S 3540 · 117th Congress 2021–2023, ended

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.

Introduced Feb 1, 2022 Originated Senate Sponsor Tim Scott R-SC

Fact sheet

Latest action · Feb 1, 2022 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Progress

Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.

  1. IntroducedFeb 1, 2022
  2. Passed SenateNot reached
  3. Passed HouseNot reached
  4. To the PresidentNot reached
  5. Became lawNot reached

Summary

This bill revises membership of the Board of Directors of the Federal Deposit Insurance Corporation. Currently, the Comptroller of the Currency and the Director of the Consumer Financial Protection Bureau have statutorily designated seats on the five-member board. The bill removes this requirement and bars any officer of either agency from holding seats on the board. Additionally, the bill revises the continuation of service requirements to limit a board member's service beyond the end of their term.

Cosponsors 11

Members who signed on, in the order they did. All signed on Feb 1, 2022.

SeatCosponsorSigned on
R-TNBill HagertyOriginalFeb 1, 2022
R-WYCynthia M. LummisOriginalFeb 1, 2022
R-KSJerry MoranOriginalFeb 1, 2022
R-LAJohn KennedyOriginalFeb 1, 2022
R-NDKevin CramerOriginalFeb 1, 2022
R-IDMike CrapoOriginalFeb 1, 2022
R-PAPatrick J. ToomeyOriginalFeb 1, 2022
D-ALRichard C. ShelbyOriginalFeb 1, 2022
R-MTSteve DainesOriginalFeb 1, 2022
R-TXTed CruzOriginalFeb 1, 2022
R-NCThom TillisOriginalFeb 1, 2022

Actions 2

Everything that happened, newest first.

  1. Feb 1, 2022Introduced in Senate
  2. Feb 1, 2022Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Subjects

Assigned by the Library of Congress. Policy area: Finance and Financial Sector.

Text 1

Each version as it was printed, newest first.

  1. Feb 1, 2022Introduced in Senate

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Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.