I am supportive of the statutory amendments to Section 19 of the FDI Act,1 and the FDIC’s proposal to implement those amendments, that reduce the scope of offenses for which an application must be approved by the FDIC in order for an individual to work at a bank. These changes remove a barrier that discourages banks from hiring individuals who have committed minor crimes and completed their sentences, reduce administrative burdens on job applicants and banks who will no longer need to file an application and await permission from the FDIC, and potentially expand the pool of job applicants for banks in a tight labor market.
I appreciate the staff’s work on the proposal, and look forward to reviewing comments.
1 James M. Inhofe National Defense Authorization Act for Fiscal Year 2023, Pub. L. No. 117-263, § 5705, 136 Stat. 2395 (Dec. 23, 2022).