Bank regulators except Federal Reserve Board members would be limited to two terms under a bill introduced May 8 by Rep. Tom Campbell, R-Calif.
The Regulator Term Limit Act of 1996 would restrict the tenure of all members of federal independent regulatory commissions.
"By imposing term limits, we will bring independent regulatory commissions in step with the current movement to energize government bodies by turnover," said Rep. Campbell. Without term limits, entrenched regulators will lose their accountability, he said.
Rep. Campbell said the Fed is subject to "sufficient oversight," so term limits are not needed for its board members.