FDIC Board Accountability Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
This bill, the FDIC Board Accountability Act, changes the rules for appointing members to the Federal Deposit Insurance Corporation (FDIC) Board of Directors. It requires that four board members be nominated by the President and confirmed by the Senate, with specific requirements for experience in state banking supervision and working with smaller banks. The bill also establishes term limits for board members and designates the Director of the Bureau of Consumer Financial Protection as a non-voting observer.
Key provisions
- Requires four FDIC Board members to be nominated by the President and confirmed by the Senate.
- Mandates one board member with state bank supervisory experience.
- Requires one board member with experience supervising banks under $10 billion in assets.
- Establishes a maximum term limit of twelve years for board members.
- Designates the Director of the Bureau of Consumer Financial Protection as a non-voting observer.
Who is affected
- Federal Deposit Insurance Corporation (FDIC)
- President of the United States
- Senate
- Bank Supervisors
- Depository Institutions
Notable changes
- Increases the number of President-nominated board members.
- Adds specific experience requirements for board members.
- Establishes term limits for board members.
Bill text
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Sponsors
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4 on record
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