Bill > HR3446

This bill amends the Federal Deposit Insurance Act to modify the composition and service requirements of the Federal Deposit Insurance Corporation (FDIC) Board of Directors. Specifically, the bill changes the board's membership by reducing the total number of appointed directors and establishing new criteria for their selection: four directors will be appointed by the President and confirmed by the Senate, with the requirement that one director must have state bank supervisory experience and another must have demonstrated experience working with smaller depository institutions (those with less than $10 billion in total assets). The bill also introduces term limits, preventing any individual from serving more than two terms or a total of twelve years on the board. Additionally, the Director of the Bureau of Consumer Financial Protection will now serve as a non-voting observer on the board, rather than a voting member. These changes aim to enhance the board's diversity of experience and prevent prolonged service by any single individual, potentially improving oversight and accountability of the FDIC.

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https://www.congress.gov/bill/119th-congress/house-bill/3446/all-info