H.R.3446 - FDIC Board Accountability Act (119th Congress)
Summary
H.R. 3446, the FDIC Board Accountability Act, aims to amend the Federal Deposit Insurance Act by revising membership requirements for the FDIC Board of Directors. The bill seeks to modify the appointment process, term limits, and voting status of board members. It also emphasizes the inclusion of individuals with specific experience in state bank supervision and depository institutions with less than $10 billion in assets.
Expected Effects
The likely effect of this bill is a restructuring of the FDIC Board of Directors. This includes changes to the composition and operational dynamics of the board. The changes could lead to altered regulatory oversight and policy decisions related to the banking sector.
Potential Benefits
- Enhanced Expertise: Ensures board members have relevant experience.
- Limited Terms: Prevents entrenchment and encourages fresh perspectives.
- Focus on Community Banks: Gives a voice to smaller institutions.
- Non-Voting Observer: Provides insights from consumer protection without direct voting power.
Potential Disadvantages
- Reduced BCFP Influence: Limits the power of the Bureau of Consumer Financial Protection.
- Potential for Gridlock: Changes in board composition could lead to disagreements.
- Increased Politicization: Presidential appointments may be influenced by political considerations.
- Unintended Consequences: Altering the board's structure could have unforeseen impacts on financial stability.
Constitutional Alignment
The bill aligns with Article I, Section 8 of the Constitution, which grants Congress the power to regulate commerce, including banking. The appointments of board members by the President, with the advice and consent of the Senate, are consistent with the Appointments Clause (Article II, Section 2, Clause 2). There are no apparent conflicts with individual liberties or rights outlined in the Bill of Rights.
Impact Assessment: Things You Care About ⓘ
This action has been evaluated across 19 key areas that matter to you. Scores range from 1 (highly disadvantageous) to 5 (highly beneficial).