State Regulatory Representation Clarification Act of 2017

Bill: 115-hr-3915
Sponsor: full_name: Rep. Lucas, Frank D. [R-OK-3]
Introduced: 2017-10-03
Policy area: Finance and Financial Sector
Subjects: Bank accounts, deposits, capital

Banking and financial institutions regulation

Federal Deposit Insurance Corporation (FDIC)

Federal officials

Government corporations and government-sponsored enterprises

State and local government operations
Latest action: action_date: 2017-10-03
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2017-10-03
action_desc: Introduced in House
text: <p><b>State Regulatory Representation Clarification Act of </b> <b>2017</b></p> <p> This bill amends the Federal Deposit Insurance Act to require one presidential appointee to the Board of Directors of the Federal Deposit Insurance Corporation to have served as a state bank supervisor. (A state bank supervisor has primary regulatory authority over state banks or savings associations in the state.)</p>

tv_txt: I 115th CONGRESS 1st Session H. R. 3915 IN THE HOUSE OF REPRESENTATIVES October 3, 2017 Mr. Lucas (for himself and Mr. Heck ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To clarify membership requirements for the Board of Directors of the Federal Deposit Insurance Corporation.

1. Short title This Act may be cited as the State Regulatory Representation Clarification Act of 2017 . 2. Purposes The purposes of this Act are— (1) to reaffirm the importance of having the perspective of State banking regulators on the Board of Directors of the Federal Deposit Insurance Corporation; and (2) to ensure that the Board of Directors of the Federal Deposit Insurance Corporation includes a member who has served as a State banking supervisor. 3. State banking supervisor experience on Board of Directors of the Federal Deposit Insurance Corporation Section 2(a)(1)(C) of the Federal Deposit Insurance Act ( 12 U.S.C. 1812(a)(1)(C) ) is amended by striking State bank supervisory experience and inserting served as a State bank supervisor, as defined in section 3(r)(1) . 4. Rule of construction Nothing in this Act may be construed as affecting the appointment or reappointment of an individual who was a member of the Board of Directors of the Federal Deposit Insurance Corporation as of January 1, 2017.