1. Short title
This Act may be cited as the “State Regulatory Representation Clarification Act of 2014”.
State Regulatory Representation Clarification Act of 2014
A BILL
To clarify membership requirements for the Board of Directors of the Federal Deposit Insurance Corporation.
2. Purposes
The purposes of this Act are—
to reaffirm the importance of having the perspective of State banking regulators on the Board of Directors of the Federal Deposit Insurance Corporation; and
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) of this Act”.
4. Rule of construction
Nothing in this Act shall be construed as affecting the appointment or reappointment of individuals who were members of the Board of Directors of the Federal Deposit Insurance Corporation as of January 1, 2014.