National Commission on Financial Services Act

Summary: National Commission on Financial Services Act - Establishes the National Commission on Financial Services to study and report to the President and the Congress on the strengths and weaknesses of the U.S. financial service system in meeting user needs. 
Authorizes appropriations.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``National Commission on Financial 
Services Act''.

SEC. 2. ESTABLISHMENT OF NATIONAL COMMISSION ON FINANCIAL SERVICES.

    (a) Establishment.--There is established a commission to be known 
as the ``National Commission on Financial Services'' (hereafter in this 
section referred to as the ``Commission'').
    (b) Membership of the Commission.--
            (1) Composition.--The Commission shall be composed of 11 
        voting members and 6 nonvoting members appointed as follows:
                    (A) Five voting members and 2 nonvoting members 
                appointed by the President.
                    (B) Two voting members and 1 nonvoting member 
                appointed by the Speaker of the House of 
                Representatives.
                    (C) One voting member and 1 nonvoting member 
                appointed by the Minority Leader of the House of 
                Representatives.
                    (D) Two voting members and 1 nonvoting member 
                appointed by the Majority Leader of the Senate.
                    (E) One voting member and 1 nonvoting member 
                appointed by the Minority Leader of the Senate.
            (2) Qualifications.--
                    (A) Voting members.--
                            (i) In general.--Voting members appointed 
                        pursuant to paragraph (1) shall be appointed 
                        from among individuals who are users of the 
                        financial services system, including 
                        representatives of business, agriculture, and 
                        consumer organizations.
                            (ii) Prohibition.--No voting member of the 
                        Commission shall be an employee of the Federal 
                        Government or any State government.
                    (B) Nonvoting members.--Nonvoting members appointed 
                pursuant to paragraph (1) shall be appointed from among 
                individuals who are experts in finance or in the 
                financial services system.
            (3) Appointment.--The appointments of the members of the 
        Commission shall be made not later than March 31, 1994.
            (4) Terms.--Members shall be appointed for the life of the 
        Commission.
            (5) Vacancies.--A vacancy in the Commission shall not 
        affect the powers of the Commission and shall be filled in the 
        same manner in which the original appointment was made.
            (6) Chairperson.--The President shall designate 1 of the 
        voting members of the Commission to serve as the chairperson of 
        the Commission (hereafter in this section referred to as the 
        ``Chairperson'').
            (7) Initial meeting.--Not later than 30 days after the date 
        on which all members of the Commission have been appointed, the 
        Commission shall hold its first meeting.
            (8) Meetings.--The Commission shall meet at the call of the 
        Chairperson.
            (9) Quorum.--A majority of the members of the Commission 
        shall constitute a quorum, but a lesser number of members may 
        hold hearings.

SEC. 3. DUTIES OF THE COMMISSION.

    (a) Study.--
            (1) In general.--The Commission shall, after consultation 
        in accordance with paragraph (3), conduct a thorough study of 
        all matters relating to the strengths and weaknesses of the 
        United States financial services system in meeting the needs of 
        users of the system, including the needs of--
                    (A) individual consumers and households;
                    (B) State and local communities;
                    (C) agriculture;
                    (D) small-, medium-, and large-sized businesses 
                (including the need for debt, equity, and other 
                financial services);
                    (E) governmental and nonprofit entities; and
                    (F) exporters and other users of international 
                financial services.
            (2) Matters studied.--The study required under paragraph 
        (1) shall include consideration of--
                    (A) the changes underway in the national and 
                international economies and the financial services 
                industry, and the impact of such changes on the ability 
                of the financial services system to efficiently meet 
                the needs of the United States economy and the users of 
                the system during the next 10 years and beyond;
                    (B) the extent to which Federal administrative and 
                legislative policies--
                            (i) achieve consumer protection objectives;
                            (ii) promote competition and prevent 
                        anticompetitive acts and practices or undue 
                        concentration;
                            (iii) ensure that financial services are 
                        delivered in a nondiscriminatory and cost-
                        efficient manner; and
                            (iv) ensure access to the financial 
                        services system for users of the system, 
                        regardless of where such users are located; and
                    (C) the extent to which Federal administrative and 
                legislative policies are meeting their objectives in 
                the most cost-effective and efficient manner possible.
            (3) Consultation.--Consultation in accordance with this 
        paragraph means consultation with--
                    (A) the Board of Governors of the Federal Reserve 
                System;
                    (B) the Director of the Office of Thrift 
                Supervision;
                    (C) the Chairperson of the Federal Deposit 
                Insurance Corporation;
                    (D) the Comptroller of the Currency;
                    (E) the Secretary of the Treasury;
                    (F) the Securities Exchange Commission;
                    (G) the Commodities Futures Trading Commission;
                    (H) the Director of the Congressional Budget 
                Office; and
                    (I) the Comptroller General of the United States.
    (b) Recommendations.--Based on the results of the study conducted 
under subsection (a), the Commission shall develop specific 
recommendations on how the Federal Government can improve the operation 
of the United States financial services system, including whether or 
not any changes are needed in the legislative and administrative 
policies that impact on--
            (1) the ability of the Board of Governors of the Federal 
        Reserve System to effectively conduct monetary policy;
            (2) the ability of the financial services system, or any 
        part thereof, to respond to the needs of users of the system;
            (3) the systematic safety of the financial services system;
            (4) the cost to participants in the financial services 
        system of providing financial services to users of the system;
            (5) the competitiveness of the various providers of 
        financial services;
            (6) how funds are allocated to the financial services 
        system; and
            (7) how funds are allocated by the financial services 
        system to users of the system or to specific categories of 
        users.
    (c) Report.--Not later than January 20, 1995, the Commission shall 
submit to the President, the Speaker of the House of Representatives, 
and the President pro tempore of the Senate a report describing the 
activities of the Commission, including the study conducted under 
subsection (a) and any recommendations developed under subsection (b).

SEC. 4. POWERS OF THE COMMISSION.

    (a) Hearings.--The Commission may hold such hearings, sit and act 
at such times and places, take such testimony, and receive such 
evidence as the Commission considers advisable to carry out this 
section.
    (b) Obtaining Official Data.--The Commission may secure directly 
from any Federal department or agency such information (other than 
information required by any statute of the United States to be kept 
confidential by such department or agency) as the Commission considers 
necessary to carry out its duties under this section. Upon the request 
of the Chairperson, the head of that department or agency shall furnish 
such nonconfidential information to the Commission.
    (c) Postal Services.--The Commission may use the United States 
mails in the same manner and under the same conditions as other 
departments and agencies of the Federal Government.
    (d)  Gifts.--The Commission may accept, use, and dispose of gifts 
or donations of services or property.

SEC. 5. COMMISSION PERSONNEL MATTERS.

    (a) Compensation of Members.--Each member of the Commission who is 
not an officer or employee of the Federal Government shall be 
compensated at a rate equal to the daily equivalent of the annual rate 
of basic pay prescribed for level IV of the Executive Schedule under 
section 5315 of title 5, United States Code, for each day (including 
travel time) during which such member is engaged in the performance of 
the duties of the Commission. All members of the Commission who are 
officers or employees of the United States shall serve without 
compensation in addition to that received for their services as 
officers or employees of the United States.
    (b) Travel Expenses.--The members of the Commission shall be 
allowed travel expenses, including per diem in lieu of subsistence, at 
rates authorized for employees of agencies under subchapter I of 
chapter 57 of title 5, United States Code, while away from their homes 
or regular places of business in the performance of services for the 
Commission.
    (c) Staff.--
            (1) In general.--The Chairperson may, without regard to the 
        civil service laws and regulations, appoint and terminate an 
        executive director and such other additional personnel as may 
        be necessary to enable the Commission to perform its duties. 
        The employment of an executive director shall be subject to 
        confirmation by the Commission.
            (2) Compensation.--The Chairperson may fix the compensation 
        of the executive director and other personnel without regard to 
        the provisions of chapter 51 and subchapter III of chapter 53 
        of title 5, United States Code, relating to classification of 
        positions and General Schedule pay rates, except that the rate 
        of pay for the executive director and other personnel may not 
        exceed the rate payable for level V of the Executive Schedule 
        under section 5316 of such title.
    (d) Detail of Federal Employees.--Upon the request of the 
Chairperson, any Federal Government employee may be detailed to the 
Commission without reimbursement, and such detail shall be without 
interruption or loss of civil service status or privilege.
    (e) Procurement of Temporary and Intermittent Services.--The 
Chairperson may procure temporary and intermittent services under 
section 3109(b) of title 5, United States Code, at rates for 
individuals which do not exceed the daily equivalent of the annual rate 
of basic pay prescribed for level V of the Executive Schedule under 
section 5316 of such title.
    (f) Administrative Support Services.--Upon the request of the 
Chairperson, the Administrator of General Services shall provide to the 
Commission, on a reimbursable basis, the administrative support 
services necessary for the Commission to carry out its responsibilities 
under this section.

SEC. 6. TERMINATION OF COMMISSION.

    The Commission shall terminate 30 days after the date of submission 
of the report required under section 3(c). All records and papers of 
the Commission shall thereupon be delivered by the Administrator of 
General Services for deposit in the National Archives.

SEC. 7. AUTHORIZATION OF APPROPRIATIONS.

    (a) In General.--There are authorized to be appropriated such sums 
as may be necessary to carry out this Act.
    (b) Availability.--Any sums appropriated under the authorization 
contained in this section shall remain available, without fiscal year 
limitation, until expended.