The law › Title 12, Banks and Banking › Chapter 3

12 U.S.C. 241: Creation; membership; compensation and expenses

Created in 2015 by the Terrorism Risk Insurance Program Reauthorization Act of 2015 (Public Law 114-1). Not changed since. 4 bills in this Congress would change it.

2 parts of federal rules cite it as their authority, written by Securities and Exchange Commission (2).

How it got hereLaws that created or changed it, newest first

2015Terrorism Risk Insurance Program Reauthorization Act of 2015created it

12 U.S.C. 241Creation; membership; compensation and expenses

(11)Newnew

This CongressBills that change it or would

H.R. 3633Digital Asset Market Clarity Actpassed house

H.R. 6955Main Street Capital Access Actpassed house

H.R. 3838Streamlining Procurement for Effective Execution and Delivery and National Defense Authorization Act for Fiscal Year 2026passed house

H.R. 1919Anti-CBDC Surveillance State Actpassed house

past change
enacted this Congress
proposed

This Congress

H.R. 3633 Digital Asset Market Clarity Act · passed house · would change (11)
H.R. 6955 Main Street Capital Access Act · passed house · would change (11)
H.R. 3838 Streamlining Procurement for Effective Execution and Delivery and National Defense Authorization Act for Fiscal Year 2026 · passed house · would change (11)
H.R. 1919 Anti-CBDC Surveillance State Act · passed house · would change (11)

How it got here

2015

Pub. L. 114–1 inserted after second sentence "In selecting members of the Board, the President shall appoint at least 1 member with demonstrated primary experience working in or supervising community banks having less than $10,000,000,000 in total assets." (Terrorism Risk Insurance Program Reauthorization Act of 2015) Law text

Text, outline and history from the official U.S. Code (2024 edition) on GovInfo, published by the Office of the Law Revision Counsel. Changes made after that edition appear under This Congress.