall 
take effect on the later of--
            (1) the date of the enactment of this Act; or
            (2) the transfer date, as such term is defined under 
        section 311 of the Dodd-Frank Wall Street Reform and Consumer 
        Protection Act.
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