Section 1 Short title
This Act may be cited as the “FDIC Board Accountability Act”.
FDIC Board Accountability Act
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.
Sec. 2 FDIC Board of Directors
Section 2 of the Federal Deposit Insurance Act (12 U.S.C. 1812) is amended—
in subsection (a)—
in paragraph (1)—
in subparagraph (A), by adding “and” at the end; and
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.”
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.”
in subsection (c)—
in paragraph (1), by adding at the end the following: “No individual may be appointed as a member for more than two terms.”; and
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.”
in subsection (d)(2)—
by striking “Consumer Financial Protection Bureau” each place such term appears and inserting “Bureau of Consumer Financial Protection”; and
by inserting “or observer, as the case may be,” after “member”; and
in subsection (f)(2), by striking “or of the Consumer Financial Protection Bureau”.