I

104TH CONGRESS

2D SESSION H. R. 3407

To establish the Thrift Charter Merger Commission, and for other purposes.

IN THE HOUSE OF REPRESENTATIVES

MAY 7, 1996

Mr. ROTH introduced the following bill; which was referred to the Committee

on Banking and Financial Services, and in addition to the Committee on

Rules, for a period to be subsequently determined by the Speaker, in each

case for consideration of such provisions as fall within the jurisdiction of

the committee concerned

A BILL

To establish the Thrift Charter Merger Commission, and

for other purposes.

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled,

3 SECTION 1. SHORT TITLE; PURPOSES.

4 (a) SHORT TITLE.—This Act may be cited as the

5 ‘‘Thrift Charter Merger Commission Act of 1996’’.

6 (b) PURPOSE.—It is the purpose of this Act to estab7 lish a nonpartisan commission to—

8 (1) examine the complex legal and public poli9 cies issues involved in the proposed elimination of
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1 savings association charters and the conversion of

2 such institutions into banks, the short- and long3 term consequences of such proposed actions on the

4 financial services industry and consumers, and other

5 related issues;

6 (2) make recommendations to the Congress on

7 the most efficient, fairest, and least disruptive way

8 to achieve the conversion of such institutions into

9 banks and resolve the legal, policy, and other issues

10 relating to the holding companies of such associa11 tions; and

12 (3) review ways to rationalize the regulation of

13 depository institutions and reorganize the Federal

14 banking agencies.

15 SEC. 2. ESTABLISHMENT.

16 There is hereby established a commission to be known

17 as the ‘‘Thrift Charter Merger Commission’’ (hereafter in

18 this Act referred to as the ‘‘Commission’’).

19 SEC. 3. MEMBERSHIP.

20 (a) NUMBER AND APPOINTMENT.—

21 (1) IN GENERAL.—The Commission shall be

22 composed of 8 members appointed by the President,

23 by and with the advise and consent of the Senate,

24 from among individuals especially qualified to serve
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1 on such Commission by reason of their education,

2 training, and experience.

3 (2) NOMINATION SCHEDULE.—The President

4 shall transmit to the Senate the nominations for ap5 pointment to the Commission by no later than Feb6 ruary 15, 1997.

7 (3) CONSULTATION WITH CONGRESS.—In se8 lecting individuals for nomination for appointments

9 to the Commission, the President should consult

10 with—

11 (A) the Speaker of the House of Rep12 resentatives concerning the appointment of 2

13 members;

14 (B) the majority leader of the Senate con15 cerning the appointment of 2 members;

16 (C) the minority leader of the House of

17 Representatives concerning the appointment of

18 1 member; and

19 (D) the minority leader of the Senate con20 cerning the appointment of 1 member.

21 (4) PROHIBITION ON APPOINTMENT OF FED22 ERAL OFFICERS OR EMPLOYEES TO COMMISSION.—

23 No officer or employee of any Federal department or

24 agency, including any member of the Board of Gov-
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1 ernors of the Federal Reserve System, may be ap2 pointed as a member of the Commission.

3 (5) BALANCE OF INTERESTS.—Recognizing

4 that the individuals with the experience and exper5 tise which qualify them for service on the Commis6 sion are likely to have been employed by or rep7 resented depository institutions or Federal banking

8 agencies, the President, in the consultations pursu9 ant to paragraph (3) and the selection of individuals

10 for nominations for appointments to the Commis11 sion, shall seek to attain a balance in the interests

12 represented, at the time of the nomination or in the

13 past, by members of the Commission.

14 (b) CHAIRPERSON.—At the time the President nomi15 nates individuals for appointment to the Commission, the

16 President shall designate one such individual who shall

17 serve as Chairperson of the Commission.

18 (c) TERMS.—Each member of the Commission shall

19 serve for the life of the Commission.

20 (d) PUBLIC MEETINGS.—

21 (1) IN GENERAL.— Each meeting of the Com22 mission, other than meetings in which classified in23 formation is to be discussed, shall be open to the

24 public.
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1 (2) OPEN TO MEMBERS OF CONGRESS.—All the

2 proceedings, information, and deliberations of the

3 Commission shall be open, upon request, to the fol4 lowing:

5 (A) The Chairman and the ranking minor6 ity party member of the Committee on Bank7 ing, Housing, and Urban Affairs of the Senate,

8 or such other members of such committee as

9 may be designated by such Chairman or rank10 ing minority party member.

11 (B) The Chairman and the ranking minor12 ity party member of the Subcommittee on Fi13 nancial Institutions and Regulatory Relief of

14 the Committee on Banking, Housing, and

15 Urban Affairs of the Senate, or such other

16 members of such subcommittee as may be des17 ignated by such Chairman or ranking minority

18 party member.

19 (C) The Chairman and the ranking minor20 ity party member of the Committee on Banking

21 and Financial Services of the House of Rep22 resentatives, or such other members of the com23 mittee as may be designated by such Chairman

24 or ranking minority party member.
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1 (D) The Chairman and ranking minority

2 party member of the Subcommittee on Finan3 cial Institutions and Consumer Credit of the

4 Committee on Banking and Financial Services

5 of the House of Representatives, or such other

6 members of the subcommittee as may be des7 ignated by such Chairman or ranking minority

8 party member.

9 (e) VACANCIES.—A vacancy on the Commission shall

10 be filled in the same manner as the original appointment.

11 (f) PAY AND TRAVEL EXPENSES.—

12 (1) PAY OF MEMBERS OF COMMISSION.—

13 (A) IN GENERAL.—Each member of the

14 Commission, other than the Chairperson, shall

15 be paid at a rate equal to the daily equivalent

16 of the minimum annual rate of basic pay pay17 able for level IV of the Executive Schedule

18 under section 5315 of title 5, United States

19 Code, for each day (including travel time) dur20 ing which the member is engaged in the actual

21 performance of duties vested in the Commis22 sion.

23 (B) CHAIRPERSON.—The Chairperson of

24 the Commission shall be paid for each day re25 ferred to in subparagraph (A) at a rate equal
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1 to the daily equivalent of the minimum annual

2 rate of basic pay payable for level III of the Ex3 ecutive Schedule under section 5314 of title 5,

4 United States Code.

5 (2) TRAVEL EXPENSES.—Members shall receive

6 travel expenses, including per diem in lieu of subsist7 ence, in accordance with sections 5702 and 5703 of

8 title 5, United States Code.

9 (g) NONAPPLICABILITY OF FEDERAL ADVISORY

10 COMMITTEE ACT.—The Federal Advisory Committee Act

11 shall not apply with respect to the Commission.

12 SEC. 4. DIRECTOR AND STAFF OF COMMISSION.

13 (a) DIRECTOR.—

14 (1) APPOINTMENT.—The Commission shall

15 have a Director who shall be appointed by the Com16 mission.

17 (2) PAY.—The Director shall be paid at the

18 rate of basic pay payable for level IV of the Execu19 tive Schedule.

20 (b) STAFF.—

21 (1) APPOINTMENT.—The Director, with the ap22 proval of the Commission, may appoint and fix the

23 pay of such additional personnel as the Director con24 siders appropriate.
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1 (2) PAY.—An individual appointed pursuant to

2 paragraph (1) may not receive pay in excess of the

3 annual rate of basic pay payable for level V of the

4 Executive Schedule.

5 (c) APPLICABILITY OF CERTAIN CIVIL SERVICE

6 LAWS.—The Director and staff of the Commission may

7 be—

8 (1) appointed without regard to the provisions

9 of title 5, United States Code, governing appoint10 ments in the competitive service; and

11 (2) paid without regard to the provisions of

12 chapter 51 and subchapter III of chapter 53 of that

13 title relating to classification and General Schedule

14 pay rates.

15 (d) EXPERTS AND CONSULTANTS.—The Commission

16 may procure temporary and intermittent services under

17 section 3109(b) of title 5, United States Code, but at rates

18 for individuals not to exceed the daily equivalent of the

19 annual rate of basic pay payable for level V of the Execu20 tive Schedule.

21 (e) STAFF OF FEDERAL AGENCIES.—

22 (1) IN GENERAL.—Upon request of the Direc23 tor, the head of any Federal department or agency

24 may detail, on a reimbursable basis, any of the per25 sonnel of that department or agency to the Commis-
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1 sion to assist it in carrying out its duties under this

2 Act.

3 (2) LIMIT ON DETAILS FROM BANKING AGENCIES.—Not more than 1 4 ⁄3 of the staff of the Com5 mission at any time may be employees detailed from

6 Federal banking agencies.

7 SEC. 5. POWERS OF COMMISSION.

8 (a) HEARINGS AND SESSIONS.—The Commission

9 may, for the purpose of carrying out this Act, hold hear10 ings, sit and act at times and places, take testimony, and

11 receive evidence as the Commission considers appropriate.

12 (b) POWERS OF MEMBERS AND AGENTS.—Any mem13 ber or agent of the Commission may, if authorized by the

14 Commission, take any action which the Commission is au15 thorized to take by this section.

16 (c) OBTAINING OFFICIAL DATA.—

17 (1) IN GENERAL.—The Commission may secure

18 directly from any department or agency of the Unit19 ed States information necessary to enable it to carry

20 out this Act.

21 (2) TRANSMITTAL BY AGENCIES.—Upon re22 quest of the Chairperson of the Commission, the

23 head of a department or agency of the United States

24 shall furnish information to the Commission.
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1 (d) MAILS.—The Commission may use the United

2 States mails in the same manner and under the same con3 ditions as other departments and agencies of the United

4 States.

5 (e) ADMINISTRATIVE SUPPORT SERVICES.—Upon

6 the request of the Commission, the Administrator of Gen7 eral Services shall provide to the Commission, on a reim8 bursable basis, the administrative support services nec9 essary for the Commission to carry out its responsibilities

10 under this Act.

11 (f) CONTRACT AUTHORITY.—The Commission may

12 contract with and compensate government and private

13 agencies or persons for the lease of space and the provision

14 of other services, without regard to section 3709 of the

15 Revised Statutes.

16 SEC. 6. DUTIES OF COMMISSION.

17 (a) IN GENERAL.—The Commission shall carry out

18 the purposes of this Act.

19 (b) CONSIDERATION OF SPECIFIC ISSUES.—In addi20 tion to such other issues as the Commission may find ap21 propriate to review, and make recommendations with re22 spect to, in order to carry out the purposes of this Act,

23 the Commission shall consider and make recommendations

24 with respect to the following issues:
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1 (1) CONVERSION PERIOD.—The appropriate pe2 riod of time during which a savings association

3 would be required to convert to a bank charter or

4 liquidate.

5 (2) FORM OF BANK CHARTER.—The form of

6 any bank charter to which savings associations

7 would be required to convert and the bank powers

8 which would be associated with any such charter, in9 cluding the feasibility of establishing a community

10 bank charter with more limited commercial banking

11 powers than full-service banks.

12 (3) APPLICABILITY TO STATE-CHARTERED

13 THRIFTS.—The manner in which legislation requir14 ing the conversion of savings associations to banks

15 would be applied to State-chartered savings associa16 tions.

17 (4) TREATMENT OF THRIFT POWERS.—The

18 treatment of powers of savings associations which

19 are not permitted for banks following any conversion

20 of a savings association to a bank.

21 (5) TREATMENT OF THRIFT HOLDING COMPA22 NIES.—The extent to which the conversion of sav23 ings associations to banks should require a change

24 in the existing savings and loan holding company

25 framework, the powers of such companies (including
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1 diversified savings and loan holding companies), and

2 the regulation of such companies (including consid3 eration of the most appropriate regulator for such

4 companies) and the appropriate period of time dur5 ing which any such change should be implemented.

6 (6) FICO CARRYING COSTS.—All appropriate

7 sources of funds for paying interest on, and other

8 costs incurred in connection with the obligations is9 sued by the Financing Corporation, including the

10 surplus funds of the Federal Reserve System, net

11 earnings of the deposit insurance funds, banks, sav12 ings associations, credit unions, Government cor13 porations and other Government sponsored enter14 prises, unexpended funds appropriated to the Reso15 lution Trust Corporation, and any other feasible

16 source of funds.

17 (7) RECAPITALIZATION OF THE SAIF.—The

18 manner in which the Savings Association Insurance

19 Fund should be recapitalized.

20 (8) BRANCHING.—The appropriate treatment,

21 after any conversion of an savings association to a

22 bank, of branches which the savings association was

23 operating before the conversion.

24 (9) REGULATIONS.—The extent to which the

25 regulations applicable to savings associations differ
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1 from regulations applicable to banks, and the extent

2 to which a transition period and special transition

3 rules may be appropriate with regard to those areas

4 where such regulations differ in connection with the

5 conversions of savings associations to banks.

6 (10) FEDERAL HOME LOAN BANK MEMBER7 SHIP.—The manner in which membership eligibility

8 and withdrawal requirements with respect to Federal

9 home loan banks shall apply to savings associations

10 following any conversion of the associations to banks

11 and the extent to which banks should have unlimited

12 access to advances from such home loan banks.

13 (11) REORGANIZATION OF FEDERAL BANKING

14 AGENCIES.—The manner in which Federal banking

15 agencies should be reorganized, consolidated, or

16 abolished.

17 (12) TREATMENT OF BANKING AGENCY EM18 PLOYEES DURING AND AFTER ANY REORGANIZA19 TION.—The appropriate treatment of employees of

20 Federal banking agencies who are or would be af21 fected by any reorganization, consolidation, or aboli22 tion of any Federal banking agency.

23 (13) ‘‘OAKAR’’ BANKS.—The appropriate treat24 ment of banks which have deposits insured by the

25 Savings Association Insurance Fund pursuant to
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1 section 5(d)(3) of the Federal Deposit Insurance Act

2 in connection with the conversion of savings associa3 tions to banks.

4 (c) PREPARATION OF IMPLEMENTING BILL.—After

5 completing consideration of the issues required to be con6 sidered by the Commission, the Commission shall prepare

7 a bill consisting only of—

8 (1) provisions directly related to—

9 (A) the conversion of savings associations

10 to banks;

11 (B) issues directly related to such conver12 sions (including the issues specified in sub13 section (b)); and

14 (C) other purposes of this Act;

15 (2) if changes in existing laws or new statutory

16 authority is required to carry out the purposes of

17 this Act, provisions, necessary to carry out such pur18 poses, either repealing or amending existing laws or

19 providing new statutory authority; and

20 (3) provisions necessary for purposes of comply21 ing with section 252 of the Balanced Budget and

22 Emergency Deficit Control Act of 1985 in connec23 tion with such legislative provisions.
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1 SEC. 7. REPORTS AND IMPLEMENTING BILL.

2 (a) INTERIM REPORTS.—The Commission may sub3 mit to the President and the Congress interim reports as

4 the Commission considers appropriate.

5 (b) FINAL REPORT.—

6 (1) REPORT REQUIRED.—The Commission shall

7 submit a final report to the President and the Con8 gress not later than October 1, 1997.

9 (2) CONTENTS.—The final report shall contain

10 a detailed statement of the findings and conclusions

11 of the Commission, together with a final draft ver12 sion of the implementing bill prepared pursuant to

13 section 6(c) and such recommendations for adminis14 trative actions as the Commission considers appro15 priate.

16 (c) FINAL IMPLEMENTING BILL.—

17 (1) IN GENERAL.—Before the later of Decem18 ber 1, 1997, or 30 legislative days after submitting

19 the final report with the final draft version of the

20 implementing bill to the Congress pursuant to sub21 section (b)(2), the Commission shall, after taking

22 into account such comments on the final draft ver23 sion of the implementing bill as have been trans24 ferred to the Commission by any committee of the

25 House of Representatives or the Senate (which has

26 jurisdiction over legislation involving subject matters
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1 which would be affected by the implementing bill),

2 the Commission shall submit a final implementing

3 bill to the House of Representatives and the Senate.

4 (2) COMPUTATION OF LEGISLATIVE DAYS.—In

5 computing the number of legislative days for pur6 poses of paragraph (1), there shall be excluded any

7 day on which either House of the Congress is not in

8 session.

9 SEC. 8. CONSIDERATION OF BILL IMPLEMENTING PUR10 POSES OF THIS ACT.

11 (a) RULES OF HOUSE OF REPRESENTATIVES AND

12 SENATE.—The provisions of this section are enacted by

13 the Congress—

14 (1) as an exercise of the rulemaking power of

15 the House of Representatives and the Senate, re16 spectively, and as such they are deemed a part of

17 the rules of each House, respectively, but applicable

18 only with respect to the procedure to be followed in

19 that House in the case of implementing bills de20 scribed in section 6(c) and they supersede other

21 rules only to the extent that they are inconsistent

22 therewith; and

23 (2) with full recognition of the constitutional

24 right of either House to change the rules (so far as

25 relating to the procedure of that House) at any time,
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1 in the same manner and to the same extent as in

2 the case of any other rule of that House.

3 (b) IMPLEMENTING BILL DEFINED.—For purposes

4 of this section, the term ‘‘implementing bill’’ means only

5 a bill of either House of Congress which is submitted by

6 the Commission pursuant to section 7(c) and introduced

7 as provided in subsection (c) (of this section).

8 (c) INTRODUCTION AND REFERRAL.—

9 (1) INTRODUCTION ON DAY OF SUBMISSION.—

10 On the day on which an implementing bill is submit11 ted to the House of Representatives and the Senate

12 by the Commission under section 7(c), the imple13 menting bill submitted shall be—

14 (A) introduced (by request) in the House

15 by the majority leader of the House, for himself

16 and the minority leader of the House, or by

17 Members of the House designated by the major18 ity leader and minority leader of the House;

19 and

20 (B) introduced (by request) in the Senate

21 by the majority leader of the Senate, for himself

22 and the minority leader of the Senate, or by

23 Members of the Senate designated by the ma24 jority leader and minority leader of the Senate.
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1 (2) SUBSEQUENT INTRODUCTION IF A HOUSE

2 IS NOT IN SESSION.—If either House is not in ses3 sion on the day on which an implementing bill is

4 submitted, the implementing bill shall be introduced

5 in that House, as provided paragraph (1), on the

6 first day after such date of submission on which the

7 House is in session.

8 (3) COMMITTEE REFERRALS.—An implement9 ing bill introduced in either House pursuant to para10 graph (1) or (2) shall be referred by the presiding

11 officer of such House to the appropriate committee,

12 or, in the case of a bill containing provisions within

13 the jurisdiction of 2 or more committees, jointly to

14 such committees for consideration of those provi15 sions within their respective jurisdictions.

16 (d) AMENDMENTS PROHIBITED.—

17 (1) IN GENERAL.—No amendment to an imple18 menting bill shall be in order in either the House of

19 Representatives or the Senate.

20 (2) NO MOTION TO SUSPEND APPLICATION OF

21 SUBSECTION.—No motion to suspend the application

22 of this subsection shall be in order in either House.

23 (3) NO UNANIMOUS CONSENT REQUESTS.—A

24 request to suspend the application of this subsection

25 by unanimous consent shall not be in order in either
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1 House and it shall not be in order for the presiding

2 officer in either House to entertain any such re3 quest.

4 (e) PERIOD FOR COMMITTEE AND FLOOR CONSIDER5 ATION.—

6 (1) COMMITTEE CONSIDERATION.—If any com7 mittee of either House to which an implementing bill

8 has been referred has not reported such bill to such

9 House as of the close of the 45th day after the in10 troduction of the bill, the committee shall be auto11 matically discharged from further consideration of

12 the bill and the bill shall be placed on the appro13 priate calendar.

14 (2) VOTE ON FINAL PASSAGE.—A vote on final

15 passage of an implementing bill shall be taken in

16 each House on or before the close of the 15th day

17 after the bill is reported by the committee or com18 mittees of that House to which the bill was referred,

19 or after such committee or committees have been

20 discharged from further consideration of the bill.

21 (3) CONSIDERATION BY 1 HOUSE AFTER PAS22 SAGE OF BILL BY OTHER HOUSE.—If, before the

23 passage by 1 House of an implementing bill of such

24 House, the House receives the same implementing

25 bill from the other House, then—
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1 (A) the procedure in that House shall be

2 the same as if no implementing bill had been

3 received from the other House; but

4 (B) the vote on final passage shall be on

5 the implementing bill of the other House.

6 (4) COMPUTATION OF LEGISLATIVE DAYS.—For

7 purposes of this subsection, in computing a number

8 of days in either House, there shall be excluded any

9 day on which that House is not in session.

10 (f) PROCEDURAL RULES FOR FLOOR CONSIDER11 ATION IN THE HOUSE.—

12 (1) HIGHLY PRIVILEGED MOTION.—

13 (A) IN GENERAL.—A motion in the House

14 of Representatives to proceed to the consider15 ation of an implementing bill shall be highly

16 privileged and not debatable.

17 (B) MOTION NOT AMENDABLE.—An

18 amendment to the motion described in subpara19 graph (A) shall not be in order.

20 (C) NO MOTION TO RECONSIDER.—No mo21 tion to reconsider the vote by which the motion

22 described in subparagraph (A) is agreed to or

23 disagreed to shall be in order in the House of

24 Representatives.

25 (2) DEBATE.—
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1 (A) TIME LIMIT.—Debate in the House of

2 Representatives on an implementing bill shall

3 be limited to not more than 20 hours, which

4 shall be divided equally between those favoring

5 and those opposing the bill.

6 (B) NONDEBATABLE MOTION TO FURTHER

7 LIMIT DEBATE.—A motion to further limit de8 bate on an implementing bill shall not be debat9 able.

10 (3) NO MOTION TO RECONSIDER OR RECOM11 MIT.—It shall not be in order in the House of Rep12 resentatives to move to recommit an implementing

13 bill or to move to reconsider the vote by which an

14 implementing bill is agreed to or disagreed to.

15 (4) MOTIONS TO POSTPONE CONSIDERATION OR

16 PROCEED TO CONSIDERATION OF OTHER BUSINESS

17 NONDEBATABLE.—Motions to postpone, made in the

18 House of Representatives with respect to the consid19 eration of an implementing bill, and motions to pro20 ceed to the consideration of other business, shall be

21 decided without debate.

22 (5) APPEALS FROM RULINGS OF THE CHAIR

23 NONDEBATABLE.—All appeals from the decisions of

24 the Chair relating to the application of the Rules of

25 the House of Representatives to the procedure relat-
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1 ing to an implementing bill shall be decided without

2 debate.

3 (6) RULES OF THE HOUSE OTHERWISE

4 APPLY.—Except to the extent specifically provided in

5 the preceding paragraphs of this subsection, consid6 eration of an implementing bill in the House of Rep7 resentatives shall be governed by the Rules of the

8 House of Representatives applicable to other bills in

9 similar circumstances.

10 (g) PROCEDURAL RULES FOR FLOOR CONSIDER11 ATION IN THE SENATE.—

12 (1) PRIVILEGED MOTION.—

13 (A) IN GENERAL.—A motion in the Senate

14 to proceed to the consideration of an imple15 menting bill shall be privileged and not debat16 able.

17 (B) MOTION NOT AMENDABLE.—An

18 amendment to the motion described in subpara19 graph (A) shall not be in order.

20 (C) NO MOTION TO RECONSIDER.—A mo21 tion to reconsider the vote by which the motion

22 described in subparagraph (A) is agreed to or

23 disagreed to shall not be in order in the Senate.

24 (2) DEBATE.—
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1 (A) TIME LIMIT GENERALLY.—Debate in

2 the Senate on an implementing bill, and all de3 batable motions and appeals in connection with

4 the debate on such bill, shall be limited to not

5 more than 20 hours which shall be equally di6 vided between, and controlled by, the majority

7 leader and the minority leader or their des8 ignees.

9 (B) TIME LIMIT ON DEBATABLE MOTIONS

10 OR APPEALS.—Debate in the Senate on any de11 batable motion or appeal in connection with an

12 implementing bill shall be limited to not more

13 than 1 hour, to be equally divided between, and

14 controlled by, the mover and the manager of

15 the bill, except that in the event the manager

16 of the bill is in favor of any such motion or ap17 peal, the time in opposition thereto, shall be

18 controlled by the minority leader or his des19 ignee.

20 (C) ALLOTMENT OF TIME DURING CONSID21 ERATION OF DEBATABLE MOTION OR AP22 PEAL.—The majority leader and the minority

23 leader may, from time under their control on

24 the passage of an implementing bill, allot addi-
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1 tional time to any Senator during the consider2 ation of any debatable motion or appeal.

3 (D) NONDEBATABLE MOTION TO FURTHER

4 LIMIT DEBATE.—A motion in the Senate to fur5 ther limit debate is not debatable.

6 (3) NO MOTION TO RECOMMIT.—It shall not be

7 in order in the Senate to move to recommit an im8 plementing bill.

9 SEC. 9. TERMINATION.

10 The Commission shall terminate 30 days after the

11 final text of the implementing bill has been submitted to

12 the Congress pursuant to section 7(c).

13 SEC. 10. AUTHORIZATION OF APPROPRIATIONS.

14 There are authorized to be appropriated for the fiscal

15 years 1997 and 1998 such sums as may be necessary to

16 carry out this Act.

17 SEC. 11. BUDGET ACT COMPLIANCE.

18 Any spending authority (as defined in subparagraphs

19 (A) and (C) of section 401(c)(2) of the Congressional

20 Budget Act of 1974) authorized by this Act shall be effec21 tive only to such extent and in such amounts as are pro22 vided in appropriation Acts.

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