FDIC Board Accountability Act

This Act may be cited as the FDIC Board Accountability Act.
Section 2 of the Federal Deposit Insurance Act (12 U.S.C. 1812) is amended—
in subsection (a)—
in paragraph (1)—
in subparagraph (A), by adding and at the end; and
by striking subparagraphs (B) and (C) and inserting the following:
4 of whom 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, and separately 1 of whom shall have demonstrated primary experience working in or supervising depository institutions having less than $10,000,000,000 in total assets.
by adding at the end the following:
The Director of the Bureau of Consumer Financial Protection shall serve as a non-voting observer to the Board of Directors of the Corporation.
in subsection (c)—
in paragraph (1), by adding at the end the following: No individual may be appointed as a member for more than two terms.; and
by adding at the end the following:
Notwithstanding any other provision of this Act, no person shall serve as a member for more than twelve years in total.
in subsection (d)(2)—
by striking Consumer Financial Protection Bureau each place such term appears and inserting Bureau of Consumer Financial Protection; and
by inserting or observer, as the case may be, after member; and
in subsection (f)(2), by striking or of the Consumer Financial Protection Bureau.