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FDIC Board Changes: Enhanced Accountability and Experience

This act modifies the rules for the Federal Deposit Insurance Corporation (FDIC) board, which safeguards your bank deposits. It mandates that board members have experience in supervising state banks or small financial institutions, aiming for better representation and understanding of smaller banks' needs. It also limits the tenure of board members to encourage fresh perspectives.
Key points
More Experts: The FDIC board will include individuals with experience in supervising state banks or small banks (under $10 billion in assets).
Term Limits: Board members can serve a maximum of two terms or a total of twelve years, preventing individuals from holding power for too long.
Non-Voting Observer: The Director of the Bureau of Consumer Financial Protection will attend FDIC board meetings as a non-voting observer, facilitating better information exchange.
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Additional Information
Print number: 117_HR_6274
Sponsor: Rep. Luetkemeyer, Blaine [R-MO-3]
Process start date: 2021-12-14
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

FDIC Board Accountability Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_6274.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-12-14.

What are the main provisions?

Key points include:

  • More Experts: The FDIC board will include individuals with experience in supervising state banks or small banks (under $10 billion in assets).
  • Term Limits: Board members can serve a maximum of two terms or a total of twelve years, preventing individuals from holding power for too long.
  • Non-Voting Observer: The Director of the Bureau of Consumer Financial Protection will attend FDIC board meetings as a non-voting observer, facilitating better information exchange.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Luetkemeyer, Blaine [R-MO-3].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Financial Services.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

CATEGORIES

Economy