FDIC Board Accountability Act
- Bill Number
- H.R. 3446
- Origin Chamber
- House
- Congress
- 119th Congress, Session 1
- Policy Area
- Finance and Financial Sector
- Status
- Introduced
- Latest Action
- 2025-09-08: Placed on the Union Calendar, Calendar No. 201.
- Last Updated
- 2026-05-02T19:06:20Z
AI-Generated Summary
Purpose The legislation, titled the "FDIC Board Accountability Act," aims to update the composition and service rules for the Board of Directors of the Federal Deposit Insurance Corporation (FDIC) by amending the Federal Deposit Insurance Act.
Key Provisions
- The FDIC Board of Directors will consist of the Chairman and four additional members appointed by the President with Senate confirmation.
- Of the four appointed members, at least one must have experience as a state bank supervisor, and separately at least one must have primary experience working in or supervising depository institutions with less than $10 billion in total assets.
- The Director of the Bureau of Consumer Financial Protection will serve as a non-voting observer rather than a voting member.
- No individual may be appointed for more than two terms.
- No person may serve as a Board member for more than twelve years in total.
Significant Changes to Existing Law
- Reduces the voting membership of the Board by removing the CFPB Director as a full voting member.
- Adds specific experience requirements for appointed members, including state supervision and small-bank focus.
- Introduces term limits (two terms maximum) and an overall service cap of twelve years, which did not previously exist in this form.
- Updates references from "Consumer Financial Protection Bureau" to "Bureau of Consumer Financial Protection" for consistency.
Potential Impacts
- On government agencies: Alters the governance structure of the FDIC, potentially affecting decision-making processes involving bank supervision and deposit insurance.
- On citizens: May indirectly influence regulatory oversight of banks, particularly smaller institutions.
- No direct effects on international relations are outlined in the bill.
Main Stakeholders Affected
- The FDIC and its Board of Directors.
- The Bureau of Consumer Financial Protection.
- Appointed Board members and individuals with state bank supervisory or small-bank experience.
- Banks and depository institutions, especially those under $10 billion in assets.
Notable Legal, Constitutional, or Political Implications
- The changes to Board membership and term limits represent a statutory adjustment to an independent agency's governance, which could raise questions about presidential appointment authority and Senate confirmation processes under the Constitution.
- Shifting the CFPB Director to observer status modifies inter-agency participation without altering the underlying authorities of either agency.
This summary was generated by AI and may contain inaccuracies. Refer to the official source document for the authoritative text.
Sponsor
Cosponsors (3)
Rep. Barr, Andy [R-KY-6], Rep. Meuser, Daniel [R-PA-9], Rep. Rose, John W. [R-TN-6]
Recent Actions
- 2025-09-08: Placed on the Union Calendar, Calendar No. 201.
- 2025-09-08: Reported by the Committee on Financial Services. H. Rept. 119-244.
- 2025-09-08: Reported by the Committee on Financial Services. H. Rept. 119-244.
- 2025-07-23: Ordered to be Reported by the Yeas and Nays: 26 - 23.
- 2025-07-23: Committee Consideration and Mark-up Session Held
- 2025-07-22: Committee Consideration and Mark-up Session Held
- 2025-05-15: Referred to the House Committee on Financial Services.
- 2025-05-15: Introduced in House
- 2025-05-15: Introduced in House
Bill Versions
- FDIC Board Accountability Act — issued 2025-05-15 — PDF (3 pages)
- FDIC Board Accountability Act — issued 2025-09-08 — PDF (6 pages)