May 15, 2025
Mr. Huizenga (for himself, Mr. Barr, Mr. Meuser, and Mr. Rose) introduced the following bill; which was referred to the Committee on Financial Services
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.
Section 1. Short title
This Act may be cited as the FDIC Board Accountability Act
.
Sec. 2. FDIC Board of Directors
Section 2 of the Federal Deposit Insurance Act (12 U.S.C. 1812) is amended—
(1)
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.; and
(B)
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)
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)
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
.