FDIC Board Accountability Act
Summary
What This Bill Does
The FDIC Board Accountability Act amends section 2 of the Federal Deposit Insurance Act. It changes FDIC Board membership by requiring four presidentially appointed, Senate-confirmed citizen members, including one member with State bank supervisory experience and a separate member with primary experience working in or supervising depository institutions with less than $10 billion in assets. It makes the Director of the Bureau of Consumer Financial Protection a non-voting observer rather than a voting FDIC Board member. It bars any individual from being appointed for more than two terms and caps total FDIC Board service at twelve years. It also updates statutory wording from Consumer Financial Protection Bureau to Bureau of Consumer Financial Protection and applies member-or-observer language where needed.
Who Benefits and How
Small banks under $10 billion benefit because one FDIC Board seat must bring small-depository-institution experience. State-chartered banks benefit because one Board member must have State bank supervisory experience. Senate Banking Committee members benefit from confirmation authority over the four appointed FDIC Board members. FDIC governance reform advocates benefit from term and twelve-year service limits. Depository institutions benefit from clearer representation requirements on the FDIC Board.
Who Bears the Burden and How
The Bureau of Consumer Financial Protection loses voting power on the FDIC Board and becomes a non-voting observer. The President must nominate members satisfying the new expertise requirements. The Senate must consider confirmations for the appointed members. Current or future FDIC Board members face two-term and twelve-year service limits. The FDIC must update governance documents, Board procedures, and observer references.
Key Provisions
- Amends FDIC Board composition to require four presidentially appointed, Senate-confirmed members.
- Requires one appointed member with State bank supervisory experience.
- Requires a separate appointed member with experience working in or supervising depository institutions under $10 billion.
- Provides that the Bureau of Consumer Financial Protection Director serves as a non-voting observer.
- Limits FDIC Board members to two terms and twelve total years of service.
Evidence Chain:
This summary is generated from the full bill text using AI analysis. Expand "Detailed Analysis" below for identified beneficiaries/burden bearers with clause-level evidence links.
At a Glance
What This Bill Does
Changes FDIC Board composition and tenure by replacing the CFPB Director's voting seat with four presidentially appointed Senate-confirmed members including State-bank and small-bank expertise requirements, making the CFPB Director a non-voting observer, and imposing two-term and twelve-year service limits.
Key Policy Areas
Banking, Financial Regulation, Agency Governance
Primary Purpose
Changes FDIC Board composition and tenure by replacing the CFPB Director's voting seat with four presidentially appointed Senate-confirmed members including State-bank and small-bank expertise requirements, making the CFPB Director a non-voting observer, and imposing two-term and twelve-year service limits.
Policy Domains
House resolution provisions
Identified Gains
- Small bank officers
- State-chartered bank officers
- Senate Banking Committee members
- FDIC governance reform advocates
- Depository institution managers
Identified Costs
- Bureau of Consumer Financial Protection
- President of the United States
- Senate confirmation staff
- FDIC Board members
- Federal Deposit Insurance Corporation
Sponsors
Legislative Progress
ReportedCommitted to the Committee of the Whole House on the …
Placed on the Union Calendar, Calendar No. 201.
Reported by the Committee on Financial Services. H. Rept. 119-244.
Ordered to be Reported by the Yeas and Nays: 26 …
Committee Consideration and Mark-up Session Held
Committee Consideration and Mark-up Session Held
Introduced in House
Referred to the House Committee on Financial Services.
Mr. Huizenga (for himself, Mr. Barr, Mr. Meuser, and Mr. …
Stakeholder Effects
cui bono?How this legislation distributes effects. Mention counts reflect frequency, not effect magnitude.
Bureau of Consumer Financial Protection, FDIC Board members, Federal Deposit Insurance Corporation
Small bank officers, State-chartered bank officers
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
- "cfpb"
- → Bureau of Consumer Financial Protection
- "fdic"
- → Federal Deposit Insurance Corporation
We use a combination of our own taxonomy and classification in addition to large language models to assess meaning and potential beneficiaries. High confidence means strong textual evidence. Always verify with the original bill text.
Learn more about our methodology