FDIC Board Accountability Act

FDIC Board Accountability Act

This bill revises provisions related to the board of directors of the Federal Deposit Insurance Corporation. Specifically, the bill removes the director of the Consumer Financial Protection Bureau from the board as a voting member and requires the appointment of an individual with demonstrated primary experience working in or supervising small depository institutions. Further, the bill limits the term length of a board member to twelve years.

[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6274 Introduced in House (IH)]

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117th CONGRESS
  1st Session
                                H. R. 6274

  To amend the Federal Deposit Insurance Act to revise the membership 
    requirements for the Board of Directors of the Federal Deposit 
             Insurance Corporation, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           December 14, 2021

  Mr. Luetkemeyer (for himself, Mr. Williams of Texas, Mr. Budd, Mrs. 
     Wagner, Mr. Huizenga, Mr. Timmons, Mr. Mooney, Mr. Emmer, Mr. 
 Loudermilk, Mr. Posey, Mr. Rose, Mr. Kustoff, Mr. Taylor, Mr. Steil, 
     Mr. Gonzalez of Ohio, Mr. Gooden of Texas, Mr. Davidson, Mr. 
Hollingsworth, Mr. McHenry, Mr. Zeldin, Mr. Hill, Mr. Barr, Mr. Lucas, 
and Mr. Sessions) introduced the following bill; which was referred to 
                  the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
  To amend the Federal Deposit Insurance Act to revise the membership 
    requirements for the Board of Directors of the Federal Deposit 
             Insurance Corporation, and for other purposes.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``FDIC Board Accountability Act''.

SEC. 2. FDIC BOARD OF DIRECTORS.

    Section 2 of the Federal Deposit Insurance Act (12 U.S.C. 1812) is 
amended--
            (1) in subsection (a)--
                    (A) in paragraph (1)--
                            (i) in subparagraph (A), by adding ``and'' 
                        at the end; and
                            (ii) by striking subparagraphs (B) and (C) 
                        and inserting the following:
                    ``(B) 4 of whom shall be appointed by the 
                President, by and with the advice and consent of the 
                Senate, from among individuals who are citizens of the 
                United States, 1 of whom shall have State bank 
                supervisory experience, and separately 1 of whom shall 
                have demonstrated primary experience working in or 
                supervising depository institutions having less than 
                $10,000,000,000 in total assets.''; and
                    (B) by adding at the end the following:
            ``(3) Non-voting status of the director of the bureau of 
        consumer financial protection.--The Director of the Bureau of 
        Consumer Financial Protection shall serve as a non-voting 
        observer to the Board of Directors of the Corporation.'';
            (2) in subsection (c)--
                    (A) in paragraph (1), by adding at the end the 
                following: ``No individual may be appointed as a member 
                for more than two terms.''; and
                    (B) by adding at the end the following:
            ``(4) Maximum length of service.--Notwithstanding any other 
        provision of this Act, no person shall serve as a member for 
        more than twelve years in total.'';
            (3) in subsection (d)(2)--
                    (A) by striking ``Consumer Financial Protection 
                Bureau'' each place such term appears and inserting 
                ``Bureau of Consumer Financial Protection''; and
                    (B) by inserting ``or observer, as the case may 
                be,'' after ``member''; and
            (4) in subsection (f)(2), by striking ``or of the Consumer 
        Financial Protection Bureau''.
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