[Congressional Record Volume 168, Number 157 (Wednesday, September 28, 2022)]
[Senate]
[Pages S5393-S5394]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 5920. Mr. SCOTT of South Carolina (for himself and Mr. Toomey) 
submitted an amendment intended to be proposed to amendment SA 5499 
submitted by Mr. Reed (for himself and Mr. Inhofe) and intended to be 
proposed to the bill H.R. 7900, to authorize appropriations for fiscal 
year 2023 for military activities of the Department of Defense, for 
military construction, and for defense activities of the Department of 
Energy, to prescribe military personnel strengths for such fiscal year, 
and for other purposes; which was ordered to lie on the table; as 
follows:

       At the appropriate place, insert the following:

     SEC. _____. 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

[[Page S5394]]

     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).
                                 ______