Bill Summary
The FDIC Board Accountability Act is a bill that proposes changes to the Federal Deposit Insurance Act. The main purpose of this act is to revise the requirements for membership on the Board of Directors of the Federal Deposit Insurance Corporation (FDIC). This includes increasing the number of members appointed by the President and requiring certain qualifications for these appointments. Additionally, the bill sets term limits for Board members and clarifies the role of the Director of the Bureau of Consumer Financial Protection as a non-voting observer on the Board. These changes aim to increase accountability and expertise on the Board of Directors of the FDIC.
Possible Impacts
1. The FDIC Board Accountability Act could affect individuals who are seeking positions on the Board of Directors of the Federal Deposit Insurance Corporation. The act outlines specific requirements for potential board members, such as having experience in state bank supervision or working with smaller depository institutions. This could limit the pool of eligible candidates and potentially impact the diversity of the board.
2. The Act's provision limiting board members to a maximum of two terms and twelve years of service could affect individuals currently serving on the board. They may be required to step down after their allotted time, potentially leading to a loss of institutional knowledge and experience on the board.
3. The provision designating the Director of the Bureau of Consumer Financial Protection as a non-voting observer on the board could affect the influence and decision-making power of this position. This could impact the ability of the Bureau to advocate for consumer interests and hold the board accountable for their actions.
[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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