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FDIC Board Changes: New Rules for Banks and Savings

This bill alters the composition of the Federal Deposit Insurance Corporation (FDIC) board, removing two key officials. The aim is to streamline management and potentially influence bank oversight, indirectly affecting the security of your insured bank deposits.
Key points
The FDIC Board will consist of 5 members appointed by the President, excluding previous officials.
A 12-year term limit is introduced for appointed FDIC board members, ensuring rotation and fresh perspectives.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 117_S_3540
Sponsor: Sen. Scott, Tim [R-SC]
Process start date: 2022-02-01
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

A bill to amend the Federal Deposit Insurance Act to remove the Comptroller of the Currency and the Director of the Bureau of Consumer Financial Protection from the Board of Directors of the Federal Deposit Insurance Corporation, and for other purposes.

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_3540.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2022-02-01.

What are the main provisions?

Key points include:

  • The FDIC Board will consist of 5 members appointed by the President, excluding previous officials.
  • A 12-year term limit is introduced for appointed FDIC board members, ensuring rotation and fresh perspectives.
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 Sen. Scott, Tim [R-SC].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

CATEGORIES

Economy