S. 3540 — Introduced in Senate

II 117th CONGRESS 2d Session S. 3540 IN THE SENATE OF THE UNITED STATES February 1, 2022Mr. Scott of South Carolina (for himself, Mr. Cruz, Mr. Toomey, Ms. Lummis, Mr. Hagerty, Mr. Crapo, Mr. Tillis, Mr. Cramer, Mr. Moran, Mr. Daines, Mr. Shelby, and Mr. Kennedy) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To amend the Federal Deposit Insurance Act to remove the Comptroller of the Currency and the Director of the Bureau of Consumer Financial Protection from the Board of Directors of the Federal Deposit Insurance Corporation, and for other purposes. 1. Management of Board of Directors of FDIC Section 2 of the Federal Deposit Insurance Act (12 U.S.C. 1812) is amended— (1) in subsection (a), by striking paragraph (1) and inserting the following: (1) In general The management of the Corporation shall be vested in a Board of Directors consisting of 5 members who 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, 1 of whom shall have State bank supervisory experience. ; (2) in subsection (c)— (A) by striking paragraph (3) and inserting the following: (3) Continuation of service The Chairperson, Vice Chairperson, and each appointed member may continue to serve after the expiration of the term of office to which such member was appointed until the earlier of— (A) the date on which a successor has been appointed and qualified; or (B) the date on which the next session of Congress subsequent to the expiration of such term expires. ; and (B) by adding at the end the following: (4) Limitation No appointed member shall serve more than 12 years— (A) including any service described in paragraph (2); and (B) not including any service described in paragraph (3). ; (3) by striking subsection (d) and inserting the following: (d) Vacancy Any vacancy on the Board of Directors shall be filled in the manner in which the original appointment was made. ; (4) in subsection (e)(2)— (A) in subparagraph (A), by striking or at the end; (B) in subparagraph (B), by striking the period at the end and inserting ; or; and (C) by adding at the end the following: (C) be the Director or any other officer of the Bureau of Consumer Financial Protection; or (D) be the Comptroller of the Currency or any other officer of the Office of the Comptroller of the Currency. ; and (5) in subsection (f)— (A) by striking paragraph (2); and (B) by redesignating paragraph (3) as paragraph (2).