FDIC Board Accountability Act

The FDIC Board Accountability Act would modify the governance structure of the Federal Deposit Insurance Corporation, which insures deposits at U.S. banks. If enacted, the bill would require that four presidential appointees to the FDIC Board include at least one person with state bank supervisory experience and one with experience working in or supervising smaller banks with less than $10 billion in assets. The bill would also establish term limits, preventing any board member from serving more than two terms, which equals twelve years total.

Additionally, the bill would remove the Consumer Financial Protection Bureau (CFPB) Director's voting authority on the FDIC Board, replacing it with a non-voting observer position. Supporters argue this change would allow the FDIC to benefit from expertise in smaller banking institutions and state regulation, promoting more balanced decision-making. The bill has passed committee review and is eligible for a floor vote in the House, though it has not yet become law.