I 

111TH CONGRESS 

1ST SESSION H. R. 1754 

To create a systemic risk monitor for the financial system of the United 

States, to oversee financial regulatory activities of the Federal Government, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

MARCH 26, 2009 

Mr. CASTLE introduced the following bill; which was referred to the Committee on Financial Services, and in addition to the Committee on Agriculture, 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 create a systemic risk monitor for the financial system 

of the United States, to oversee financial regulatory activities of the Federal Government, 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; TABLE OF CONTENTS. 

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

5 ‘‘Financial System Stabilization and Reform Act of 

6 2009’’. 


jbell on PRODPC61 with BILLS
2 

•HR 1754 IH

1 (b) TABLE OF CONTENTS.—The table of contents for 

2 this Act is as follows: 

Sec. 1. Short title; table of contents. 

TITLE I—FINANCIAL SYSTEM REGULATION 

Sec. 101. Definitions. 

Subtitle A—Financial Stability Council 

Sec. 111. Establishment and structure. 

Sec. 112. Duties and authority of the Chairperson. 

Sec. 113. Duties and authority of the Council. 

Sec. 114. Judicial review. 

Sec. 115. Civil penalties. 

Sec. 116. Precedence of council actions. 

Sec. 117. Conflicting provisions terminated. 

Sec. 118. Reporting and recordkeeping for positions involving credit-default 

swaps. 

Sec. 119. Federal Reserve Board authority over investment bank holding companies. 

Sec. 120. Regulations on clearinghouse operations and fraudulent, deceptive, 

and manipulative acts. 

Subtitle B—Administrative Provision 

Sec. 151. Annual budget. 

Sec. 152. Personnel matters. 

Sec. 153. Personnel programs and policies. 

Sec. 154. Executive schedule matters. 

Sec. 155. Transitional authorities. 

Sec. 156. Prohibition on political campaigning. 

Sec. 157. Authorization of appropriations. 

Sec. 158. Savings provision. 

TITLE II—ABOLISHMENT AND TRANSFER OF FUNCTIONS OF 

THE OFFICE OF THRIFT SUPERVISION 

Sec. 201. Definitions. 

Sec. 202. Transfer of powers of the Director of the Office of Thrift Supervision. 

Sec. 203. Abolishment of the Office of Thrift Supervision. 

Sec. 204. Transition period. 

Sec. 205. Savings provisions. 

Sec. 206. Continuation of regulations. 

Sec. 207. Transfer of functions, personnel, and property. 

Sec. 208. Conforming amendments to the Home Owners’ Loan Act. 

Sec. 209. Conforming amendments to the Federal Deposit Insurance Act. 

Sec. 210. Additional Conforming Amendments. 

Sec. 211. Additional conforming references. 


jbell on PRODPC61 with BILLS
3 

•HR 1754 IH

1 TITLE I—FINANCIAL SYSTEM 

2 REGULATION 

3 SEC. 101. DEFINITIONS. 

4 For purposes of this title, the following definitions 

5 shall apply: 

6 (1) COUNCIL.—The term ‘‘Council’’ means the 

7 Financial Stability Council established under section 

8 111. 

9 (2) PRODUCT OR ACTIVITY THAT IS FINANCIAL

10 IN NATURE.—The term ‘‘product or activity that is 

11 financial in nature’’ means products and activities 

12 listed in paragraph (4) of section 4(k) of the Bank 

13 Holding Company Act of 1956 (12 U.S.C. 

14 1843(k)(4)), other than the activities and products 

15 listed in subparagraph (B) of such paragraph (4). 

16 (3) FINANCIAL SYSTEM.—the term ‘‘financial 

17 system’’ means any product or activity that is finan18 cial in nature, financial institutions, or financial 

19 markets. 

20 (4) FEDERAL FINANCIAL REGULATOR.—The 

21 term ‘‘Federal financial regulator’’ means, individ22 ually and collectively, as the context requires— 

23 (A) the Comptroller of the Currency; 

24 (B) the Board of Governors of the Federal 

25 Reserve System; 


jbell on PRODPC61 with BILLS
4 

•HR 1754 IH

1 (C) the Federal Deposit Insurance Cor2 poration; 

3 (D) the National Credit Union Administra4 tion; 

5 (E) the Securities and Exchange Commis6 sion; 

7 (F) the Commodity Futures Trade Com8 mission; 

9 (G) the Treasury; 

10 (H) the Pension Benefit Guarantee Cor11 poration; 

12 (I) the Federal Housing Finance Agency; 

13 (J) any other department or agency or 

14 component thereof, designated by the President 

15 as a Federal financial regulator; and 

16 (K) any combination of the agencies speci17 fied in this paragraph, with respect to any given 

18 institution, as otherwise provided by law. 

19 (5) CHAIRPERSON.—The term ‘‘Chairperson’’, 

20 except as the context otherwise requires, means the 

21 Chairperson of the Financial Stability Council. 

22 (6) BOARD.—The term ‘‘Board’’ means the 

23 Board of Governors of the Federal Reserve System. 


jbell on PRODPC61 with BILLS
5 

•HR 1754 IH

1 (7) REGULATION, RULE, REGULATORY AC2 TION.—The terms ‘‘regulation’’, ‘‘rule’’, and ‘‘regu3 latory action’’— 

4 (A) mean an agency statement of general 

5 applicability and future effect, or any amend6 ments or modifications thereto, which the Coun7 cil believes to have the force and effect of law, 

8 that is designed to implement, interpret, or pre9 scribe law or policy or to describe the procedure 

10 or practice requirements of an agency; and 

11 (B) do not include— 

12 (i) regulations or rules that are lim13 ited to agency organization, management, 

14 or personnel matters, unless expressly pro15 vided otherwise in this title; 

16 (ii) any rule, regulation, or order 

17 issued by the Board relating to the mone18 tary policy functions of the Board; or 

19 (iii) any other category of regulations 

20 exempted at the discretion of the Council. 

21 (8) SYSTEMIC RISK.—The term ‘‘systemic risk’’ 

22 means the risk that a product or activity that is fi23 nancial in nature, or that a default by a financial in24 stitution, will produce failures of, or significant 

25 losses to, other financial institutions, resulting in 


jbell on PRODPC61 with BILLS
6 

•HR 1754 IH

1 substantial increases in the cost of capital or sub2 stantial decreases in the availability of capital, or 

3 substantial financial market price volatility. 

4 Subtitle A—Financial Stability 

5 Council 

6 SEC. 111. ESTABLISHMENT AND STRUCTURE. 

7 (a) IN GENERAL.—There is established the Financial 

8 Stability Council, which shall be an independent establish9 ment, as that term is defined in section 104 of title 5, 

10 United States Code. 

11 (b) CHAIRPERSON.—The Council shall be headed by 

12 a Chairperson, who shall be appointed by the President, 

13 by and with the advice and consent of the Senate, from 

14 among individuals having expertise in the financial serv15 ices industry. 

16 (c) PROHIBITION ON DUAL SERVICE.—The indi17 vidual serving in the position of Chairperson may not, dur18 ing such service, also serve as the head of any Federal 

19 financial regulator. 

20 (d) MEMBERSHIP.—The members of the Council 

21 shall be— 

22 (1) the Chairperson; 

23 (2) the Secretary of the Treasury; 

24 (3) the Chairman of the Board of Governors of 

25 the Federal Reserve System; 


jbell on PRODPC61 with BILLS
7 

•HR 1754 IH

1 (4) the Chairperson of the Board of Directors 

2 of the Federal Deposit Insurance Corporation; 

3 (5) the Chairman of the National Credit Union 

4 Administration; 

5 (6) the Chairman of the Securities and Ex6 change Commission; and 

7 (7) the Chairman of the Commodity Futures 

8 Trading Commission. 

9 SEC. 112. DUTIES AND AUTHORITY OF THE CHAIRPERSON. 

10 (a) DUTIES.—The Chairperson— 

11 (1) shall— 

12 (A) serve as the principal advisor to the 

13 President on matters related to oversight, moni14 toring, and prevention of systemic risk affecting 

15 the financial system of the United States; 

16 (B) review all potential rules, regulations, 

17 and regulatory actions of the Federal financial 

18 regulators (before such rule or regulation is 

19 proposed), to determine those which relate to 

20 systemic risk affecting the financial system of 

21 the United States, and shall therefore be sub22 ject to review by the Council under this title; 

23 (C) oversee and direct systemic risk regu24 latory policy concerning the financial system of 

25 the United States, including by identifying any 


jbell on PRODPC61 with BILLS
8 

•HR 1754 IH

1 absence in regulatory authority among the Fed2 eral financial regulators that may contribute to 

3 such risk; 

4 (D) convene meetings of the Council at 

5 least quarterly, and more often, as the Chair6 person determines necessary; 

7 (E) set the agenda for meetings of the 

8 Council; 

9 (F) manage and oversee the staff of the 

10 Council; and 

11 (G) make recommendations for action by 

12 the Council on matters relating to monitoring 

13 and preventing systemic risk to the financial 

14 system of the United States, and for regulating 

15 the financial system of the United States to 

16 prevent such risk; and 

17 (2) may review existing rules, regulations, and 

18 regulatory actions of the Federal financial regulators 

19 and recommend to the Council any revisions or re20 peals thereof for the purpose of monitoring and pre21 venting systemic risk to the financial system of the 

22 United States. 

23 (b) AGENCY COOPERATION.— 

24 (1) IN GENERAL.—The Chairperson shall have 

25 access to, and may require the production of, any 


jbell on PRODPC61 with BILLS
9 

•HR 1754 IH

1 data or information from the Federal financial regu2 lators, as necessary— 

3 (A) to monitor areas of potential systemic 

4 risk in the financial system of the United 

5 States; 

6 (B) to monitor and coordinate the actions 

7 of the Federal financial regulators; or 

8 (C) to carry out any of the provisions of 

9 this title. 

10 (2) SUBMISSIONS BY REGULATORS.—Any Fed11 eral financial regulator in possession of data or in12 formation relevant to preventing systemic risk to the 

13 financial system of the United States shall provide 

14 that information to the Chairperson in a timely 

15 manner. 

16 (3) FINANCIAL DATA COLLECTION.—If the 

17 Chairperson determines that it is necessary to carry 

18 out any of the provisions of this title, the Chair19 person may direct a Federal financial regulator, con20 sistent with the authorities of such regulator, to re21 quire the production of any data or information 

22 from any entity regarding any product or activity 

23 that the Chairperson determines may be a product 

24 or activity that is financial in nature. 


jbell on PRODPC61 with BILLS
10 

•HR 1754 IH

1 (c) INSURANCE INFORMATION.—To carry out this 

2 title, the Chairperson may request— 

3 (1) data and information from States regarding 

4 the solvency of State regulated insurers and affili5 ates thereof; and 

6 (2) data and information from such insurers 

7 and affiliates regarding any product or activity that 

8 the Council determines may be a product or activity 

9 that is financial in nature. 

10 (d) BUDGET RECOMMENDATIONS.—With respect to 

11 budget requests and appropriations for the Federal finan12 cial regulators, the Chairperson shall, based on economic 

13 priorities established by the President, provide to the 

14 heads of the Federal financial regulators guidance for de15 veloping the budget of each such regulator pertaining to 

16 the activities of such regulator that are deemed by the 

17 Chairperson as relating to or affecting systemic risk to 

18 the financial system of the United States. 

19 (e) REPORTS TO THE PRESIDENT AND THE CON20 GRESS.—Not later than 6 months after the date of the 

21 enactment of this Act, and biannually thereafter, the 

22 Chairperson shall provide a report to the President and 

23 the Congress on— 

24 (1) the state of the financial system of the 

25 United States; 


jbell on PRODPC61 with BILLS
11 

•HR 1754 IH

1 (2) areas in which the Chairperson anticipates 

2 systemic risk to the financial system of the United 

3 States; and 

4 (3) areas for which the Council or a Federal fi5 nancial regulator needs legislative authority to fulfill 

6 its mission of preventing such systemic risks. 

7 (f) CONSULTATION WITH FOREIGN GOVERN8 MENTS.—Under the direction of the President, and in a 

9 manner consistent with section 207 of the Foreign Service 

10 Act of 1980 (22 U.S.C. 3927), the Chairperson, in con11 sultation with the Council, shall regularly consult with the 

12 financial regulatory entities and other appropriate organi13 zations of foreign governments or international organiza14 tions on matters relating to systemic risk to the inter15 national financial system. 

16 SEC. 113. DUTIES AND AUTHORITY OF THE COUNCIL. 

17 (a) IN GENERAL.—The Council shall— 

18 (1) review, and approve or prohibit issuance of, 

19 or require modification of, any rule or regulation of 

20 any Federal financial regulator identified by the 

21 Chairperson for such review under section 112; 

22 (2) require each Federal financial regulator to 

23 issue or revise its rules and regulations in conform24 ance with the determination of the Council; 


jbell on PRODPC61 with BILLS
12 

•HR 1754 IH

1 (3) review new financial products and services 

2 and recommend regulations for such products and 

3 services to the appropriate Federal financial regu4 lator; and 

5 (4) direct each Federal financial regulator to 

6 impose appropriate solvency requirements, including 

7 capital requirements and long-term debt ratios on 

8 any financial institution within its jurisdiction, as 

9 the Council deems necessary to prevent systemic risk 

10 to the financial system of the United States. 

11 (b) INSURANCE INDUSTRY AUTHORITY.—The Coun12 cil may exercise any of the authorities described in sub13 sections (a) and (d) with respect to products and activities 

14 that are financial in nature that are carried out by insur15 ers and affiliates thereof, if the Council determines that 

16 such products or activities pose a systemic risk to the fi17 nancial system of the United States. 

18 (c) OTHER AUTHORITY.— 

19 (1) HEARINGS.—The Council may, for the pur20 pose of carrying out this title— 

21 (A) hold such hearings, sit and act at such 

22 times and places, take such testimony, receive 

23 such evidence, administer such oaths; and 

24 (B) require, by subpoena or otherwise, the 

25 production of such books, records, correspondVerDate Nov 24 2008 00:12 Mar 28, 2009 Jkt 079200 PO 00000 Frm 00012 Fmt 6652 Sfmt 6201 E:\BILLS\H1754.IH H1754

jbell on PRODPC61 with BILLS
13 

•HR 1754 IH

1 ence, memoranda, papers, documents, tapes, 

2 and materials as the Council considers advis3 able. 

4 (2) ISSUANCE AND ENFORCEMENT OF SUB5 POENAS.— 

6 (A) ISSUANCE.—Subpoenas issued pursu7 ant to paragraph (1) shall bear the signature of 

8 the Chairperson and shall be served by any per9 son or class of persons designated by the Chair10 person for that purpose. 

11 (B) ENFORCEMENT.—In the case of contu12 macy or failure to obey a subpoena issued 

13 under paragraph (1), the subpoena shall be en14 forceable by order of any appropriate district 

15 court of the United States. Any failure to obey 

16 the order of the court may be punished by the 

17 court as a contempt of that court. 

18 (d) AUTHORITY OF THE COUNCIL TO ISSUE REGU19 LATIONS.—For any product or activity that is financial 

20 in nature and that is not otherwise within the jurisdiction 

21 or authority of a Federal financial regulator, the Council 

22 may issue and enforce regulations designed to prevent 

23 such product or activity from creating systemic risk to the 

24 financial system of the United States, in accordance with 

25 applicable provisions of title 5, United States Code. 


jbell on PRODPC61 with BILLS
14 

•HR 1754 IH

1 (e) ACTIONS OF THE COUNCIL.—All determinations 

2 and actions of the Council with respect to its duties and 

3 authority under this section shall be subject to a majority 

4 vote of a quorum of the Council. 

5 (f) QUORUM.—Three members of the Council, includ6 ing the Chairperson, shall constitute a quorum for the 

7 transaction of business. 

8 SEC. 114. JUDICIAL REVIEW. 

9 Nothing in this title affects any otherwise available 

10 judicial review of agency action or creates any right or 

11 benefit, substantive or procedural, enforceable at law or 

12 equity by a party against the United States, its agencies 

13 or instrumentalities, its officers or employees, or any other 

14 person. 

15 SEC. 115. CIVIL PENALTIES. 

16 (a) IN GENERAL.—Any person who violates this title 

17 or fails to comply with a rule, regulation, or order of the 

18 Council issued under this title shall be subject to a civil 

19 penalty in an amount established by the Council and pub20 lished under subsection (b). Each such violation or failure 

21 shall constitute a separate civil offense. 

22 (b) PUBLICATION.—The Council shall annually pre23 scribe and publish in the Federal Register a schedule of 

24 the maximum authorized civil penalty for any violation of 


jbell on PRODPC61 with BILLS
15 

•HR 1754 IH

1 this title or any regulatory action of the Council under 

2 this title. 

3 SEC. 116. PRECEDENCE OF COUNCIL ACTIONS. 

4 To the extent that any regulatory action of the Coun5 cil presents a conflict with any regulatory action of a Fed6 eral financial regulator, the regulatory action of the Coun7 cil shall take precedence, except as otherwise expressly 

8 provided by law. 

9 SEC. 117. CONFLICTING PROVISIONS TERMINATED. 

10 Executive Order Number 12631, issued by the Presi11 dent on March 18, 1988, may not be enforced on or after 

12 the date of the enactment of this Act. 

13 SEC. 118. REPORTING AND RECORDKEEPING FOR POSI14 TIONS INVOLVING CREDIT-DEFAULT SWAPS. 

15 (a) IN GENERAL.—Section 2(h) of the Commodity 

16 Exchange Act (7 U.S.C. 2(h)) is amended by adding at 

17 the end the following: 

18 ‘‘(8) REPORTING AND RECORDKEEPING FOR

19 POSITIONS INVOLVING CREDIT-DEFAULT SWAPS.— 

20 ‘‘(A) DEFINITIONS.—In this paragraph: 

21 ‘‘(i) CREDIT-DEFAULT SWAP.—The 

22 term ‘credit-default swap’ means a bilat23 eral derivative contract that transfers, in 

24 exchange for 1 or more lump-sum or other 

25 payments, from 1 party to another, the 


jbell on PRODPC61 with BILLS
16 

•HR 1754 IH

1 risk that an entity, regardless of whether 

2 owned by the buyer of the protection, may 

3 experience a loss of value from a credit 

4 event such as a default, credit downgrade, 

5 or other contractually agreed-upon adverse 

6 event. 

7 ‘‘(ii) CREDIT-DEFAULT SWAP TRADING

8 CLEARINGHOUSE.—The term ‘credit-de9 fault swap trading clearinghouse’ means an 

10 approved centralized clearinghouse for 

11 credit-default swap trading that is des12 ignated by the Securities and Exchange 

13 Commission, in consultation with the Com14 modity Futures Trading Commission and 

15 the Chairman of the Board of Governors of 

16 the Federal Reserve System. 

17 ‘‘(iii) REPORTABLE CONTRACT.—The 

18 term ‘reportable contract’ means a con19 tract, agreement, or transaction involving a 

20 credit-default swap, executed through a 

21 credit-default swap trading clearinghouse. 

22 ‘‘(B) USE OF CREDIT-DEFAULT SWAP

23 TRADING CLEARINGHOUSES.—Each credit-de24 fault swap trading clearinghouse— 


jbell on PRODPC61 with BILLS
17 

•HR 1754 IH

1 ‘‘(i) shall be subject to regulation by 

2 the Commission; 

3 ‘‘(ii) shall be capitalized by partici4 pants in the credit-default swap trading 

5 clearinghouse at a level that is sufficient to 

6 guarantee payment for trading in credit7 default swaps; and 

8 ‘‘(iii) may assess participants in the 

9 credit-default swap trading clearinghouse 

10 in an amount necessary to maintain a de11 fault fund for the credit-default swap trad12 ing clearinghouse. 

13 ‘‘(C) RECORDKEEPING.—The Commission, 

14 by rule, shall require any person holding, main15 taining, or controlling any position in any re16 portable contract under this paragraph— 

17 ‘‘(i) to maintain such records as di18 rected by the Commission for a period of 

19 5 years, or longer, if directed by the Com20 mission; and 

21 ‘‘(ii) to provide such records upon re22 quest to the Commission, the Department 

23 of Justice, the Securities and Exchange 

24 Commission, or the Federal Reserve Sys25 tem, as applicable. 


jbell on PRODPC61 with BILLS
18 

•HR 1754 IH

1 ‘‘(D) REPORTING OF POSITIONS INVOLV2 ING CREDIT-DEFAULT SWAPS.—The Commis3 sion shall prescribe rules requiring such regular 

4 or continuous reporting of positions in report5 able contracts in accordance with such require6 ments regarding size limits for reportable posi7 tions and the form, timing, and manner of fil8 ing such reports under this paragraph, as the 

9 Commission shall determine.’’. 

10 (b) CONFORMING AMENDMENTS.—Section 4a(e) of 

11 the Commodity Exchange Act (7 U.S.C. 6a(e)) is amend12 ed— 

13 (1) in the first sentence— 

14 (A) by inserting ‘‘, by any credit-default 

15 swap trading clearinghouse (as defined in sec16 tion 2(h)(8)(A)),’’ after ‘‘registered by the Com17 mission’’; and 

18 (B) by inserting ‘‘, credit-default swap 

19 trading clearinghouse,’’ after ‘‘derivatives trans20 action execution facility’’; and 

21 (2) in the second sentence, by inserting ‘‘, by 

22 any credit-default swap trading clearinghouse (as de23 fined in section 2(h)(8)(A)),’’ after ‘‘registered by 

24 the Commission’’. 


jbell on PRODPC61 with BILLS
19 

•HR 1754 IH

1 SEC. 119. FEDERAL RESERVE BOARD AUTHORITY OVER IN2 VESTMENT BANK HOLDING COMPANIES. 

3 (a) REGULATION BY THE BOARD OF GOVERNORS OF

4 THE FEDERAL RESERVE SYSTEM.— 

5 (1) RULEMAKING REQUIRED.—Not later than 

6 90 days after the date of the enactment of this Act, 

7 the Board shall issue final rules to provide for the 

8 examination of the safety and soundness of, and the 

9 extent of systemic risk to the financial system of the 

10 United States posed by, any investment bank hold11 ing company organized in or doing business in the 

12 United States. 

13 (2) INFORMATION FROM INVESTMENT BANK

14 HOLDING COMPANIES.—The rules of the Board 

15 under this section shall provide for reasonable re16 porting of information by each investment bank 

17 holding company, to the extent necessary to carry 

18 out the purposes of this section. 

19 (b) RULE OF CONSTRUCTION.—Nothing in this sec20 tion shall be construed as negating or preempting the au21 thority of the Securities and Exchange Commission to ex22 ercise its authority over broker or dealer operations in ac23 cordance with applicable provisions of law. 

24 (c) EXCHANGE OF INFORMATION ON SYSTEMIC

25 RISK.—The Securities and Exchange Commission, the 

26 Commodity Futures Trading Commission, and other apVerDate Nov 24 2008 00:12 Mar 28, 2009 Jkt 079200 PO 00000 Frm 00019 Fmt 6652 Sfmt 6201 E:\BILLS\H1754.IH H1754

jbell on PRODPC61 with BILLS
20 

•HR 1754 IH

1 propriate Federal regulatory agencies shall provide to the 

2 Board all relevant information, as directed by the Board, 

3 on the activities of investment bank holding companies 

4 with respect to the prevention of systemic risk to the fi5 nancial system of the United States posed by such activi6 ties. 

7 (d) ENFORCEMENT PROVISIONS.—Any violation of 

8 this section or the rules of the Board under this section 

9 shall be subject to the enforcement and penalty provisions 

10 of the Bank Holding Company Act of 1956, in the same 

11 manner and to the same extent as those provisions are 

12 applicable to violations of that Act by a bank holding com13 pany (as defined in that Act). 

14 (e) AUTHORIZATION OF APPROPRIATIONS.—There 

15 are authorized to be appropriated to the Board such sums 

16 as may be necessary to carry out this section. 

17 (f) DEFINITIONS.—For purposes of this section, the 

18 term ‘‘investment bank holding company’’ means— 

19 (1) any person other than a natural person that 

20 owns or controls 1 or more brokers or dealers (as 

21 those terms are defined in section 3 of the Securities 

22 Exchange Act of 1934 (15 U.S.C. 78c)); and 

23 (2) the associated persons thereof. 


jbell on PRODPC61 with BILLS
21 

•HR 1754 IH

1 (g) CONFORMING AMENDMENTS.—The Securities 

2 Exchange Act of 1934 (15 U.S.C. 78a et seq.) is amend3 ed— 

4 (1) in section 6(g)(4)(A)(iv) (15 U.S.C. 

5 78f(g)(4)(A)(iv)), by striking ‘‘and (k)’’ and insert6 ing ‘‘and (i)’’; 

7 (2) in section 15(b) (15 U.S.C. 78(o)(b))— 

8 (A) in paragraph (11)(B)(vi), by striking 

9 ‘‘(h), and (i)’’ and inserting ‘‘and (h)’’; and 

10 (B) in paragraph (12)(B)(vi), by striking 

11 ‘‘(h), and (i)’’ and inserting ‘‘and (h)’’; 

12 (3) in section 15A(k)(4)(C) (15 U.S.C. 78o– 

13 3(k)(4)(C)), by striking ‘‘and (k)’’ and inserting 

14 ‘‘and (i)’’; and 

15 (4) in section 17 (15 U.S.C. 78q)— 

16 (A) by striking subsections (i) and (j); and 

17 (B) by redesignating subsection (k) as sub18 section (i). 

19 SEC. 120. REGULATIONS ON CLEARINGHOUSE OPERATIONS 

20 AND FRAUDULENT, DECEPTIVE, AND MA21 NIPULATIVE ACTS. 

22 (a) RULEMAKING REQUIRED.—Not later than 90 

23 days after the date of the enactment of this Act, the Secu24 rities and Exchange Commission (in this section referred 

25 to as the ‘‘Commission’’), in consultation with the Board 


jbell on PRODPC61 with BILLS
22 

•HR 1754 IH

1 and the Commodity Futures Trading Commission, shall 

2 issue final rules— 

3 (1) to designate clearinghouses for credit-de4 fault swaps; and 

5 (2) to prohibit fraudulent, deceptive, or ma6 nipulative acts or practices in connection with credit7 default swaps. 

8 (b) CRITERIA.—Rules of the Commission under this 

9 section shall require that clearinghouses— 

10 (1) are capitalized by participants to a level 

11 adequate to guarantee payments; and 

12 (2) are authorized to assess members for a de13 fault fund. 

14 (c) REQUIRED USE OF CLEARINGHOUSES.—Any per15 son that engages in a credit-default swap transaction shall 

16 utilize a clearinghouse designated by the Commission for 

17 such purpose in accordance with the rules issued under 

18 subsection (a). 

19 Subtitle B—Administrative 

20 Provisions 

21 SEC. 151. ANNUAL BUDGET. 

22 The Chairperson shall develop for each fiscal year a 

23 consolidated budget proposal for the Council to implement 

24 this title, and shall transmit such budget proposal to the 

25 President and the Congress. 


jbell on PRODPC61 with BILLS
23 

•HR 1754 IH

1 SEC. 152. PERSONNEL MATTERS. 

2 (a) COUNCIL STAFF.— 

3 (1) IN GENERAL.—The Chairperson may ap4 point and terminate such personnel as may be nec5 essary to enable to the Council to perform its duties. 

6 The Chairperson may establish positions in the ex7 cepted service for employees of the Council. 

8 (2) COMPENSATION.—The Chairperson may fix 

9 the compensation of Council personnel without re10 gard to the provisions of chapter 51 and subchapter 

11 III of chapter 53 of title 5, United States Code, re12 lating to classification of positions and General 

13 Schedule pay rates, except that the rate of pay for 

14 such personnel may not exceed the rate payable for 

15 level V of the Executive Schedule under section 5316 

16 of such title. 

17 (3) OTHER PERSONNEL AUTHORITIES.—The 

18 Chairperson may exercise any personnel authority of 

19 any of the Federal financial regulators for the pur20 poses of recruiting, hiring, or retention of Council 

21 personnel. 

22 (b) DETAIL OF GOVERNMENT EMPLOYEES.—Any 

23 Federal Government employee may be detailed to the 

24 Council without reimbursement, and such detail shall be 

25 without interruption or loss of civil service status or privi26 lege. 


jbell on PRODPC61 with BILLS
24 

•HR 1754 IH

1 (c) PROCUREMENT OF TEMPORARY AND INTERMIT2 TENT SERVICES.—The Chairperson may procure tem3 porary and intermittent services under section 3109(b) of 

4 title 5, United States Code, at rates for individuals that 

5 do not exceed the daily equivalent of the annual rate of 

6 basic pay prescribed for level V of the Executive Schedule 

7 under section 5316 of such title. 

8 SEC. 153. PERSONNEL PROGRAMS AND POLICIES. 

9 (a) IN GENERAL.—The Chairperson shall prescribe, 

10 in consultation with the heads of the Federal financial reg11 ulators, personnel policies and programs applicable to the 

12 Council and the Federal financial regulators that 

13 (1) set standards for education, training, and 

14 career development of personnel; 

15 (2) encourage and facilitate the recruitment 

16 and retention by the Council and the Federal finan17 cial regulators of highly qualified individuals for the 

18 effective conduct of their responsibilities; and 

19 (3) the Chairperson shall prescribe mechanisms 

20 to facilitate the rotation of personnel of the Federal 

21 financial regulators through various components and 

22 departments of the Federal financial regulators in 

23 the course of their careers in order to facilitate the 

24 widest possible understanding by such personnel of 


jbell on PRODPC61 with BILLS
25 

•HR 1754 IH

1 the variety of financial regulation, methods, users, 

2 and capabilities. 

3 (b) MECHANISMS AUTHORIZED.—The mechanisms 

4 prescribed under subparagraph (A) may include, among 

5 others— 

6 (1) the establishment of special occupational 

7 categories involving service, over the course of a ca8 reer, in more than 1 Federal financial regulator; 

9 (2) the provision of rewards for service in posi10 tions undertaking analysis and planning of oper11 ations involving 2 or more Federal financial regu12 lators; and 

13 (3) the establishment of requirements for edu14 cation, training, service, and evaluation for service 

15 involving more than 1 Federal financial regulator. 

16 SEC. 154. EXECUTIVE SCHEDULE MATTERS. 

17 Section 5312 of title 5, United States Code, is 

18 amended by adding at the end the following new item: 

19 ‘‘Chairperson of the Financial Stability Coun20 cil.’’. 

21 SEC. 155. TRANSITIONAL AUTHORITIES. 

22 Upon request of the Chairperson, the head of any ex23 ecutive agency may, on a reimbursable basis, provide serv24 ices or detail personnel to the Chairperson or the Council. 


jbell on PRODPC61 with BILLS
26 

•HR 1754 IH

1 SEC. 156. PROHIBITION ON POLITICAL CAMPAIGNING. 

2 The Chairperson may not participate in Federal elec3 tion campaign activities, except that the Chairperson is 

4 not prohibited by this subsection from making contribu5 tions to individual candidates. 

6 SEC. 157. AUTHORIZATION OF APPROPRIATIONS. 

7 There are authorized to be appropriated to the Coun8 cil, such sums as may be necessary to carry out this title, 

9 to remain available until expended. 

10 SEC. 158. SAVINGS PROVISION. 

11 Nothing in this title shall be construed to invalidate, 

12 impair, or supersede any law enacted by any State for the 

13 purpose of regulating the business of insurance, or which 

14 imposes a fee or tax upon such business. 

15 TITLE II—ABOLISHMENT AND 

16 TRANSFER OF FUNCTIONS OF 

17 THE OFFICE OF THRIFT SU18 PERVISION 

19 SEC. 201. DEFINITIONS. 

20 In this title— 

21 (1) the term ‘‘Comptroller’’ means the Comp22 troller of the Currency; 

23 (2) the term ‘‘Director’’ means the Director of 

24 the Office of Thrift Supervision; 

25 (3) the term ‘‘Office’’ (other than as used in 

26 connection with the Office of the Comptroller of the 


jbell on PRODPC61 with BILLS
27 

•HR 1754 IH

1 Currency) means the Office of Thrift Supervision; 

2 and 

3 (4) the term ‘‘transition period’’ means the 

4 180-day period described in section 204(a). 

5 SEC. 202. TRANSFER OF POWERS OF THE DIRECTOR OF 

6 THE OFFICE OF THRIFT SUPERVISION. 

7 The Comptroller shall have all powers that were vest8 ed in the Director on the day before the effective date 

9 under section 203. 

10 SEC. 203. ABOLISHMENT OF THE OFFICE OF THRIFT SU11 PERVISION. 

12 Effective at the end of the transition period, the Of13 fice established under section 3 of the Home Owners’ 

14 Loan Act (12 U.S.C. 1462a) and the position of Director 

15 are abolished. 

16 SEC. 204. TRANSITION PERIOD. 

17 (a) DISPOSITION OF AFFAIRS.—During the 180-day 

18 period beginning on the date of the enactment of this Act, 

19 the Director— 

20 (1) shall, solely for the purpose of winding up 

21 the affairs of the Office— 

22 (A) manage the employees of the Office 

23 and provide for the payment of compensation 

24 and benefits of any such employees that accrue 


jbell on PRODPC61 with BILLS
28 

•HR 1754 IH

1 before the effective date of the transfer of such 

2 employee under section 207; and 

3 (B) manage any property of the Office 

4 until such property is transferred under section 

5 207; and 

6 (2) may take any other action necessary for the 

7 purpose of winding up the affairs of the Office. 

8 (b) AUTHORITY AND STATUS OF DIRECTOR.— 

9 (1) IN GENERAL.—Notwithstanding the abolish10 ment of the Office under section 203, the Director 

11 shall have any authority vested in the Director be12 fore the effective date of such abolishment that is 

13 necessary for the Director to carry out the require14 ments of this section during the transition period. 

15 (2) OTHER PROVISIONS.—For purposes of 

16 paragraph (1), the Director shall continue to be— 

17 (A) treated as an officer of the United 

18 States during the transition period; and 

19 (B) entitled to compensation at the annual 

20 rate of basic pay payable for level III of the Ex21 ecutive Schedule. 

22 (c) STATUS OF EMPLOYEES BEFORE TRANSFER.— 

23 (1) EMPLOYEES OF OFFICE.—Any employee of 

24 the Office shall be treated as an employee of the OfVerDate Nov 24 2008 00:12 Mar 28, 2009 Jkt 079200 PO 00000 Frm 00028 Fmt 6652 Sfmt 6201 E:\BILLS\H1754.IH H1754

jbell on PRODPC61 with BILLS
29 

•HR 1754 IH

1 fice of the Comptroller of the Currency on and after 

2 the effective date under section 203. 

3 (2) RULE OF CONSTRUCTION.—The abolish4 ment of the Office under section 203 shall not be 

5 construed as affecting the status of any employee of 

6 the Office as an employee of an agency of the 

7 United States for purposes of any other provision of 

8 law in effect before the effective date of the transfer 

9 of any such employee under section 207. 

10 (d) CONTINUATION OF SERVICES.— 

11 (1) IN GENERAL.—The Comptroller may use 

12 the services of employees and other personnel and 

13 the property of the Office, on a reimbursable basis, 

14 to perform functions which have been transferred to 

15 the Office of the Comptroller of the Currency for 

16 such time as is reasonable to facilitate the orderly 

17 transfer of functions under any provision of this 

18 title. 

19 (2) AGENCY SERVICES.—Any agency, depart20 ment, or other instrumentality of the United States 

21 (including any Federal home loan bank), and any 

22 successor to any such agency, department, or instru23 mentality, which was providing supporting services 

24 to the Office before the date of the enactment of this 

25 Act in connection with functions that are transferred 


jbell on PRODPC61 with BILLS
30 

•HR 1754 IH

1 to the Office the Comptroller of the Currency 

2 shall— 

3 (A) continue to provide such services, on a 

4 reimbursable basis, until the transfer of such 

5 functions is complete; and 

6 (B) consult with any such agency to co7 ordinate and facilitate a prompt and reasonable 

8 transition. 

9 SEC. 205. SAVINGS PROVISIONS. 

10 (a) EXISTING RIGHTS, DUTIES, AND OBLIGATIONS

11 NOT AFFECTED.—The abolishment of the Office under 

12 this title shall not affect the validity of any right, duty, 

13 or obligation of the United States, the Office, or any other 

14 person, that existed on the day before the date of the en15 actment of this Act. 

16 (b) CONTINUATION OF SUITS.—No action or other 

17 proceeding commenced by or against the Office, or any 

18 Federal home loan bank with respect to any function of 

19 the Office that was delegated to employees of such bank, 

20 shall abate by reason of the enactment of this title, except 

21 that the appropriate successor to the interests of the Of22 fice shall be substituted for the Office or the Federal home 

23 loan bank as a party to any such action or proceeding. 


jbell on PRODPC61 with BILLS
31 

•HR 1754 IH

1 SEC. 206. CONTINUATION OF REGULATIONS. 

2 (a) CONTINUATION OF ORDERS, RESOLUTIONS, DE3 TERMINATIONS, AND REGULATIONS.—All orders, resolu4 tions, determinations, and regulations, which have been 

5 issued, made, prescribed, or allowed to become effective 

6 by the Director, or by a court of competent jurisdiction, 

7 in the performance of functions which are transferred by 

8 this title and are in effect on the effective date under sec9 tion 203, shall continue in effect according to the terms 

10 of such orders, resolutions, determinations, and regula11 tions and shall be enforceable by or against the Comp12 troller until modified, terminated, set aside, or superseded 

13 in accordance with applicable law by the Comptroller by 

14 any court of competent jurisdiction, or by operation of law. 

15 (b) TREATMENT OF REFERENCES IN ADJUSTABLE

16 RATE MORTGAGE INSTRUMENTS.— 

17 (1) IN GENERAL.—For purposes of adjustable 

18 rate mortgage instruments that are in effect as of 

19 the date of the enactment of this Act, any reference 

20 in the instrument to the Office of Thrift Supervision 

21 before such date shall be treated as a reference to 

22 the Office of the Comptroller of the Currency, as ap23 propriate on the basis of the transfer of functions 

24 under this title, unless the context of the reference 

25 requires otherwise. 


jbell on PRODPC61 with BILLS
32 

•HR 1754 IH

1 (2) SUBSTITUTION FOR INDEXES.—If any index 

2 used to calculate the applicable interest rate on any 

3 adjustable rate mortgage instrument is no longer 

4 calculated and made available as a direct or indirect 

5 result of the enactment of this title, any index made 

6 available by the Comptroller or determined by the 

7 Comptroller to be substantially similar to the index 

8 that is no longer calculated or made available may 

9 be substituted by the holder of any such adjustable 

10 rate mortgage instrument upon notice to the bor11 rower. 

12 (3) AGENCY ACTION REQUIRED TO PROVIDE

13 CONTINUED AVAILABILITY OF INDEXES.—Promptly 

14 after the date of the enactment of this Act, the 

15 Comptroller shall take such action as may be nec16 essary to assure that the indexes prepared by the 

17 Office immediately prior to the date of the enact18 ment of this Act and used to calculate the interest 

19 rate on adjustable rate mortgage instruments con20 tinue to be available. 

21 (4) REQUIREMENTS RELATING TO SUBSTITUTE

22 INDEXES.—If any agency can no longer make avail23 able an index, an index that is substantially similar 

24 to such index may be substituted for such index, if 


jbell on PRODPC61 with BILLS
33 

•HR 1754 IH

1 the Comptroller determines, after notice and oppor2 tunity for comment, that— 

3 (A) the new index is based upon data sub4 stantially similar to that of the original index; 

5 and 

6 (B) the substitution of the new index will 

7 result in an interest rate substantially similar to 

8 the rate in effect at the time the original index 

9 became unavailable. 

10 SEC. 207. TRANSFER OF FUNCTIONS, PERSONNEL, AND 

11 PROPERTY. 

12 (a) DETERMINATION OF TRANSFERRED FUNCTIONS

13 AND EMPLOYEES.— 

14 (1) ALL OTS EMPLOYEES SHALL BE TRANS15 FERRED.—All employees of the Office shall be trans16 ferred to the Office of the Comptroller of the Cur17 rency. 

18 (2) FUNCTIONS AND EMPLOYEES TRANS19 FERRED.— 

20 (A) IN GENERAL.—During the transition 

21 period, the Comptroller and the Director shall 

22 jointly determine the functions or activities of 

23 the Office and the number of employees nec24 essary to perform or support each such function 

25 or activity transferred from the Office to the 


jbell on PRODPC61 with BILLS
34 

•HR 1754 IH

1 Office of the Comptroller of the Currency under 

2 this title. 

3 (B) ALLOCATION OF EMPLOYEES.—The 

4 Comptroller shall allocate the employees of the 

5 Office consistent with the number determined 

6 under subparagraph (A) in a manner which the 

7 Comptroller, in the sole discretion of the Comp8 troller, determines is equitable, except that, 

9 within work units, the preferences of individual 

10 employees shall be accommodated as far as pos11 sible. 

12 (b) RIGHTS OF EMPLOYEES OF OTS.— 

13 (1) IN GENERAL.—All employees identified for 

14 transfer under subsection (a) shall— 

15 (A) be transferred to the Office of the 

16 Comptroller of the Currency for employment no 

17 later than the end of the transition period, and 

18 such transfer shall be deemed a transfer of 

19 function for purposes of section 3503 of title 5, 

20 United States Code; 

21 (B) be guaranteed a position with the 

22 same status, tenure, grade, and pay as that 

23 held on the day immediately preceding the 

24 transfer; and each such employee holding a per25 manent position shall not be involuntarily sepaVerDate Nov 24 2008 00:12 Mar 28, 2009 Jkt 079200 PO 00000 Frm 00034 Fmt 6652 Sfmt 6201 E:\BILLS\H1754.IH H1754

jbell on PRODPC61 with BILLS
35 

•HR 1754 IH

1 rated or reduced in grade or compensation for 

2 1 year after the date of transfer, except for 

3 cause or, if the employee is a temporary em4 ployee, separated in accordance with the terms 

5 of the appointment; and 

6 (C) in the case of employees occupying po7 sitions in the excepted service or the Senior Ex8 ecutive Service, continue to be subject to any 

9 appointment authority established under law or 

10 regulations of the Office of Personnel Manage11 ment for filling such positions, except that the 

12 Office of the Comptroller of the Currency may 

13 decline a transfer of authority (and the employ14 ees appointed pursuant thereto) to the extent 

15 that such authority relates to positions excepted 

16 from the competitive service because of their 

17 confidential, policy-making, policy-determining, 

18 or policy-advocating character, and noncareer 

19 positions in the Senior Executive Service (with20 in the meaning of section 3132(a)(7) of title 5, 

21 United States Code). 

22 (2) MAJOR REORGANIZATION.—If the Office of 

23 the Comptroller of the Currency determines, after 

24 the end of the 1-year period beginning on the date 

25 that the transfer of functions to the Office of the 


jbell on PRODPC61 with BILLS
36 

•HR 1754 IH

1 Comptroller of the Currency is complete, that a reor2 ganization of the combined work force is required, 

3 that reorganization shall be deemed a ‘‘major reor4 ganization’’ for purposes of affording affected em5 ployees retirement under section 8336(d)(2) or 

6 8414(b)(1)(B) of title 5, United States Code. 

7 (3) BENEFIT PROGRAMS.— 

8 (A) IN GENERAL.—Any employee accepting 

9 employment with the Office of the Comptroller 

10 of the Currency as a result of a transfer under 

11 this section may retain for 1 year beginning on 

12 the date on which such transfer occurs member13 ship in any employee benefit program of the Of14 fice of Thrift Supervision, including insurance, 

15 to which such employee belongs on the date of 

16 the enactment of this Act if the employee does 

17 not elect to give up the benefit or membership 

18 in the program and the benefit or program is 

19 continued by the Comptroller. 

20 (B) COST DIFFERENTIAL.—The difference 

21 in the costs between the benefits which would 

22 have been provided by such agency or entity 

23 and those provided by this subsection shall be 

24 paid by the Comptroller. If any employee elects 

25 to give up membership in a health insurance 


jbell on PRODPC61 with BILLS
37 

•HR 1754 IH

1 program or the health insurance program is not 

2 continued by the Comptroller, the employee 

3 shall be permitted to select an alternate Federal 

4 health insurance program within 30 days of 

5 such election or notice, without regard to any 

6 other regularly scheduled open season. 

7 (4) SENIOR EXECUTIVE SERVICE EMPLOY8 EES.—A transferring employee in the Senior Execu9 tive Service shall be placed in a comparable position 

10 at the Office of the Comptroller of the Currency. 

11 (5) NOTICE OF ASSIGNMENTS.—Transferring 

12 employees shall receive notice of their position as13 signments not later than 120 days after the effective 

14 date of their transfer. 

15 (c) CONTROL OF PROPERTY AND FACILITIES.—Not 

16 later than the end of the transition period, the Comptroller 

17 shall take control of all property of the Office used to per18 form functions and activities of the Office. 

19 SEC. 208. CONFORMING AMENDMENTS TO THE HOME OWN20 ERS’ LOAN ACT. 

21 (a) SHORT TITLE AND TABLE OF CONTENTS.—Sec22 tion 1 of the Home Owners’ Loan Act (12 U.S.C. 1461) 

23 is amended in the table of contents by striking the item 

24 relating to section 3 and inserting the following: 

‘‘Sec. 3. Powers of the Comptroller relating to savings associations.’’. 


jbell on PRODPC61 with BILLS
38 

•HR 1754 IH

1 (b) DEFINITIONS.—Section 2 of the Home Owners’ 

2 Loan Act (12 U.S.C. 1462) is amended— 

3 (1) by amending paragraph (1) to read as fol4 lows: 

5 ‘‘(1) COMPTROLLER.—The term ‘Comptroller’ 

6 means the Comptroller of the Currency.’’; and 

7 (2) in paragraph (3), by striking ‘‘Thrift Super8 vision’’ and inserting ‘‘the Comptroller of the Cur9 rency’’. 

10 (c) DIRECTOR OF THE OFFICE OF THRIFT SUPER11 VISION.—Section 3 of the Home Owners’ Loan Act (12 

12 U.S.C. 1462a) is amended to read as follows: 

13 ‘‘SEC. 3. POWERS OF THE COMPTROLLER RELATING TO 

14 SAVINGS ASSOCIATIONS. 

15 ‘‘(a) POWERS OF THE COMPTROLLER.—The Comp16 troller shall have all powers that were vested in the Direc17 tor of the Office of Thrift Supervision on the day before 

18 the date of the enactment of the Financial Regulatory 

19 Oversight Act of 2009. 

20 ‘‘(b) REGULATIONS.—The Comptroller may prescribe 

21 such regulations and issue such orders as the Comptroller 

22 determines are necessary for carrying out this Act. 

23 ‘‘(c) AUTONOMY OF DIRECTOR.—The Secretary of 

24 the Treasury may not intervene in any matter or pro25 ceeding before the Comptroller (including agency enforceVerDate Nov 24 2008 00:12 Mar 28, 2009 Jkt 079200 PO 00000 Frm 00038 Fmt 6652 Sfmt 6201 E:\BILLS\H1754.IH H1754

jbell on PRODPC61 with BILLS
39 

•HR 1754 IH

1 ment actions) relating to this Act, unless otherwise specifi2 cally provided by law. 

3 ‘‘(d) BANKING AGENCY RULEMAKING.—The Sec4 retary of the Treasury may not delay or prevent the 

5 issuance of any rule or the promulgation of any regulation 

6 by the Comptroller under this Act. 

7 ‘‘(e) STATE HOMESTEAD PROVISIONS.—No provision 

8 of this Act shall be construed as superseding any home9 stead provision of any State constitution, including any 

10 implementing State statute, in effect on the date of the 

11 enactment of the Riegle-Neal Interstate Banking and 

12 Branching Efficiency Act of 1994, or any subsequent 

13 amendment to such a State constitutional or statutory 

14 provision in effect on such date, that exempts the home15 stead of any person from foreclosure, or forced sale, for 

16 the payment of all debts, other than a purchase money 

17 obligation relating to the homestead, taxes due on the 

18 homestead, or an obligation arising from work and mate19 rial used in constructing improvements on the home20 stead.’’. 

21 (d) FUNDING THROUGH ASSESSMENTS.—The com22 pensation of employees of the Office, and any other ex23 penses thereof, may be paid from assessments levied under 

24 the Home Owners’ Loan Act. 


jbell on PRODPC61 with BILLS
40 

•HR 1754 IH

1 (e) SUPERVISION OF SAVINGS ASSOCIATIONS.—Sec2 tion 4 of the Home Owners’ Loan Act (12 U.S.C. 1463) 

3 is amended— 

4 (1) by striking ‘‘Director’’ each place that term 

5 appears and inserting ‘‘Comptroller’’; 

6 (2) in subsection (a)— 

7 (A) by striking paragraph (2); and 

8 (B) by redesignating paragraph (3) as 

9 paragraph (2); and 

10 (3) in subsection (c), by striking ‘‘of the Cur11 rency’’. 

12 (f) FEDERAL SAVINGS ASSOCIATIONS.—Section 5 of 

13 the Home Owners’ Loan Act (12 U.S.C. 1464) is amend14 ed— 

15 (1) by striking ‘‘Director’’ each place that term 

16 appears and inserting ‘‘Comptroller’’; 

17 (2) by striking ‘‘Director’s’’ each place that 

18 term appears and inserting ‘‘Comptroller’s’’; 

19 (3) in subsection (d)(1)(A), by inserting ‘‘(with 

20 respect to insured savings associations)’’ after ‘‘In21 surance Act’’; 

22 (4) in subsection (d)(2)(A), by striking ‘‘Direc23 tor of the Office of Thrift Supervision’’ and insert24 ing ‘‘Comptroller’’; and 

25 (5) in subsection (t)— 


jbell on PRODPC61 with BILLS
41 

•HR 1754 IH

1 (A) in paragraph (5)(D)(vii), by striking 

2 ‘‘ ‘Director’ ’’ and inserting ‘‘ ‘Comptroller’ ’’; 

3 (B) in paragraph (9), by striking ‘‘of the 

4 Currency’’ each place that term appears; and 

5 (C) in paragraph (10)— 

6 (i) in the paragraph heading, by strik7 ing ‘‘COMPTROLLER’S’’ and inserting ‘‘NA8 TIONAL BANK’’; and 

9 (ii) in subparagraph (A), by striking 

10 ‘‘of the Currency’’. 

11 (g) DISTRICT ASSOCIATIONS.—Section 8 of the 

12 Home Owners’ Loan Act (15 U.S.C. 1466a) is amended 

13 by striking ‘‘Director’’ each place that term appears and 

14 inserting ‘‘Comptroller’’. 

15 (h) EXAMINATION FEES.—Section 9 of the Home 

16 Owners’ Loan Act (15 U.S.C. 1467) is amended— 

17 (1) by striking ‘‘Director’’ each place that term 

18 appears and inserting ‘‘Comptroller’’; and 

19 (2) in subsection (m), by striking ‘‘the Office’’ 

20 and inserting ‘‘the Comptroller in carrying out this 

21 Act’’. 

22 (i) REGULATION OF HOLDING COMPANIES.—Section 

23 10 of the Home Owners’ Loan Act (15 U.S.C. 1467a) is 

24 amended by striking ‘‘Director’’ each place that term ap25 pears and inserting ‘‘Comptroller’’. 


jbell on PRODPC61 with BILLS
42 

•HR 1754 IH

1 (j) TRANSACTIONS WITH AFFILIATES.—Section 11 

2 of the Home Owners’ Loan Act (15 U.S.C. 1468) is 

3 amended by striking ‘‘Director’’ each place that term ap4 pears and inserting ‘‘Comptroller’’. 

5 (k) ADVERTISING.—Section 12 of the Home Owners’ 

6 Loan Act (15 U.S.C. 1468a) is amended by striking ‘‘Di7 rector’’ and inserting ‘‘Comptroller for purposes of this 

8 Act.’’. 

9 (l) POWERS OF EXAMINERS.—Section 13 of the 

10 Home Owners’ Loan Act (15 U.S.C. 1468b) is amended 

11 by striking ‘‘Director’’ and inserting ‘‘Comptroller’’. 

12 SEC. 209. CONFORMING AMENDMENTS TO THE FEDERAL 

13 DEPOSIT INSURANCE ACT. 

14 The Federal Deposit Insurance Act (12 U.S.C. 1811 

15 et seq.) is amended— 

16 (1) in section 2 (12 U.S.C. 1812)— 

17 (A) in subsection (a)— 

18 (i) in paragraph (1)— 

19 (I) in subparagraph (A), by add20 ing ‘‘and’’ at the end; 

21 (II) by striking subparagraph 

22 (B); and 

23 (III) in subparagraph (C), by 

24 striking ‘‘3’’ and inserting ‘‘2’’; and 


jbell on PRODPC61 with BILLS
43 

•HR 1754 IH

1 (ii) in paragraph (2), by striking ‘‘3’’ 

2 and inserting ‘‘2’’; 

3 (B) in subsection (d)(2), by striking— 

4 (i) ‘‘or the office of Director of the 

5 Office of Thrift Supervision’’; 

6 (ii) ‘‘or such Director’’; and 

7 (iii) ‘‘or the acting Director of the Of8 fice of Thrift Supervision, as the case may 

9 be,’’ and 

10 (C) in subsection (f), by striking ‘‘or of the 

11 Office of Thrift Supervision’’; 

12 (2) in section 3 (12 U.S.C. 1813)— 

13 (A) in subsection (b)(1)(C), by striking 

14 ‘‘Director of the Office of Thrift Supervision’’ 

15 and inserting ‘‘Comptroller of the Currency’’; 

16 (B) in subsection (l)(5), by striking ‘‘, Di17 rector of the Office of Thrift Supervision,’’; 

18 (C) in subsection (q)— 

19 (i) in paragraph (1), by striking ‘‘or 

20 any Federal branch or agency of a foreign 

21 bank’’ and inserting ‘‘, any Federal branch 

22 or agency of a foreign bank, any savings 

23 association, or any savings and loan hold24 ing company’’; 


jbell on PRODPC61 with BILLS
44 

•HR 1754 IH

1 (ii) in paragraph (3), by striking ‘‘; 

2 and’’ and inserting a period; and 

3 (iii) by striking paragraph (4); and 

4 (D) in subsection (z), by striking ‘‘the Di5 rector of the Office of Thrift Supervision,’’; 

6 (3) in section 7 (12 U.S.C. 1817)— 

7 (A) in subsection (a)— 

8 (i) in paragraph (2)(A), by striking 

9 ‘‘the Director of the Office of Thrift Su10 pervision,’’ each place that term appears; 

11 (ii) in paragraph (2)(B)— 

12 (I) by inserting ‘‘and’’ after 

13 ‘‘Currency,’’; and 

14 (II) by striking ‘‘and the Director 

15 of the Office of Thrift Supervision,’’; 

16 (iii) in paragraph (3)— 

17 (I) by inserting ‘‘and’’ after 

18 ‘‘Currency,’’; and 

19 (II) by striking ‘‘, and the Direc20 tor of the Office of Thrift Super21 vision’’; and 

22 (iv) in paragraph (7), by striking ‘‘, 

23 the Director of the Office of Thrift Super24 vision,’’; 

25 (B) in subsection (n)— 


jbell on PRODPC61 with BILLS
45 

•HR 1754 IH

1 (i) by striking ‘‘Director of the Office 

2 of Thrift Supervision’’ each place that 

3 term appears and inserting ‘‘Comptroller 

4 of the Currency’’; and 

5 (ii) by striking ‘‘Director’’ each place 

6 that term appears and inserting ‘‘Comp7 troller of the Currency’’; 

8 (4) in section 8 (12 U.S.C. 1818)— 

9 (A) in the matter following subsection 

10 (a)(8)(B)(ii)(IV)— 

11 (i) by striking ‘‘Director of the Office 

12 of Thrift Supervision’’ each place that 

13 term appears and inserting ‘‘Comptroller 

14 of the Currency’’; and 

15 (ii) by striking ‘‘Federal Savings and 

16 Loan Insurance Corporation or the Fed17 eral Home Loan Bank Board’’ and insert18 ing ‘‘Office of Thrift Supervision’’; 

19 (B) in subsection (o), by striking ‘‘Director 

20 of the Office of Thrift Supervision’’ and insert21 ing ‘‘Comptroller of the Currency’’; and 

22 (C) in subsection (w), by striking ‘‘Office 

23 of Thrift Supervision’’ and inserting ‘‘Comp24 troller of the Currency’’; 


jbell on PRODPC61 with BILLS
46 

•HR 1754 IH

1 (5) in section 10(k)(5)(B) (12 U.S.C. 

2 1820(k)(5)(B))— 

3 (A) in clause (ii), by adding ‘‘and’’ at the 

4 end; 

5 (B) in clause (iii), by striking ‘‘; and’’ and 

6 inserting a period; and 

7 (C) by striking clause (iv); 

8 (6) in section 11 (12 U.S.C. 1821)— 

9 (A) in subsection (c)(6), by striking ‘‘Di10 rector of the Office of Thrift Supervision’’ each 

11 place that term appears and inserting ‘‘Comp12 troller of the Currency’’; 

13 (B) in subsection (d)— 

14 (i) in paragraph (17)(A), by striking 

15 ‘‘or the Director of the Office of Thrift Su16 pervision’’; and 

17 (ii) in paragraph (18)(b), by striking 

18 ‘‘or the Director of the Office of Thrift Su19 pervision’’; 

20 (C) in subsection (m)— 

21 (i) in paragraph (9), by striking ‘‘or 

22 the Director of the Office of Thrift Super23 vision, as appropriate’’; 

24 (ii) in paragraph (16), by striking ‘‘or 

25 the Director of the Office of Thrift SuperVerDate Nov 24 2008 00:12 Mar 28, 2009 Jkt 079200 PO 00000 Frm 00046 Fmt 6652 Sfmt 6201 E:\BILLS\H1754.IH H1754

jbell on PRODPC61 with BILLS
47 

•HR 1754 IH

1 vision, as appropriate,’’ each place that 

2 term appears; and 

3 (iii) in paragraph (18), by striking 

4 ‘‘or the Director of the Office of Thrift Su5 pervision, as appropriate,’’ each place that 

6 term appears; and 

7 (D) in subsection (n)— 

8 (i) in paragraph (1)(A), by striking ‘‘, 

9 or the Director of the Office of Thrift Su10 pervision, with respect to’’ and inserting 

11 ‘‘or’’; 

12 (ii) in paragraph (2)(A), by striking 

13 ‘‘or the Director of the Office of Thrift Su14 pervision’’; 

15 (iii) in paragraph (4)(G), by striking 

16 ‘‘and the Director of the Office of Thrift 

17 Supervision, as appropriate,’’; and 

18 (iv) in paragraph (12)(B), by striking 

19 ‘‘or the Director of the Office of Thrift Su20 pervision, as appropriate,’’ each place that 

21 term appears; 

22 (7) in section 13(k)(1)(A)(iv) (12 U.S.C. 

23 1823(k)(1)(A)(iv)), by striking ‘‘Director of the Of24 fice of Thrift Supervision’’ and inserting ‘‘Comp25 troller of the Currency’’; 


jbell on PRODPC61 with BILLS
48 

•HR 1754 IH

1 (8) in section 18 (12 U.S.C. 1828)— 

2 (A) in subsection (c)(2)— 

3 (i) in subparagraph (A), by striking 

4 ‘‘bank is to be a national bank’’ and in5 serting ‘‘institution is to be a national 

6 bank or savings association’’; 

7 (ii) in subparagraph (B)— 

8 (I) by striking ‘‘Director of the 

9 Office of Thrift Supervision’’ and in10 serting ‘‘Comptroller of the Cur11 rency’’; and 

12 (II) by adding ‘‘and’’ at the end; 

13 (iii) in subparagraph (C), by striking 

14 ‘‘; and’’ and inserting a period; and 

15 (iv) by striking subparagraph (D); 

16 (B) in subsection (g)(1), by striking ‘‘Di17 rector of the Office of Thrift Supervision’’ and 

18 inserting ‘‘Comptroller of the Currency’’; 

19 (C) in subsection (i)(2)(C), by striking 

20 ‘‘Director of the Office of Thrift Supervision’’ 

21 and inserting ‘‘Comptroller of the Currency’’; 

22 and 

23 (D) in subsection (m)— 

24 (i) by striking ‘‘Director of the Office 

25 of Thrift Supervision’’ each place that 


jbell on PRODPC61 with BILLS
49 

•HR 1754 IH

1 term appears and inserting ‘‘Comptroller 

2 of the Currency’’; 

3 (ii) in the matter following paragraph 

4 (2)(B)(ii), by striking ‘‘Director’’ and in5 serting ‘‘Comptroller of the Currency’’; and 

6 (iii) by amending paragraph (3)(B) to 

7 read as follows: 

8 ‘‘(B) AUTHORITY OF COMPTROLLER.—The 

9 section does not limit the authority of the 

10 Comptroller of the Currency to issue regula11 tions to promote safety and soundness or to en12 force compliance with other applicable laws.’’; 

13 (9) in section 19(e) (12 U.S.C. 1829)— 

14 (A) by striking ‘‘Director of the Office of 

15 Thrift Supervision’’ each place that term ap16 pears and inserting ‘‘Comptroller of the Cur17 rency’’; and 

18 (B) in the heading of paragraph (2), by 

19 striking ‘‘DIRECTOR’’ and inserting ‘‘COMP20 TROLLER’’; 

21 (10) in section 28 (12 U.S.C. 1831e)— 

22 (A) in subsection (e), by striking ‘‘Director 

23 of the Office of Thrift Supervision’’ each place 

24 that term appears and inserting ‘‘Comptroller 

25 of the Currency’’; and 


jbell on PRODPC61 with BILLS
50 

•HR 1754 IH

1 (B) in subsection (h), by striking ‘‘Director 

2 of the Office of Thrift Supervision’’ and insert3 ing ‘‘Comptroller of the Currency’’; and 

4 (11) in section 33(e) (12 U.S.C. 1831j(e)), by 

5 striking ‘‘the Comptroller of the Currency, and the 

6 Director of the Office of Thrift Supervision’’ and in7 serting ‘‘and the Comptroller of the Currency’’. 

8 SEC. 210. ADDITIONAL CONFORMING AMENDMENTS. 

9 (a) TITLE 5.—Title 5, United States Code, is amend10 ed— 

11 (1) in section 3132(a)(1)(D), by striking ‘‘, the 

12 Office of Thrift Supervision,’’; and 

13 (2) in section 5314, by striking ‘‘Director of the 

14 Office of Thrift Supervision.’’. 

15 (b) TITLE 10.—Section 987(h)(3) of title 10, United 

16 States Code, is amended by striking subparagraph (E). 

17 (c) REVISED STATUTES.—Section 324 of the Revised 

18 Statutes of the United States (12 U.S.C. 1) is amended 

19 by striking the second sentence. 

20 (d) FEDERAL RESERVE ACT.—The Federal Reserve 

21 Act (12 U.S.C. 221 et seq.) is amended— 

22 (1) in section 11(a)(2)(B)(iii) (12 U.S.C. 

23 248(a)(2)(B)(iii)), by striking ‘‘Director of the Of24 fice of Thrift Supervision’’ and inserting ‘‘Comp25 troller of the Currency’’; and 


jbell on PRODPC61 with BILLS
51 

•HR 1754 IH

1 (2) in section 19(b)(12 U.S.C. 461(b))— 

2 (A) in paragraph (1)(F), by striking ‘‘Di3 rector of the Office of Thrift Supervision’’ and 

4 inserting ‘‘Comptroller of the Currency’’; and 

5 (B) in paragraph (4)(B), by striking ‘‘Di6 rector of the Office of Thrift Supervision’’ and 

7 inserting ‘‘Comptroller of the Currency’’. 

8 (e) PUBLIC LAW 93–495.—Section 111 of Public 

9 Law 93–495 (12 U.S.C. 250) is amended by striking ‘‘the 

10 Director of the Office of Thrift Supervision,’’. 

11 (f) ECONOMIC GROWTH AND REGULATORY PAPER12 WORK REDUCTION ACT OF 1996.—Section 2227(a)(1) of 

13 the Economic Growth and Regulatory Paperwork Reduc14 tion Act of 1996 (12 U.S.C. 252(a)(1)) is amended by 

15 striking ‘‘the Director of the Office of Thrift Super16 vision,’’. 

17 (g) FEDERAL DEPOSIT INSURANCE CORPORATION

18 IMPROVEMENT ACT OF 1991.—Section 306(m)(2) of the 

19 Federal Deposit Insurance Corporation Improvement Act 

20 of 1991 (12 U.S.C. 375b note) is amended by striking 

21 ‘‘Director of the Office of Thrift Supervision’’ and insert22 ing ‘‘Comptroller of the Currency’’. 

23 (h) FEDERAL HOME LOAN BANK ACT.—The Federal 

24 Home Loan Bank Act (12 U.S.C. 1421 et seq.) is amend25 ed— 


jbell on PRODPC61 with BILLS
52 

•HR 1754 IH

1 (1) in section 10(h)(1) (12 U.S.C. 1430(h)(1)), 

2 by striking ‘‘Director of the Office of Thrift Super3 vision’’ and inserting ‘‘Comptroller of the Currency’’; 

4 (2) in section 18(c) (12 U.S.C. 1438(c)), by 

5 striking ‘‘Director of the Office of Thrift Super6 vision’’ each place that term appears and inserting 

7 ‘‘Comptroller of the Currency’’; 

8 (3) in section 21A (12 U.S.C. 1441a)— 

9 (A) by striking ‘‘Director of the Office of 

10 Thrift Supervision’’ each place that term ap11 pears and inserting ‘‘Comptroller of the Cur12 rency’’; and 

13 (B) in subsection (k)(9) by striking ‘‘Di14 rector’’ and inserting ‘‘Comptroller’’; and 

15 (4) in section 22 (12 U.S.C. 1442), by striking 

16 ‘‘Director of the Office of Thrift Supervision’’ each 

17 place that term appears and inserting ‘‘Comptroller 

18 of the Currency’’. 

19 (i) HOUSING ACT OF 1948.—Section 502 of the 

20 Housing Act of 1948 (12 U.S.C. 1701c) is amended— 

21 (1) by striking ‘‘Director of the Office of Thrift 

22 Supervision’’ each place that term appears and in23 serting ‘‘Comptroller of the Currency’’; and 


jbell on PRODPC61 with BILLS
53 

•HR 1754 IH

1 (2) by striking ‘‘Federal Home Loan Bank 

2 Board’’ and inserting ‘‘Comptroller of the Cur3 rency’’. 

4 (j) NATIONAL HOUSING ACT.—Section 202(e)(8) of 

5 the National Housing Act (12 U.S.C. 1708(e)(8)) is 

6 amended by striking ‘‘Director of the Office of Thrift Su7 pervision’’ and inserting ‘‘Comptroller of the Currency’’. 

8 (k) FEDERAL CREDIT UNION ACT.—Section 

9 205(b)(2)(G) of the Federal Credit Union Act (12 U.S.C. 

10 1785(b)(2)(G)) is amended by striking ‘‘the Office of 

11 Thrift Supervision and’’. 

12 (l) BANK HOLDING COMPANY ACT OF 1956.—The 

13 Bank Holding Company Act of 1956 is amended— 

14 (1) in section 2(j)(3) (12 U.S.C. 1841(j)(3)), by 

15 striking ‘‘Director of the Office of Thrift Super16 vision’’ and inserting ‘‘Comptroller of the Currency’’; 

17 and 

18 (2) in section 4(i) (12 U.S.C. 1843(i))— 

19 (A) by striking ‘‘Director’’ each place that 

20 term appears and inserting ‘‘Comptroller’’; and 

21 (B) by amending paragraph (7) to read as 

22 follows: 

23 ‘‘(7) COMPTROLLER DEFINED.—For purposes 

24 of this subsection, the term ‘Comptroller’ means the 

25 Comptroller of the Currency.’’. 


jbell on PRODPC61 with BILLS
54 

•HR 1754 IH

1 (m) FEGLI LIVING BENEFITS ACT.—Section 5 of 

2 the FEGLI Living Benefits Act (5 U.S.C. 8701 note) is 

3 amended— 

4 (1) by striking ‘‘or the Office of Thrift Super5 vision’’ each place it appears; and 

6 (2) in subsection (c), by striking ‘‘and the Of7 fice of Thrift Supervision’’. 

8 (n) RESOLUTION TRUST CORPORATION FUNDING

9 ACT OF 1991.—Section 102(c)(1)(B) of the Resolution 

10 Trust Corporation Funding Act of 1991 (12 U.S.C. 1441a 

11 note) is amended by striking ‘‘the Director of the Office 

12 of Thrift Supervision with respect to reports to be filed 

13 by such Office,’’ and inserting ‘‘the Comptroller of the 

14 Currency with respect to reports to be filed by the Office 

15 of the Comptroller of the Currency’’. 

16 (o) GRAMM-LEACH-BLILEY ACT.—The Gramm17 Leach-Bliley Act is amended— 

18 (1) in section 132 (12 U.S.C. 1828b), by strik19 ing ‘‘the Director of the Office of Thrift Super20 vision,’’; 

21 (2) in section 505(a)(1) (15 U.S.C. 

22 6805(a)(1))— 

23 (A) in subparagraph (A), by inserting 

24 ‘‘savings associations, the deposits of which are 


jbell on PRODPC61 with BILLS
55 

•HR 1754 IH

1 insured by the Federal Deposit Insurance Cor2 poration,’’ before ‘‘national banks’’; 

3 (B) in subparagraph (B), by adding ‘‘and’’ 

4 at the end; 

5 (C) in subparagraph (C), by striking ‘‘; 

6 and’’ and inserting a period; and 

7 (D) by striking subparagraph (D); 

8 (3) in section 509(2) (15 U.S.C. 6809(2))— 

9 (A) by striking subparagraph (D); and 

10 (B) by redesignating subparagraphs (E) 

11 and (F) as subparagraphs (D) and (E), respec12 tively; and 

13 (4) in section 522(b)(1)(A) (15 U.S.C. 

14 6822(b)(1)(A))— 

15 (A) in clause (i), by inserting ‘‘savings as16 sociations, the deposits of which are insured by 

17 the Federal Deposit Insurance Corporation,’’ 

18 before ‘‘national banks’’; 

19 (B) in clause (ii), by adding ‘‘and’’ at the 

20 end; and 

21 (C) by striking clause (iv). 

22 (p) FINANCIAL INSTITUTIONS REFORM, RECOVERY, 

23 AND ENFORCEMENT ACT OF 1989.—The Financial Insti24 tutions Reform, Recovery, and Enforcement Act of 1989 

25 is amended— 


jbell on PRODPC61 with BILLS
56 

•HR 1754 IH

1 (1) in section 1121(6) (12 U.S.C. 3350(6)), by 

2 striking ‘‘the Office of Thrift Supervision,’’; 

3 (2) in section 1206(a) (12 U.S.C. 1833b(a)), by 

4 striking ‘‘the Farm Credit Administration, and the 

5 Office of Thrift Supervision’’ and inserting ‘‘and the 

6 Farm Credit Administration’’; and 

7 (3) in section 1216 (12 U.S.C. 1833e)— 

8 (A) in subsection (a)— 

9 (i) by striking paragraph (2); and 

10 (ii) by redesignating paragraphs (3) 

11 through (6) as paragraphs (2) through (5), 

12 respectively; and 

13 (B) in subsection (c), by striking ‘‘the Di14 rector of the Office of Thrift Supervision,’’. 

15 (q) BANK SERVICE COMPANY ACT.—Section 1(b)(4) 

16 of the Bank Service Company Act (12 U.S.C. 1861(b)(4)) 

17 is amended by striking ‘‘Director of the Office of Thrift 

18 Supervision’’ and inserting ‘‘Comptroller of the Cur19 rency’’. 

20 (r) BANK PROTECTION ACT OF 1968.—Section 2 of 

21 the Bank Protection Act of 1968 (12 U.S.C. 1881) is 

22 amended— 

23 (1) by striking ‘‘The’’ each place that term ap24 pears and inserting ‘‘the’’; 


jbell on PRODPC61 with BILLS
57 

•HR 1754 IH

1 (2) in paragraph (1), by inserting ‘‘and Federal 

2 savings associations’’ after ‘‘banks’’; 

3 (3) in paragraph (2), by adding ‘‘and’’ at the 

4 end; 

5 (4) in paragraph (3), by striking ‘‘and’’ at the 

6 end and inserting a period; and 

7 (5) by striking paragraph (4). 

8 (s) REAL ESTATE SETTLEMENT PROCEDURES ACT

9 OF 1974.—Section 4(a) of the Real Estate Settlement 

10 Procedures Act of 1974 (12 U.S.C. 2603(a)) is amended 

11 by striking ‘‘Director of the Office of Thrift Supervision’’ 

12 and inserting ‘‘Comptroller of the Currency’’. 

13 (t) HOME MORTGAGE DISCLOSURE ACT OF 1975.— 

14 The Home Mortgage Disclosure Act of 1975 is amended— 

15 (1) in section 304(h) (12 U.S.C. 2803(h))— 

16 (A) in paragraph (1), by striking ‘‘and 

17 Federal branches and Federal agencies of for18 eign banks’’ and inserting ‘‘, Federal branches 

19 and Federal agencies of foreign banks, and sav20 ings associations’’; 

21 (B) by striking paragraph (2); and 

22 (C) by redesignating paragraphs (3) 

23 through (5) as paragraphs (2) through (4), re24 spectively; 

25 (2) in section 305(b) (12 U.S.C. 2804(b))— 


jbell on PRODPC61 with BILLS
58 

•HR 1754 IH

1 (A) in paragraph (1), by striking ‘‘and 

2 Federal branches and Federal agencies of for3 eign banks’’ and inserting ‘‘Federal branches 

4 and Federal agencies of foreign banks, and sav5 ings associations the deposits of which are in6 sured by the Federal Deposit Insurance Cor7 poration’’; 

8 (B) by striking paragraph (2); and 

9 (C) by redesignating paragraphs (3) and 

10 (4) as paragraphs (2) and (3); 

11 (3) in section 306(b)(2) (12 U.S.C. 

12 2805(b)(2)), by striking ‘‘Director of the Office of 

13 Thrift Supervision’’ and inserting ‘‘Comptroller of 

14 the Currency’’; and 

15 (4) in section 307 (12 U.S.C. 2806)— 

16 (A) in subsection (a)(1), by striking ‘‘the 

17 Comptroller of the Currency,’’; and 

18 (B) by striking ‘‘Director of the Office of 

19 Thrift Supervision’’ each place that term ap20 pears and inserting ‘‘Comptroller of the Cur21 rency’’. 

22 (u) COMMUNITY REINVESTMENT ACT OF 1977.— 

23 Section 803(1) of the Community Reinvestment Act of 

24 1977 (12 U.S.C. 2902(1)) is amended— 


jbell on PRODPC61 with BILLS
59 

•HR 1754 IH

1 (1) in subparagraph (A), by inserting ‘‘, savings 

2 associations (the deposits of which are insured by 

3 the Federal Deposit Insurance Corporation) and sav4 ings and loan holding companies’’ after ‘‘banks’’; 

5 (2) in subparagraph (B), by adding ‘‘and’’ at 

6 the end; 

7 (3) in subparagraph (C), by striking ‘‘and’’ at 

8 the end; and 

9 (4) by striking paragraph (2) (as so designated 

10 by section 744(q) of the Financial Institutions Re11 form, Recovery, and Enforcement Act of 1989 (103 

12 Stat. 440)). 

13 (v) INTERNATIONAL BANKING ACT OF 1978.—Sec14 tion 15 of the International Banking Act of 1978 (12 

15 U.S.C. 3109) is amended— 

16 (1) in each of subsections (a) and (b), by strik17 ing ‘‘Federal Deposit Insurance Corporation, and 

18 Director of the Office of Thrift Supervision’’ each 

19 place that term appears and inserting ‘‘and Federal 

20 Deposit Insurance Corporation’’; and 

21 (2) in subsection (c)(4), by striking ‘‘the Fed22 eral Deposit Insurance Corporation, and the Direc23 tor of the Office of Thrift Supervision’’ and insert24 ing ‘‘and the Federal Deposit Insurance Corpora25 tion’’. 


jbell on PRODPC61 with BILLS
60 

•HR 1754 IH

1 (w) DEPOSITORY INSTITUTION MANAGEMENT

2 INTERLOCKS ACT.—The Depository Institution Manage3 ment Interlocks Act (12 U.S.C. 3201 et seq.) is amend4 ed— 

5 (1) in section 205(9) (12 U.S.C. 3204(9)), by 

6 striking ‘‘Director of the Office of Thrift Super7 vision’’ and inserting ‘‘Comptroller of the Currency’’; 

8 (2) in section 207 (12 U.S.C. 3206)— 

9 (A) in paragraph (1), by inserting ‘‘, sav10 ings associations (the deposits of which are in11 sured by the Federal Deposit Insurance Cor12 poration), and savings and loan holding compa13 nies’’ after ‘‘banks’’; 

14 (B) by striking paragraph (4); 

15 (C) in paragraph (6), by striking ‘‘(5)’’ 

16 and inserting ‘‘(4)’’; and 

17 (D) by redesignating paragraphs (5) and 

18 (6) as paragraphs (4) and (5), respectively; and 

19 (3) in section 209 (12 U.S.C. 3207)— 

20 (A) in paragraph (1), by inserting after 

21 ‘‘banks’’ the following: ‘‘, institutions, the ac22 counts of which are insured by the Federal De23 posit Insurance Corporation, and savings and 

24 loan holding companies’’; 


jbell on PRODPC61 with BILLS
61 

•HR 1754 IH

1 (B) in paragraph (3), by adding ‘‘and’’ at 

2 the end; 

3 (C) by striking paragraph (4); and 

4 (D) by redesignating paragraph (5) as 

5 paragraph (4). 

6 (x) FEDERAL FINANCIAL INSTITUTIONS EXAMINA7 TION COUNCIL ACT OF 1978.—The Federal Financial In8 stitutions Examination Council Act of 1978 (12 U.S.C. 

9 3301 et seq.) is amended— 

10 (1) in section 1003 (12 U.S.C. 3302), by strik11 ing ‘‘the Office of Thrift Supervision,’’; and 

12 (2) in section 1004 (12 U.S.C. 3303)— 

13 (A) by striking paragraph (4); and 

14 (B) by redesignating paragraphs (5) and 

15 (6) as paragraphs (4) and (5), respectively. 

16 (y) RIGHT TO FINANCIAL PRIVACY ACT OF 1978.— 

17 Section 1101(7) of the Right to Financial Privacy Act of 

18 1978 (12 U.S.C. 3401(7)) is amended— 

19 (1) by striking subparagraph (B); and 

20 (2) by redesignating subparagraphs (C) through 

21 (I) as subparagraphs (B) through (H), respectively. 

22 (z) ALTERNATIVE MORTGAGE TRANSACTION PARITY

23 ACT OF 1982.—Section 804(a)(3) of the Alternative Mort24 gage Transaction Parity Act of 1982 (12 U.S.C. 

25 3803(a)(3)) is amended— 


jbell on PRODPC61 with BILLS
62 

•HR 1754 IH

1 (1) by striking ‘‘Director of the Office of Thrift 

2 Supervision’’ and inserting ‘‘Comptroller of the Cur3 rency’’; and 

4 (2) by striking ‘‘Federal Home Loan Bank 

5 Board’’ and inserting ‘‘Office of the Comptroller of 

6 the Currency’’. 

7 (aa) INTERNATIONAL LENDING SUPERVISION ACT

8 OF 1983.—Section 912 of the International Lending Su9 pervision Act of 1983 (12 U.S.C. 3911) is amended to 

10 read as follows: 

11 ‘‘SEC. 912. EQUAL REPRESENTATION FOR FEDERAL DE12 POSIT INSURANCE CORPORATION. 

13 ‘‘As 1 of the 3 Federal bank regulatory and super14 visory agencies, and as the insurer of the United States 

15 banks involved in international lending, the Federal De16 posit Insurance Corporation shall be given equal represen17 tation with the Board of Governors of the Federal Reserve 

18 System and the Office of the Comptroller of the Currency 

19 on the Committee on Banking Regulations and Super20 visory Practices of the Group of Ten Countries and Swit21 zerland.’’. 

22 (bb) EXPEDITED FUNDS AVAILABILITY ACT.—Sec23 tion 610(a) of the Expedited Funds Availability Act (12 

24 U.S.C. 4009(a)) is amended— 

25 (1) in paragraph (1)— 


jbell on PRODPC61 with BILLS
63 

•HR 1754 IH

1 (A) in subparagraph (A), by inserting be2 fore ‘‘national banks’’ the following: ‘‘savings 

3 associations, the deposits of which are insured 

4 by the Federal Deposit Insurance Corpora5 tion,’’; and 

6 (B) in subparagraph (C), by adding ‘‘and’’ 

7 at the end; 

8 (2) by striking paragraph (2); and 

9 (3) by redesignating paragraph (3) as para10 graph (2). 

11 (cc) TRUTH IN SAVINGS ACT.—Section 270(a)(1)(C) 

12 of the Truth in Savings Act (12 U.S.C. 4309(a)(1)(C)) 

13 is amended by striking ‘‘Director of the Office of Thrift 

14 Supervision’’ and inserting ‘‘Comptroller of the Cur15 rency’’. 

16 (dd) FEDERAL HOUSING ENTERPRISES FINANCIAL

17 SAFETY AND SOUNDNESS ACT OF 1992.—The Federal 

18 Housing Enterprises Financial Safety and Soundness Act 

19 of 1992 is amended— 

20 (1) in section 1315(b) (12 U.S.C. 4515(b)), by 

21 striking ‘‘the Federal Deposit Insurance Corpora22 tion, and the Office of Thrift Supervision’’ and in23 serting ‘‘and the Federal Deposit Insurance Cor24 poration’’; and 


jbell on PRODPC61 with BILLS
64 

•HR 1754 IH

1 (2) in section 1317 (12 U.S.C. 4517) by strik2 ing ‘‘the Federal Deposit Insurance Corporation, or 

3 the Director of the Office of Thrift Supervision’’ and 

4 inserting ‘‘or the Federal Deposit Insurance Cor5 poration’’. 

6 (ee) COMMUNITY DEVELOPMENT BANKING AND FI7 NANCIAL INSTITUTIONS ACT OF 1994.—Section 117(e) of 

8 the Community Development Banking and Financial In9 stitutions Act of 1994 (12 U.S.C. 4716(e)) is amended 

10 by striking ‘‘the Director of the Office of Thrift Super11 vision,’’. 

12 (ff) HOMEOWNERS PROTECTION ACT OF 1998.—Sec13 tion 10(a)(1)(C) of the Homeowners Protection Act of 

14 1998 (12 U.S.C. 4909(a)(1)(C)) is amended by striking 

15 ‘‘Director of the Office of Thrift Supervision’’ and insert16 ing ‘‘Comptroller of the Currency’’. 

17 (gg) SECURE AND FAIR ENFORCEMENT FOR MORT18 GAGE LICENSING ACT OF 2008.—Section 1503(1) of the 

19 Secure and Fair Enforcement for Mortgage Licensing Act 

20 of 2008 (12 U.S.C. 5102(1)) is amended by striking ‘‘the 

21 Director of the Office of Thrift Supervision,’’. 

22 (hh) EMERGENCY ECONOMIC STABILIZATION ACT OF

23 2008.—Section 101(b) of the Emergency Economic Sta24 bilization Act of 2008 (12 U.S.C. 5211(b)) is amended 


jbell on PRODPC61 with BILLS
65 

•HR 1754 IH

1 by striking ‘‘the Director of the Office of Thrift Super2 vision,’’. 

3 (ii) SECURITIES EXCHANGE ACT OF 1934.—The Se4 curities Exchange Act of 1934 (15 U.S.C. 78a et seq.) 

5 is amended— 

6 (1) in section 3(a)(34) (15 U.S.C. 

7 78c(a)(34))— 

8 (A) in subparagraph (A)— 

9 (i) in clause (i), by striking ‘‘or a sub10 sidiary or a department or division of any 

11 such bank’’ and inserting ‘‘a subsidiary or 

12 a department or division of any such bank, 

13 a savings association (as defined in section 

14 3(b) of the Federal Deposit Insurance Act 

15 (12 U.S.C. 1813(b))), the deposits of 

16 which are insured by the Federal Deposit 

17 Insurance Corporation, a subsidiary or a 

18 department or division of any such savings 

19 association, or a savings and loan holding 

20 company’’; 

21 (ii) in clause (iii), by adding ‘‘and’’ at 

22 the end; 

23 (iii) by striking clause (iv); and 

24 (iv) by redesignating clause (v) as 

25 clause (iv); 


jbell on PRODPC61 with BILLS
66 

•HR 1754 IH

1 (B) in subparagraph (B)— 

2 (i) in clause (i), by striking ‘‘or a sub3 sidiary or a department or division of any 

4 such bank’’ and inserting ‘‘a subsidiary or 

5 a department or division of any such bank, 

6 a savings association (as defined in section 

7 3(b) of the Federal Deposit Insurance Act 

8 (12 U.S.C. 1813(b))), the deposits of 

9 which are insured by the Federal Deposit 

10 Insurance Corporation, a subsidiary or a 

11 department or division of any such savings 

12 association, or a savings and loan holding 

13 company’’; 

14 (ii) in clause (iii), by adding ‘‘and’’ at 

15 the end; 

16 (iii) by striking clause (iv); and 

17 (iv) by redesignating clause (v) as 

18 clause (iv); 

19 (C) in subparagraph (C)— 

20 (i) in clause (i), by inserting ‘‘, a sav21 ings association (as defined in section 3(b) 

22 of the Federal Deposit Insurance Act (12 

23 U.S.C. 1813(b))), the deposits of which are 

24 insured by the Federal Deposit Insurance 

25 Corporation, a savings and loan holding 


jbell on PRODPC61 with BILLS
67 

•HR 1754 IH

1 company, or a subsidiary of a savings and 

2 loan holding company’’ after ‘‘national 

3 bank’’; 

4 (ii) in clause (iii), by adding ‘‘and’’ at 

5 the end; 

6 (iii) by striking clause (iv); and 

7 (iv) by redesignating clause (v) as 

8 clause (iv); 

9 (D) in subparagraph (D)— 

10 (i) in clause (i), by inserting ‘‘or sav11 ings association (as defined in section 3(b) 

12 of the Federal Deposit Insurance Act (12 

13 U.S.C. 1813(b))), the deposits of which are 

14 insured by the Federal Deposit Insurance 

15 Corporation’’ after ‘‘national bank’’; 

16 (ii) in clause (ii), by adding ‘‘and’’ at 

17 the end; 

18 (iii) by striking clause (iii); and 

19 (iv) by redesignating clause (iv) as 

20 clause (iii); 

21 (E) in subparagraph (F)— 

22 (i) in clause (i), by inserting ‘‘or sav23 ings association (as defined in section 3(b) 

24 of the Federal Deposit Insurance Act (12 

25 U.S.C. 1813(b))), the deposits of which are 


jbell on PRODPC61 with BILLS
68 

•HR 1754 IH

1 insured by the Federal Deposit Insurance 

2 Corporation’’ after ‘‘national bank’’; 

3 (ii) by striking clause (ii); and 

4 (iii) by redesignating clauses (iii) 

5 through (v) as clauses (ii) through (iv), re6 spectively; 

7 (F) in subparagraph (G)— 

8 (i) in clause (i), by inserting ‘‘or a 

9 savings association (as defined in section 

10 3(b) of the Federal Deposit Insurance 

11 Act), the deposits of which are insured by 

12 the Federal Deposit Insurance Corpora13 tion’’ after ‘‘1978)’’; 

14 (ii) in clause (iii), by adding ‘‘and’’ at 

15 the end; and 

16 (iii) by striking clause (iv); and 

17 (G) in the matter following subparagraph 

18 (H)(iv), by striking ‘‘Office of Thrift Super19 vision’’ and inserting ‘‘Comptroller of the Cur20 rency’’; 

21 (2) in section 12(i) (15 U.S.C. 78l(i))— 

22 (A) in the first sentence— 

23 (i) by inserting ‘‘and savings associa24 tions, the accounts of which are insured by 


jbell on PRODPC61 with BILLS
69 

•HR 1754 IH

1 the Federal Deposit Insurance Corpora2 tion’’ after ‘‘national banks’’; 

3 (ii) by inserting ‘‘and’’ before ‘‘(3)’’; 

4 and 

5 (iii) by striking ‘‘, and (4) with re6 spect to savings associations the accounts 

7 of which are insured by the Federal De8 posit Insurance Corporation are vested in 

9 the Office of Thrift Supervision’’; and 

10 (B) in the second sentence, by striking 

11 ‘‘the Federal Deposit Insurance Corporation, 

12 and the Office of Thrift Supervision’’ and in13 serting ‘‘and the Federal Deposit Insurance 

14 Corporation’’; and 

15 (3) in section 15C(g) (15 U.S.C. 78o–5(g)), by 

16 striking ‘‘the Director of the Office of Thrift Super17 vision,’’. 

18 (jj) FINANCIAL SERVICES REGULATORY RELIEF ACT

19 OF 2006.—Section 101(c) of the Financial Services Regu20 latory Relief Act of 2006 (15 U.S.C. 78c note) is amended 

21 by striking ‘‘the Office of Thrift Supervision,’’. 

22 (kk) TRUTH IN LENDING ACT.—Section 108(a) of 

23 the Truth in Lending Act (15 U.S.C. 1607(a)) is amend24 ed— 


jbell on PRODPC61 with BILLS
70 

•HR 1754 IH

1 (1) in paragraph (1)(A), by inserting ‘‘savings 

2 associations, the deposits of which are insured by 

3 the Federal Deposit Insurance Corporation,’’ before 

4 ‘‘national banks’’; 

5 (2) by striking paragraph (2); and 

6 (3) by redesignating paragraphs (3) through 

7 (6) as paragraphs (2) through (5), respectively. 

8 (ll) FAIR CREDIT REPORTING ACT.—Section 621(b) 

9 of the Fair Credit Reporting Act (15 U.S.C. 1681s(b))— 

10 (1) in paragraph (1)(A), by inserting ‘‘savings 

11 associations, the deposits of which are insured by 

12 the Federal Deposit Insurance Corporation,’’ before 

13 ‘‘national banks’’; 

14 (2) by striking paragraph (2); and 

15 (3) by redesignating paragraphs (3) through 

16 (6) as paragraphs (2) through (5), respectively. 

17 (mm) EQUAL CREDIT OPPORTUNITY ACT.—Section 

18 704(a) of the Equal Credit Opportunity Act (15 U.S.C. 

19 1691c(a)) is amended— 

20 (1) in paragraph (1)(A), by inserting ‘‘savings 

21 associations, the deposits of which are insured by 

22 the Federal Deposit Insurance Corporation,’’ before 

23 ‘‘national banks’’; 

24 (2) by striking paragraph (2); and 


jbell on PRODPC61 with BILLS
71 

•HR 1754 IH

1 (3) by redesignating paragraphs (3) through 

2 (9) as paragraphs (2) through (8), respectively. 

3 (nn) FAIR DEBT COLLECTION PRACTICES ACT.— 

4 Section 814(b) of the Fair Debt Collection Practices Act 

5 (15 U.S.C. 1692l(b)) is amended— 

6 (1) in paragraph (1)(A), by inserting ‘‘savings 

7 associations, the deposits of which are insured by 

8 the Federal Deposit Insurance Corporation,’’ before 

9 ‘‘national banks’’; 

10 (2) by striking paragraph (2); and 

11 (3) by redesignating paragraphs (3) through 

12 (6) as paragraphs (2) through (5), respectively. 

13 (oo) ELECTRONIC FUND TRANSFER ACT.—Section 

14 917(a) of the Electronic Fund Transfer Act (15 U.S.C. 

15 1693o(a)) is amended— 

16 (1) in paragraph (1)(A), by inserting ‘‘savings 

17 associations, the deposits of which are insured by 

18 the Federal Deposit Insurance Corporation,’’ before 

19 ‘‘national banks’’; 

20 (2) by striking paragraph (2); and 

21 (3) by redesignating paragraphs (3) through 

22 (5) as paragraphs (2) through (4), respectively. 

23 (pp) CHILDREN’S ONLINE PRIVACY PROTECTION

24 ACT OF 1998.—Section 1306(b) of the Children’s Online 


jbell on PRODPC61 with BILLS
72 

•HR 1754 IH

1 Privacy Protection Act of 1998 (15 U.S.C. 6505(b)) is 

2 amended— 

3 (1) in paragraph (1)(A), by inserting ‘‘savings 

4 associations, the deposits of which are insured by 

5 the Federal Deposit Insurance Corporation,’’ before 

6 ‘‘national banks’’; 

7 (2) by striking paragraph (2); and 

8 (3) by redesignating paragraphs (3) through 

9 (6) as paragraphs (2) through (5), respectively. 

10 (qq) CONTROLLING THE ASSAULT OF NON-SOLIC11 ITED PORNOGRAPHY AND MARKETING ACT OF 2003.— 

12 Section 7(b)(1) of the Controlling the Assault of Non-So13 licited Pornography and Marketing Act of 2003 (15 

14 U.S.C. 7706(b)(1)) is amended— 

15 (1) in subparagraph (A), by inserting ‘‘savings 

16 associations, the deposits of which are insured by 

17 the Federal Deposit Insurance Corporation,’’ before 

18 ‘‘national banks’’; 

19 (2) in subparagraph (B), by adding ‘‘and’’ at 

20 the end; 

21 (3) in subparagraph (C), by striking ‘‘and’’ at 

22 the end; and 

23 (4) by striking subparagraph (D). 

24 (rr) TITLE 18.—Title 18, United States Code, is 

25 amended— 


jbell on PRODPC61 with BILLS
73 

•HR 1754 IH

1 (1) in section 212(c)(2)— 

2 (A) by striking subparagraph (C); and 

3 (B) by redesignating subparagraphs (D) 

4 through (H) as subparagraphs (C) through (G), 

5 respectively; 

6 (2) in section 657, by striking ‘‘Thrift Super7 vision’’ and inserting ‘‘the Comptroller of the Cur8 rency with respect to any functions transferred from 

9 the Office of Thrift Supervision pursuant to section 

10 202 of the Financial System Stabilization and Re11 form Act of 2009’’; 

12 (3) in the matter following section 

13 981(a)(1)(D)(vi), by striking ‘‘or the Office of Thrift 

14 Supervision’’; 

15 (4) in the matter following section 

16 982(a)(3)(F), by striking ‘‘or the Office of Thrift 

17 Supervision,’’; 

18 (5) in section 1006, by striking ‘‘Thrift Super19 vision’’ and inserting ‘‘the Comptroller of the Cur20 rency with respect to any functions transferred from 

21 the Office of Thrift Supervision pursuant to section 

22 202 of the Financial System Stabilization and Re23 form Act of 2009’’; 

24 (6) in section 1014, by striking ‘‘Thrift Super25 vision’’ and inserting ‘‘the Comptroller of the CurVerDate Nov 24 2008 00:12 Mar 28, 2009 Jkt 079200 PO 00000 Frm 00073 Fmt 6652 Sfmt 6201 E:\BILLS\H1754.IH H1754

jbell on PRODPC61 with BILLS
74 

•HR 1754 IH

1 rency with respect to any functions transferred from 

2 the Office of Thrift Supervision pursuant to section 

3 202 of the Financial System Stabilization and Re4 form Act of 2009’’; and 

5 (7) in section 1032(1), by striking ‘‘or the Di6 rector of the Office of Thrift Supervision,’’. 

7 (ss) TITLE 31.—Title 31, United States Code, is 

8 amended— 

9 (1) by striking section 309; 

10 (2) in section 321(c)— 

11 (A) in paragraph (2), by striking ‘‘; and’’ 

12 and inserting a period; and 

13 (B) by striking paragraph (3); and 

14 (3) in section 714(1), by striking ‘‘the Office of 

15 the Comptroller of the Currency, and the Office of 

16 Thrift Supervision’’ and inserting ‘‘and the Office of 

17 the Comptroller of the Currency’’. 

18 (tt) FLOOD DISASTER PROTECTION ACT OF 1973.— 

19 Section 3(a)(5) of the Flood Disaster Protection Act of 

20 1973 (42 U.S.C. 4003(a)(5)) is amended by striking ‘‘the 

21 Office of Thrift Supervision,’’. 

22 (uu) NATIONAL FLOOD INSURANCE ACT OF 1968.— 

23 Section 1370(a)(9) of the National Flood Insurance Act 

24 of 1968 (42 U.S.C. 4121(a)(9)) is amended by striking 

25 ‘‘the Office of Thrift Supervision,’’. 


jbell on PRODPC61 with BILLS
75 

•HR 1754 IH

1 SEC. 211. ADDITIONAL CONFORMING REFERENCES. 

2 Except as provided under this Act, reference in any 

3 other Federal law, Executive order, rule, regulation, or 

4 delegation of authority, or any document of or relating 

5 to— 

6 (1) the Director of the Office of Thrift Super7 vision, with regard to functions transferred under 

8 section 202, shall be deemed to refer to the Comp9 troller of the Currency; and 

10 (2) the Office of Thrift Supervision, with regard 

11 to functions transferred under this Act, shall be 

12 deemed to refer to the Office of the Comptroller of 

13 the Currency. 

Æ 


jbell on PRODPC61 with BILLS