FDIC Accountability Act of 2016

Bill: 114-hr-4781
Sponsor: full_name: Rep. Duffy, Sean P. [R-WI-7]
Introduced: 2016-03-17
Policy area: Finance and Financial Sector
Subjects: Appropriations

Executive agency funding and structure

Federal Deposit Insurance Corporation (FDIC)

User charges and fees
Latest action: action_date: 2016-03-17
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2016-03-17
action_desc: Introduced in House
text: <p><b>FDIC Accountability Act of 2016</b></p> <p>This bill amends the Federal Deposit Insurance Act to authorize the Federal Deposit Insurance Corporation (FDIC) to incur obligations or allow and pay expenses only pursuant to an appropriations Act, except for obligations or expenses that have either been:</p> <ul> <li>paid for with funds from the Deposit Insurance Fund; or </li> <li>incurred, allowed, or paid to implement the insurance function of the FDIC.</li> </ul> <p>Any FDIC-collected fees that are not deposit insurance fees must be deposited and credited as offsetting collections to the account providing appropriations to the FDIC. </p>

tv_txt: I 114th CONGRESS 2d Session H. R. 4781 IN THE HOUSE OF REPRESENTATIVES March 17, 2016 Mr. Duffy (for himself, Mr. Luetkemeyer , and Mr. Ratcliffe ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Federal Deposit Insurance Act to make certain functions of the Federal Deposit Insurance Corporation subject to appropriations.

1. Short title This Act may be cited as the FDIC Accountability Act of 2016 . 2. Requirement of appropriations for certain FDIC functions (a) In general Section 10 of the Federal Deposit Insurance Act ( 12 U.S.C. 1820 ) is amended— (1) in subsection (a)— (A) by striking (a) The and inserting the following: (a) Powers (1) In general The ; (B) by inserting , subject to paragraph (2) and subsection (l), after The Board of Directors of the Corporation ; and (C) by adding at the end the following new paragraph: (2) Appropriations requirement The Corporation may only incur obligation or allow and pay expenses pursuant to an appropriations Act, other than with respect to obligations or expenses paid for with funds from the Deposit Insurance Fund or incurred, allowed, or paid for the purpose of carrying out the insurance function of the Corporation. ; and (2) by adding at the end the following new subsection: (l) Non-Insurance fees as offsetting collections Any fees collected by the Corporation, except pursuant to section 5(d), shall be deposited and credited as offsetting collections to the account providing appropriations to the Corporation. . (b) Effective date The amendments made by this section shall apply with respect to expenses paid and fees collected on or after the date that is 90 days after the date of the enactment of the first appropriation Act that provides for appropriations to the Federal Deposit Insurance Corporation and that is enacted after the date of the enactment of this Act.