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Amends the FDIC’s charter to change how FDIC Board members are chosen and how long they can serve. It adds experience requirements for some appointees, creates limits on single terms and total service time, and makes the Director of the Bureau of Consumer Financial Protection a permanent non‑voting observer on the FDIC Board. The bill also updates a statutory reference to the Bureau of Consumer Financial Protection and makes a technical strike in another subsection.
Four Board members shall be appointed by the President, by and with the advice and consent of the Senate, from among individuals who are citizens of the United States; of those appointees, one must have State bank supervisory experience and separately one must have demonstrated primary experience working in or supervising depository institutions having less than $10,000,000,000 in total assets.
The Director of the Bureau of Consumer Financial Protection shall serve as a non-voting observer to the Board of Directors of the Corporation.
Add a rule that "No individual may be appointed as a member for more than two terms."
Notwithstanding any other provision, no person shall serve as a member for more than twelve years in total. (Maximum length of service.)
In subsection (d)(2), strike each place a certain term appears and insert the words "Bureau of Consumer Financial Protection." (Text of the term being replaced is not shown in this excerpt.)
Primary direct effects: FDIC Board members and prospective nominees will face new qualification standards and limits on how long they can serve, which will change turnover patterns and the pool of eligible candidates. The FDIC as an institution will operate with a formal channel for the CFPB Director to observe Board deliberations; that increases CFPB visibility into FDIC policymaking but does not give the CFPB a vote. Depository institutions and their management are indirectly affected because changes to Board composition and member experience requirements can shift supervisory and policy priorities over time. Consumers and depositors are affected indirectly through potential changes in regulatory emphasis and institutional governance. No new funding, mandates on states/localities, tax changes, or emergency spending are included in the described amendment. Implementation questions that may matter in practice include how the law defines the required experience for particular seats, the precise length of term and cumulative caps, and administrative processes for accommodating the CFPB Director as an observer.
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Referred to the House Committee on Financial Services.
Introduced May 15, 2025 by Bill Huizenga · Last progress May 15, 2025
Placed on the Union Calendar, Calendar No. 201.
Reported by the Committee on Financial Services. H. Rept. 119-244.
Ordered to be Reported by the Yeas and Nays: 26 - 23.
Committee Consideration and Mark-up Session Held