Section 1 Short title
This Act may be cited as the “FDIC Accountability Act of 2016”.
FDIC Accountability Act of 2016
A BILL
To amend the Federal Deposit Insurance Act to make certain functions of the Federal Deposit Insurance Corporation subject to appropriations.
Sec. 2 Requirement of appropriations for certain FDIC functions
in subsection (a)—
by striking “(a) The” and inserting the following:
“(a) Powers
“(1) In general—The”
by inserting “, subject to paragraph (2) and subsection (l), ” after “The Board of Directors of the Corporation”; and
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.”
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.”
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.