Bill > HR1409

This bill, the FDIC Board Accountability Act, amends the Federal Deposit Insurance Act to revise the membership requirements for the Board of Directors of the Federal Deposit Insurance Corporation (FDIC). Specifically, it changes the composition of the FDIC Board by requiring four members to be appointed by the President and confirmed by the Senate, one of whom must have state bank supervisory experience and one of whom must have demonstrated primary experience working in or supervising depository institutions with less than $10 billion in total assets. Additionally, the bill specifies that the Director of the Bureau of Consumer Financial Protection shall serve as a non-voting observer on the FDIC Board, and it limits Board members to two terms and a maximum of 12 years of total service.