FDIC Board Accountability Act

FDIC Board Accountability Act

This bill revises provisions related to the board of directors of the Federal Deposit Insurance Corporation. Specifically, the bill removes the director of the Consumer Financial Protection Bureau from the board as a voting member and requires the appointment of an individual with demonstrated primary experience working in or supervising small depository institutions. Further, the bill limits the term length of a board member to twelve years.

Bill 117 HR 6274, also known as the FDIC Board Accountability Act, aims to increase transparency and accountability within the Federal Deposit Insurance Corporation (FDIC). The bill was introduced in the House of Representatives on March 15, 2021, by Representative Patrick McHenry.

The main provisions of the bill include requiring the FDIC to provide detailed reports to Congress on its activities, including information on its budget, expenditures, and regulatory actions. The bill also mandates that the FDIC Board of Directors hold public meetings and provide more opportunities for public input on its decision-making processes.

Additionally, the bill seeks to enhance the qualifications and expertise of FDIC Board members by requiring them to have experience in banking, finance, or related fields. This is intended to ensure that the Board is better equipped to make informed decisions that protect the stability of the banking system and the interests of depositors. Overall, the FDIC Board Accountability Act aims to promote greater transparency, accountability, and expertise within the FDIC, ultimately strengthening the agency's ability to fulfill its mission of maintaining stability and public confidence in the nation's banking system.