FDIC Board Accountability Act

Bill: 118-hr-1409
Sponsor: full_name: Rep. Luetkemeyer, Blaine [R-MO-3]
Introduced: 2023-03-07
Policy area: Finance and Financial Sector
Latest action: action_date: 2023-03-07
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2023-03-07
action_desc: Introduced in House
text: <p><strong>FDIC Board Accountability Act </strong></p> <p>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. </p>

tv_txt: I 118th CONGRESS 1st Session H. R. 1409 IN THE HOUSE OF REPRESENTATIVES March 7, 2023 Mr. Luetkemeyer 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.

1. Short title This Act may be cited as the FDIC Board Accountability Act . 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 .