arrow_back Back to App

FDIC Board Changes: Enhanced Accountability and Banking Experience.

This bill modifies the composition of the Federal Deposit Insurance Corporation (FDIC) Board, which safeguards your money in banks. The aim is to ensure that those managing the FDIC have relevant experience, including with smaller banks, potentially increasing the security of your savings. These changes are intended to improve bank oversight and protect citizens' deposits.
Key points
More FDIC board members will be appointed by the President, increasing public oversight.
New board members will be required to have experience in state bank supervision or working with smaller financial institutions (under $10 billion in assets), aiming for a better understanding of diverse bank needs.
The Director of the Bureau of Consumer Financial Protection will serve as a non-voting observer on the FDIC Board, which may affect coordination but not decision-making.
Term limits are introduced for FDIC board members: a maximum of two terms and no more than twelve years total, aiming for rotation and fresh perspectives.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 118_HR_1409
Sponsor: Rep. Luetkemeyer, Blaine [R-MO-3]
Process start date: 2023-03-07
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
AI work logs for this document launch

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 118_HR_1409.

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 2023-03-07.

What are the main provisions?

Key points include:

  • More FDIC board members will be appointed by the President, increasing public oversight.
  • New board members will be required to have experience in state bank supervision or working with smaller financial institutions (under $10 billion in assets), aiming for a better understanding of diverse bank needs.
  • The Director of the Bureau of Consumer Financial Protection will serve as a non-voting observer on the FDIC Board, which may affect coordination but not decision-making.
  • Term limits are introduced for FDIC board members: a maximum of two terms and no more than twelve years total, aiming for 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 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 2025-12-24.

CATEGORIES

Economy