119-HR3446

Bill is currently in: House
Path to Law
House Senate President

119th CONGRESS

1st Session

H. R. 3446

1. Short title
2. FDIC Board of Directors

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) Non-voting status of the Director of the Bureau of Consumer Financial Protection - 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.

(B) Non-voting status of the Director of the Bureau of Consumer Financial Protection - 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) Maximum length of service - 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) Maximum length of service - 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".