This bill restructures the Federal Deposit Insurance Corporation's Board of Directors by reducing its voting membership from five to four appointed members while maintaining the Comptroller of the Currency as an ex-officio member. The legislation removes the Director of the Bureau of Consumer Financial Protection as a voting member and instead makes that position a non-voting observer to the board. Among the four appointed members, one must have state bank supervisory experience and another must have primary experience working with or supervising smaller banks with less than $10 billion in total assets. The bill also imposes new term limits, restricting board members to no more than two terms and capping total service at twelve years. These changes would affect how the FDIC, which insures bank deposits and regulates thousands of financial institutions, is governed and would potentially give more influence to those with experience in state-level and community banking oversight.
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