II 

117TH CONGRESS 

2D SESSION S. 3540 

To amend the Federal Deposit Insurance Act to remove the Comptroller 

of the Currency and the Director of the Bureau of Consumer Financial 

Protection from the Board of Directors of the Federal Deposit Insurance 

Corporation, and for other purposes. 

IN THE SENATE OF THE UNITED STATES 

FEBRUARY 1, 2022 

Mr. SCOTT of South Carolina (for himself, Mr. CRUZ, Mr. TOOMEY, Ms. LUMMIS, Mr. HAGERTY, Mr. CRAPO, Mr. TILLIS, Mr. CRAMER, Mr. MORAN, 

Mr. DAINES, Mr. SHELBY, and Mr. KENNEDY) introduced the following 

bill; which was read twice and referred to the Committee on Banking, 

Housing, and Urban Affairs 

A BILL 

To amend the Federal Deposit Insurance Act to remove 

the Comptroller of the Currency and the Director of 

the Bureau of Consumer Financial Protection from the 

Board of Directors of the Federal Deposit Insurance 

Corporation, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. MANAGEMENT OF BOARD OF DIRECTORS OF 

4 FDIC. 

5 Section 2 of the Federal Deposit Insurance Act (12 

6 U.S.C. 1812) is amended— 


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1 (1) in subsection (a), by striking paragraph (1) 

2 and inserting the following: 

3 ‘‘(1) IN GENERAL.—The management of the 

4 Corporation shall be vested in a Board of Directors 

5 consisting of 5 members who shall be appointed by 

6 the President, by and with the advice and consent 

7 of the Senate, from among individuals who are citi8 zens of the United States, 1 of whom shall have 

9 State bank supervisory experience.’’; 

10 (2) in subsection (c)— 

11 (A) by striking paragraph (3) and insert12 ing the following: 

13 ‘‘(3) CONTINUATION OF SERVICE.—The Chair14 person, Vice Chairperson, and each appointed mem15 ber may continue to serve after the expiration of the 

16 term of office to which such member was appointed 

17 until the earlier of— 

18 ‘‘(A) the date on which a successor has 

19 been appointed and qualified; or 

20 ‘‘(B) the date on which the next session of 

21 Congress subsequent to the expiration of such 

22 term expires.’’; and 

23 (B) by adding at the end the following: 

24 ‘‘(4) LIMITATION.—No appointed member shall 

25 serve more than 12 years— 


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1 ‘‘(A) including any service described in 

2 paragraph (2); and 

3 ‘‘(B) not including any service described in 

4 paragraph (3).’’; 

5 (3) by striking subsection (d) and inserting the 

6 following: 

7 ‘‘(d) VACANCY.—Any vacancy on the Board of Direc8 tors shall be filled in the manner in which the original 

9 appointment was made.’’; 

10 (4) in subsection (e)(2)— 

11 (A) in subparagraph (A), by striking ‘‘or’’ 

12 at the end; 

13 (B) in subparagraph (B), by striking the 

14 period at the end and inserting ‘‘; or’’; and 

15 (C) by adding at the end the following: 

16 ‘‘(C) be the Director or any other officer of 

17 the Bureau of Consumer Financial Protection; 

18 or 

19 ‘‘(D) be the Comptroller of the Currency 

20 or any other officer of the Office of the Comp21 troller of the Currency.’’; and 

22 (5) in subsection (f)— 

23 (A) by striking paragraph (2); and 


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1 (B) by redesignating paragraph (3) as 

2 paragraph (2). 

Æ 


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