FDIC Board Accountability Act
FDIC: Changes to Board Leadership and Term Limits
The FDIC Board Accountability Act has been approved by its committee and is now waiting for further action on the House floor. It is currently moving forward in the legislative process. There are no companion bills listed for this legislation at this time.
Legislative Progress
This bill targets the power of a consumer protection official, which usually leads to a standoff between parties in the Senate.
Key Points
- This bill changes the leadership rules for the agency that protects your bank deposits. It sets a strict limit of 12 years or two terms for board members. This is designed to prevent people from staying in power for too long and to bring in fresh perspectives.
- The head of the Consumer Financial Protection Bureau would lose their right to vote on the board. Instead, they would only be allowed to watch and listen as an observer. This would reduce that agency's influence over how the nation's banks are regulated.
- The White House would appoint four of the board members, and the Senate would have to approve them. At least one leader must have experience working with small community banks. This ensures that the voices of small-town banks are heard when the government makes big decisions about the economy.
- Another seat on the board must go to someone with experience as a state bank supervisor. By requiring specific backgrounds, the bill aims to make sure the people in charge actually understand the different types of banks they are overseeing.
Impact Analysis
Govbase has not yet run an impact analysis on this legislation.
Milestones
Placed on the Union Calendar, Calendar No. 201.
The bill is now on the schedule for the full chamber to consider. It's in line for debate and a vote.
Reported by the Committee on Financial Services. H. Rept. 119-244.
The committee approved this bill and is sending it to the full chamber for a vote. This is a significant step — most bills never get this far.
Ordered to be Reported by the Yeas and Nays: 26 - 23.
The committee approved this bill and is sending it to the full chamber for a vote. This is a significant step — most bills never get this far.
Committee Consideration and Mark-up Session Held
Committee Consideration and Mark-up Session Held
Votes
No votes have been recorded for this legislation yet.
News
No related news coverage found for this legislation yet.
Source Information
Document Type
Congressional Bill
Official Title
FDIC Board Accountability Act
Data Sources
Sponsor
Cosponsors
(3)Analysis generated by AI. Always verify with official sources.