I

103D CONGRESS

1ST SESSION H. R. 1214

To provide for the regulation of banks and savings associations by a single

Federal independent regulatory commission, and for other purposes.

IN THE HOUSE OF REPRESENTATIVES

MARCH 4, 1993

Mr. GONZALEZ (for himself, Mr. VENTO, Mr. FRANK of Massachusetts, Mr.

KENNEDY, Mr. FLAKE, Mr. MFUME, Ms. WATERS, Mr. GUTIERREZ, Mr.

RUSH, Ms. ROYBAL-ALLARD, Ms. VELA ́ZQUEZ, and Mr. HINCHEY)

introduced the following bill; which was referred to the Committee on

Banking, Finance and Urban Affairs

NOVEMBER 10, 1993

Additional sponsors: Mr. WYNN and Mr. FROST

A BILL

To provide for the regulation of banks and savings associations by a single Federal independent regulatory 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.

4 This Act may be cited as the ‘‘Regulatory Consolida5 tion Act of 1993’’.
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1 TITLE I—FEDERAL BANKING

2 COMMISSION

3 SEC. 101. ESTABLISHMENT.

4 (a) IN GENERAL.—There is hereby established a

5 commission to be known as the Federal Banking Commis6 sion (hereafter in this title referred to as the ‘‘Commis7 sion’’) as an independent establishment in the executive

8 branch.

9 (b) INSURED DEPOSITORY INSTITUTION DEFINED.—

10 For purposes of this title, the term ‘‘insured depository

11 institution’’ has the meaning given to such term in section

12 3(c) of the Federal Deposit Insurance Act.

13 SEC. 102. COMMISSIONERS.

14 (a) COMMISSIONERS.—

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

16 composed of 7 members—

17 (A) 1 of whom shall be the Secretary of

18 the Treasury;

19 (B) 1 of whom shall be the Chairman of

20 the Board of Governors of the Federal Reserve

21 System;

22 (C) 1 of whom shall be the Chairperson of

23 the Board of Directors of the Federal Deposit

24 Insurance Corporation; and
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1 (D) 4 of whom shall be appointed by the

2 President, by and with the advice and consent

3 of the Senate.

4 (2) POLITICAL AFFILIATION.—Not more than 2

5 members of the Commission appointed under para6 graph (1)(D) may be members of the same political

7 party.

8 (3) PUBLIC REPRESENTATIVE.—At least 1

9 member of the Commission appointed under para10 graph (1)(D) shall be appointed from among individ11 uals who are representatives of organizations which

12 have more than a 2-year history of representing

13 consumer or community interests on banking serv14 ices, credit needs, or housing and financial consumer

15 protections.

16 (b) CHAIRPERSON AND VICE CHAIRPERSON.—

17 (1) CHAIRPERSON.—1 of the members of the

18 Commission appointed under subsection (a)(1)(D)

19 shall be designated by the President, by and with

20 the advice and consent of the Senate, to serve as

21 Chairperson of the Commission.

22 (2) VICE CHAIRPERSON.—1 of the members of

23 the Commission appointed under subsection

24 (a)(1)(D) shall be designated by the President, by
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1 and with the advice and consent of the Senate, to

2 serve as Vice Chairperson of the Commission.

3 (3) ACTING CHAIRPERSON.—In the event of a

4 vacancy in the position of Chairperson of the Com5 mission, or during the absence or disability of the

6 Chairperson, the Vice Chairperson shall act as

7 Chairperson.

8 (c) TERMS.—

9 (1) 5-YEAR TERMS.—Except as provided in

10 paragraph (4), each member appointed under sub11 section (a)(1)(D) shall be appointed for a term of 5

12 years.

13 (2) INTERIM APPOINTMENTS.—Any member ap14 pointed to fill a vacancy occurring before the end of

15 the term to which such member’s predecessor was

16 appointed shall be appointed only for the remainder

17 of such term.

18 (3) CONTINUATION OF SERVICE.—Any member

19 may continue to serve after the expiration of the

20 term of office to which such member was appointed

21 until a successor has been appointed and qualified.

22 (4) STAGGERED FOR 1ST APPOINTEES.—Of the

23 members first appointed to the Commission under

24 subsection (a)(1)(D)—
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1 (A) 1 shall be appointed for a term of 5

2 years;

3 (B) 1 shall be appointed for a term of 4

4 years;

5 (C) 1 shall be appointed for a term of 3

6 years; and

7 (D) 1 shall be appointed for a term of 2

8 years,

9 as designated by the President at the time of the

10 appointment.

11 (d) VACANCY.—Any vacancy on the Commission shall

12 be filled in the manner in which the original appointment

13 was made.

14 (e) INELIGIBILITY FOR OTHER OFFICES.—

15 (1) RESTRICTIONS ON EMPLOYMENT BY DEPOS16 ITORY INSTITUTIONS.—No member of the Commis17 sion may hold any office, position, or employment in

18 any insured depository institution or any affiliate (as

19 defined in section 2(k) of the Bank Holding

20 Company Act of 1956) of an insured depository

21 institution during—

22 (A) the time such member is in office; and

23 (B) the 2-year period beginning on the

24 date such member ceases to serve on the

25 Commission.
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1 (2) OTHER RESTRICTIONS DURING SERVICE AS

2 MEMBER.—No member of the Commission may—

3 (A) be an officer or director of any Federal

4 Reserve bank or Federal home loan bank; or

5 (B) hold any stock in any insured deposi6 tory institution or any affiliate (as defined in

7 section 2(k) of the Bank Holding Company Act

8 of 1956) of an insured depository institution.

9 (3) CERTIFICATION.—Upon taking office, each

10 member of the Commission shall file a certification

11 under oath with the secretary of the Commission

12 that such member has complied with the require13 ments of this subsection.

14 SEC. 103. POWERS AND DUTIES.

15 (a) REGULATION OF NATIONAL BANKS.—

16 (1) TRANSFER TO COMMISSION.—All functions

17 of the Comptroller of the Currency are hereby trans18 ferred to the Commission.

19 (2) COMMISSION POWERS.—The Commission

20 shall have all powers, duties, and authority which,

21 before the date of the enactment of this Act, were

22 vested in the Comptroller of the Currency under the

23 following provisions of law to the extent such provi24 sions apply to national banks or the office, officers,

25 or employees of the Comptroller of the Currency:
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1 (A) Chapter nine of title VII and title

2 LXII of the Revised Statutes.

3 (B) The Bank Conservation Act.

4 (C) The Federal Deposit Insurance Act.

5 (D) The National Bank Receivership Act.

6 (E) The Act entitled ‘‘An Act additional to

7 the Act entitled ‘An Act to provide a national

8 currency secured by a pledge of United States

9 bonds and to provide for the circulation and re10 demption thereof,’ passed June third, eighteen

11 hundred and sixty four.’’ and approved March

12 29, 1886.

13 (F) The Act entitled ‘‘An Act to provide

14 for the conversion of national banking associa15 tions into and their merger or consolidation

16 with State banks, and for other purposes.’’ and

17 approved August 17, 1950.

18 (G) The Act entitled ‘‘An Act to provide

19 for the consolidation of national banking asso20 ciations.’’ and approved November 7, 1918.

21 (H) The International Banking Act of

22 1978.

23 (I) The Farm Credit Act of 1971.

24 (J) Any title of the Consumer Credit Pro25 tection Act.
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1 (K) The Bank Protection Act of 1968.

2 (L) The Home Mortgage Disclosure Act of

3 1975.

4 (M) The Community Reinvestment Act of

5 1977.

6 (N) The Depository Institution Manage7 ment Interlock Act.

8 (O) Sections 2, 4, 19(h), 22(g), 24(a),

9 24A, 25, 25A, and 29 of the Federal Reserve

10 Act.

11 (P) The Bank Service Corporation Act.

12 (Q) The Federal Financial Institutions Ex13 amination Council Act of 1978.

14 (R) The Right to Financial Privacy Act of

15 1978.

16 (S) The Alternative Mortgage Transaction

17 Parity Act of 1982.

18 (T) The International Lending Supervision

19 Act of 1983.

20 (U) The Expedited Funds Availability Act.

21 (V) The Financial Institutions Reform, Re22 covery, and Enforcement Act of 1989.

23 (W) The Federal Deposit Insurance Cor24 poration Improvement Act of 1991.
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1 (b) REGULATION OF MEMBER BANKS, BANK HOLD2 ING COMPANIES AND AFFILIATES, AND VARIOUS INTER3 NATIONAL BANKING ENTITIES.—

4 (1) TRANSFER TO COMMISSION.—All functions

5 of the Board of Governors of the Federal Reserve

6 System (and any Federal Reserve bank) relating

7 to—

8 (A) the supervision and regulation of

9 banks which are members of the Federal Re10 serve System;

11 (B) the supervision and regulation of bank

12 holding companies and any subsidiary or affili13 ate of a bank holding company which is not a

14 depository institution;

15 (C) the supervision and regulation of com16 panies operating under section 25 or 25A of the

17 Federal Reserve Act or the International Bank18 ing Act of 1978;

19 (D) the supervision and regulation of any

20 company which is subject to supervision and

21 regulation by the Board of Governors under any

22 title of the Consumer Protection Act; and

23 (E) the supervision and regulation of any

24 foreign bank, any branch or agency of a foreign
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1 bank, and any commercial lending company

2 controlled by a foreign bank,

3 are hereby transferred to the Commission.

4 (2) COMMISSION POWERS.—The Commission

5 shall have all powers, duties, and authority which,

6 before the date of the enactment of this Act, were

7 vested in the Board of Governors of the Federal Re8 serve System under the following provisions of law

9 to the extent such provisions apply to banks or other

10 companies described in any subparagraph of para11 graph (1):

12 (A) Sections 6 (other than the 1st and 2d

13 paragraphs), 9, 19(h), 22(g), 22(h), 23A, 23B,

14 24(a), 24A, 25, 25A, and 29 of the Federal

15 Reserve Act.

16 (B) The Bank Holding Company Act of

17 1956.

18 (C) The Bank Holding Company Act

19 Amendments of 1970.

20 (D) The International Banking Act of

21 1978.

22 (E) Sections 20, 31, and 32 of the Na23 tional Banking Act of 1933.

24 (F) The Federal Deposit Insurance Act.
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1 (G) Any title of the Consumer Credit Pro2 tection Act.

3 (H) The Bank Protection Act of 1968.

4 (I) The Home Mortgage Disclosure Act of

5 1975.

6 (J) The Community Reinvestment Act of

7 1977.

8 (K) The Depository Institution Manage9 ment Interlock Act.

10 (L) The Bank Service Corporation Act.

11 (M) The Federal Financial Institutions

12 Examination Council Act of 1978.

13 (N) The Right to Financial Privacy Act of

14 1978.

15 (O) The Alternative Mortgage Transaction

16 Parity Act of 1982.

17 (P) The International Lending Supervision

18 Act of 1983.

19 (Q) The Expedited Funds Availability Act.

20 (R) The Financial Institutions Reform,

21 Recovery, and Enforcement Act of 1989.

22 (S) The Federal Deposit Insurance Cor23 poration Improvement Act of 1991.

24 (c) REGULATION OF SAVINGS ASSOCIATIONS AND

25 SAVINGS AND LOAN HOLDING COMPANIES.—
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1 (1) TRANSFER TO COMMISSION.—All functions

2 of the Director of the Office of Thrift Supervision

3 are hereby transferred to the Commission.

4 (2) COMMISSION POWERS.—The Commission

5 shall have all powers, duties, and authority which,

6 before the date of the enactment of this Act, were

7 vested in the Director of the Office of Thrift Super8 vision under the following provisions of law to the

9 extent such provisions apply to savings associations,

10 savings and loan holding companies, or the office,

11 officers, or employees of the Director:

12 (A) The Home Owners’ Loan Act.

13 (B) The Federal Deposit Insurance Act.

14 (C) Any title of the Consumer Credit Pro15 tection Act.

16 (D) The Bank Protection Act of 1968.

17 (E) The Home Mortgage Disclosure Act of

18 1975.

19 (F) The Community Reinvestment Act of

20 1977.

21 (G) The Depository Institution Manage22 ment Interlock Act.

23 (H) The Bank Service Corporation Act.

24 (I) The Federal Financial Institutions Ex25 amination Council Act of 1978.
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1 (J) The Right to Financial Privacy Act of

2 1978.

3 (K) The Alternative Mortgage Transaction

4 Parity Act of 1982.

5 (L) The Expedited Funds Availability Act.

6 (M) The Financial Institutions Reform,

7 Recovery, and Enforcement Act of 1989.

8 (N) The Federal Deposit Insurance Cor9 poration Improvement Act of 1991.

10 (O) The Resolution Trust Corporation Re11 financing, Restructuring, and Improvement Act

12 of 1991.

13 (d) REGULATION OF STATE NONMEMBER BANKS.—

14 (1) TRANSFER TO COMMISSION.—All functions

15 of the Federal Deposit Insurance Corporation relat16 ing to the supervision and regulation of State

17 nonmember banks, including savings banks, (other

18 than insurance, conservatorship, or receivership

19 functions) and foreign banks with insured branches

20 (as defined in section 3(s)(3) of the Federal Deposit

21 Insurance Act) are hereby transferred to the Com22 mission.

23 (2) COMMISSION POWERS.—The Commission

24 shall have all powers, duties, and authority which,

25 before the date of the enactment of this Act, were
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1 vested in the Federal Deposit Insurance Corporation

2 under the following provisions of law:

3 (A) Sections 7(a), 20, 21, 22, 27, 30(c),

4 32, 33, 34, 35, 36, 37, 38, 39, and 41, sub5 sections (b) through (n), (r), (s), (u), and (v)

6 of section 8, subsections (b)(2)(A), (c), (d), and

7 (e) of section 10, subsections (c) (other than

8 paragraph (1)), (d), (g), (i), (j), (l), (o), and (p)

9 of section 18 of the Federal Deposit Insurance

10 Act.

11 (B) Any title of the Consumer Credit Pro12 tection Act.

13 (C) The Depository Institution Manage14 ment Interlock Act.

15 (D) The Federal Financial Institutions Ex16 amination Council Act of 1978.

17 (E) The Home Mortgage Disclosure Act of

18 1975.

19 (F) The Right to Financial Privacy Act of

20 1978.

21 (G) The Alternative Mortgage Transaction

22 Parity Act of 1982.

23 (H) The Bank Service Corporation Act.

24 (I) The Expedited Funds Availability Act.
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1 (J) The Financial Institutions Reform, Re2 covery, and Enforcement Act of 1989.

3 (K) The Community Reinvestment Act of

4 1977.

5 (L) The Federal Deposit Insurance Cor6 poration Improvement Act of 1991.

7 (e) REGULATIONS AND ORDERS.—In addition to any

8 authority under any Act referred to in subsection (a), (b),

9 (c), or (d), the Commission may prescribe such regulations

10 and issue such orders as the Commission may determine

11 to be appropriate to carry out the purposes of this Act

12 and the powers and duties of the Commission under this

13 Act and any Act referred to in any such subsection.

14 SEC. 104. CONSUMER DIVISION.

15 (a) ESTABLISHMENT.—There is hereby established

16 within the Commission a division to be known as the

17 ‘‘Consumer Division’’.

18 (b) DEFINITIONS.—For purposes of this section—

19 (1) CONSUMER EXAMINATION.—The term

20 ‘‘consumer examination’’ means an examination of

21 an insured depository institution to determine the

22 extent to which such institution is in compliance

23 with all applicable laws and regulations relating to

24 consumer protection, including community reinvest25 ment laws.
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1 (2) CONSUMER EXAMINER.—The term

2 ‘‘consumer examiner’’ means an examiner who spe3 cializes in assessing compliance with all applicable

4 laws and regulations relating to consumer protection

5 and credit availability, including community reinvest6 ment laws.

7 (c) CONSUMER EXAMINATIONS.—

8 (1) FREQUENCY.—The Consumer Division shall

9 conduct a separate on-site examination of each in10 sured depository institution in conjunction with the

11 regular on-site examinations of such institution in

12 accordance with section 10(d) of the Federal Deposit

13 Insurance Act to determine the extent to which the

14 institution is in compliance with all applicable laws

15 and regulations relating to consumer protection, in16 cluding community reinvestment laws.

17 (2) CONDUCTED BY CONSUMER EXAMINERS.—

18 In general, consumer examinations shall be con19 ducted by consumer examiners under the supervision

20 of the Consumer Division.

21 (d) ADDITIONAL RESPONSIBILITIES.—In addition to

22 the responsibilities established by subsection (c), the

23 Consumer Division shall—

24 (1) develop procedures for consumer examina25 tions;
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1 (2) train, supervise, and develop career paths

2 for consumer examiners;

3 (3) respond to consumer complaints;

4 (4) undertake supervisory action and initiate

5 enforcement proceedings with respect to all applica6 ble laws and regulations relating to consumer protec7 tion and credit availability, including community

8 reinvestment laws;

9 (5) develop proposed regulations to implement

10 all applicable laws relating to consumer protection

11 and credit availability, including community reinvest12 ment laws;

13 (6) make recommendations to the Commission

14 concerning policies and procedures with respect to

15 all applicable laws and regulations relating to

16 consumer protection, including community reinvest17 ment laws, including recommendations to improve

18 efficiency and cost-effectiveness in the regulatory

19 compliance process and eliminate duplicative report20 ing requirements;

21 (7) develop a consumer ‘‘outreach’’ program for

22 the purpose of informing the public, communities,

23 public interest organizations, and other appropriate

24 institutions, groups, and individuals, on issues relat25 ing to consumer protection, including community
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1 reinvestment laws, and other rights of consumers of

2 financial services; and

3 (8) prepare an annual report regarding the ac4 tivities of the Consumer Division which shall be sub5 mitted to the Congress separately from the annual

6 report submitted by the Commission.

7 SEC. 105. TECHNICAL AND CONFORMING AMENDMENTS RE8 LATING TO TRANSFERS OF FUNCTIONS.

9 (a) APPROPRIATE FEDERAL BANKING AGENCY RE10 DEFINED.—Section 3(q) of the Federal Deposit Insurance

11 Act (12 U.S.C. 1813(q)) is amended to read as follows:

12 ‘‘(q) APPROPRIATE FEDERAL BANKING AGENCY.—

13 The term ‘appropriate Federal banking agency’ means the

14 Federal Banking Commission.’’.

15 (b) MEMBERS OF FDIC BOARD.—Section 2(a)(1) of

16 the Federal Deposit Insurance Act (12 U.S.C. 1812(a)(1))

17 is amended—

18 (1) by striking subparagraph (A) and redesig19 nating subparagraphs (B) and (C) as subparagraphs

20 (A) and (B), respectively;

21 (2) in subparagraph (A) (as so redesignated by

22 paragraph (1)), by striking ‘‘Director of the Office

23 of Thrift Supervision’’ and inserting ‘‘Chairperson of

24 the Federal Banking Commission’’; and
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1 (3) in subparagraph (B) (as so redesignated by

2 paragraph (1)), by striking ‘‘3’’ and inserting ‘‘4’’.

3 TITLE II—ABOLITION OF

4 FEDERAL BANKING AGENCIES

5 SEC. 201. OFFICE OF COMPTROLLER OF THE CURRENCY

6 AND POSITION OF COMPTROLLER OF THE

7 CURRENCY ABOLISHED.

8 (a) IN GENERAL.—Effective at the end of the 180-

9 day period beginning on the date of the enactment of this

10 Act, the Office of the Comptroller of the Currency and

11 the position of Comptroller of the Currency are hereby

12 abolished.

13 (b) TECHNICAL AND CONFORMING AMENDMENTS.—

14 (1) Chapter nine of title VII of the Revised

15 Statutes is amended by striking sections 324, 325,

16 and 326.

17 (2) Subchapter I of chapter 3 of title 31,

18 United States Code, is amended by striking section

19 307.

20 SEC. 202. OFFICE OF THRIFT SUPERVISION AND POSITION

21 OF DIRECTOR OF THE OFFICE OF THRIFT SU22 PERVISION ABOLISHED.

23 (a) IN GENERAL.—Effective at the end of the 180-

24 day period beginning on the date of the enactment of this

25 Act, the Office of Thrift Supervision and the position of
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1 Director of the Office of Thrift Supervision are hereby

2 abolished.

3 (b) TECHNICAL AND CONFORMING AMENDMENTS.—

4 (1) Section 3 of the Home Owners’ Loan Act

5 (12 U.S.C. 1462a) is amended by striking sub6 sections (a) and (b).

7 (2) Subchapter I of chapter 3 of title 31,

8 United States Code, is amended by striking section

9 309.

10 SEC. 203. SAVINGS PROVISIONS.

11 (a) SAVINGS PROVISIONS RELATING TO THE COMP12 TROLLER OF THE CURRENCY.—

13 (1) EXISTING RIGHTS, DUTIES, AND OBLIGA14 TIONS NOT AFFECTED.—Sections 103(a)(1) and 201

15 shall not affect the validity of any right, duty, or ob16 ligation of the United States, the Comptroller of the

17 Currency, the Office of the Comptroller of the Cur18 rency, or any other person, which—

19 (A) arises under or pursuant to any provi20 sion of law referred to in section 103(a)(2); and

21 (B) existed on the day before the date of

22 the enactment of this Act.

23 (2) CONTINUATION OF SUITS.—No action or

24 other proceeding commenced by or against the

25 Comptroller of the Currency or the Office of the
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1 Comptroller of the Currency shall abate by reason of

2 the enactment of this Act, except that the Federal

3 Banking Commission shall be substituted for the

4 Comptroller or Office as a party to any such action

5 or proceeding.

6 (b) SAVINGS PROVISIONS RELATING TO THE BOARD

7 OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.—

8 (1) EXISTING RIGHTS, DUTIES, AND OBLIGA9 TIONS NOT AFFECTED.—Section 103(b)(1) shall not

10 affect the validity of any right, duty, or obligation of

11 the United States, the Board of Governors of the

12 Federal Reserve System, or any other person,

13 which—

14 (A) arises under or pursuant to any provi15 sion of law referred to in section 103(b)(2); and

16 (B) existed on the day before the date of

17 the enactment of this Act.

18 (2) CONTINUATION OF SUITS.—No action or

19 other proceeding commenced by or against the

20 Board of Governors of the Federal Reserve System

21 with respect to any function transferred to the Fed22 eral Banking Commission shall abate by reason of

23 the enactment of this Act, except that the Federal

24 Banking Commission shall be substituted for the
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1 Board of Governors as a party to any such action

2 or proceeding.

3 (c) SAVINGS PROVISIONS RELATING TO THE DIREC4 TOR OF THE OFFICE OF THRIFT SUPERVISION.—

5 (1) EXISTING RIGHTS, DUTIES, AND OBLIGA6 TIONS NOT AFFECTED.—Sections 103(c)(1) and 202

7 shall not affect the validity of any right, duty, or ob8 ligation of the United States, the Director of the

9 Office of Thrift Supervision, the Office of Thrift

10 Supervision, or any other person, which—

11 (A) arises under or pursuant to any provi12 sion of law referred to in section 103(c)(2); and

13 (B) existed on the day before the date of

14 the enactment of this Act.

15 (2) CONTINUATION OF SUITS.—No action or

16 other proceeding commenced by or against the Di17 rector of the Office of Thrift Supervision or the Of18 fice of Thrift Supervision shall abate by reason of

19 the enactment of this Act, except that the Federal

20 Banking Commission shall be substituted for the

21 Director or Office as a party to any such action or

22 proceeding.

23 (d) SAVINGS PROVISIONS RELATING TO THE FED24 ERAL DEPOSIT INSURANCE CORPORATION.—
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1 (1) EXISTING RIGHTS, DUTIES, AND OBLIGA2 TIONS NOT AFFECTED.—Section 103(d)(1) shall not

3 affect the validity of any right, duty, or obligation of

4 the United States, the Federal Deposit Insurance

5 Corporation, the Board of Directors of such Cor6 poration, or any other person, which—

7 (A) arises under or pursuant to any provi8 sion of law referred to in section 103(d)(2); and

9 (B) existed on the day before the date of

10 the enactment of this Act.

11 (2) CONTINUATION OF SUITS.—No action or

12 other proceeding commenced by or against the Fed13 eral Deposit Insurance Corporation or the Board of

14 Directors of such Corporation with respect to any

15 function transferred to the Federal Banking Com16 mission shall abate by reason of the enactment of

17 this Act, except that the Federal Banking Commis18 sion may be substituted for the Corporation or

19 Board of Directors, as the case may be, as a party

20 to any such action or proceeding.

21 (e) CONTINUATION OF ORDERS, RESOLUTIONS, DE22 TERMINATIONS, AND REGULATIONS.—All orders, resolu23 tions, determinations, and regulations, which—

24 (1) have been issued, made, prescribed, or al25 lowed to become effective by the Director of the Of-
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1 fice of Thrift Supervision, the Comptroller of the

2 Currency, the Federal Deposit Insurance Corpora3 tion, or the Board of Governors of the Federal Re4 serve System (including orders, resolutions, deter5 minations, and regulations which relate to the con6 duct of conservatorships and receiverships), or by a

7 court of competent jurisdiction, in the performance

8 of functions which are transferred by this Act; and

9 (2) are in effect on the date this Act takes ef10 fect (or become effective after such date pursuant to

11 the terms of the order, resolution, determination or

12 regulation, as in effect on such date),

13 shall continue in effect according to the terms of such or14 ders, resolutions, determinations, and regulations and

15 shall be enforceable by or against the Federal Banking

16 Commission until modified, terminated, set aside, or su17 perseded in accordance with applicable law by the Com18 mission, by any court of competent jurisdiction, or by

19 operation of law.

20 SEC. 204. REFERENCES IN FEDERAL LAW TO FEDERAL

21 BANKING AGENCIES.

22 (a) COMPTROLLER OF THE CURRENCY AND DIREC23 TOR OF THE OFFICE OF THRIFT SUPERVISION.—Any ref24 erence in any Federal law to the Comptroller of the Cur25 rency, the Office of the Comptroller of the Currency, the
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1 Director of the Office of Thrift Supervision, or the Office

2 of Thrift Supervision shall be deemed to be a reference

3 to the Federal Banking Commission.

4 (b) BOARD OF GOVERNORS OF THE FEDERAL RE5 SERVE SYSTEM.—Any reference in any Federal law to the

6 Board of Governors of the Federal Reserve System in

7 connection with any function of the Board under any

8 provision of law referred to in section 103(b)(2) shall be

9 deemed to be a reference to the Federal Banking

10 Commission.

11 (c) FEDERAL DEPOSIT INSURANCE CORPORATION.—

12 Any reference in any Federal law to the Federal Deposit

13 Insurance Corporation or the Board of Directors of such

14 Corporation in connection with any function of the Cor15 poration or Board of Directors under any provision of law

16 referred to in section 103(d)(2) shall be deemed to be a

17 reference to the Federal Banking Commission.

18 SEC. 205. REPORTS ON TRANSITION.

19 (a) IN GENERAL.—The Commission shall submit

20 written reports to the Congress at the end of each 6-month

21 period beginning after the date of the enactment of this

22 Act during the 2-year period beginning on such date on

23 the progress being made in the consolidation of the deposi24 tory institution regulatory functions within the Commis-
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1 sion and the transition from a multi-agency regulatory

2 structure to a single commission structure.

3 (b) RECOMMENDATIONS FOR ADDITIONAL LEGISLA4 TION.—Reports submitted under subsection (a) shall con5 tain such recommendations for additional legislative action

6 as the Commission may determine to be appropriate.

7 SEC. 206. TRANSITION COMMISSION.

8 (a) ESTABLISHMENT.—

9 (1) IN GENERAL.—In order to facilitate the

10 transition from a multi-agency structure to a unitary

11 regulatory structure and the integration of the func12 tions of the Federal Banking Commission with the

13 least possible disruption of ongoing banking agency

14 regulatory functions of the predecessor agencies, the

15 President—

16 (A) may establish a transition commission

17 consisting of 5 individuals appointed under sec18 tion 3347 of title 5, United States Code, in the

19 manner provided under subparagraph (B) to

20 carry out the purposes of this Act during the 2-

21 year period beginning on the date of the enact22 ment of this Act; and

23 (B) shall treat any vacancy on the transi24 tion commission established under subpara25 graph (A) as an absence within the meaning of
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1 section 3347 of title 5, United States Code, for

2 the purpose of filling such vacancy in the man3 ner provided in such section.

4 (2) POWERS AND DUTIES.—The transition com5 mission established in accordance with paragraph

6 (1) shall have the same powers and duties as the

7 Federal Banking Commission to carry out the func8 tions of the Commission during the 2-year period be9 ginning on the date of the enactment of this Act.

10 (b) ADMINISTRATORS OF ABOLISHED AGENCIES AU11 THORIZED FOR DETAIL UNDER SUBSECTION (A) OR SEC12 TION 3347.—Notwithstanding the fact that the positions

13 of Comptroller of the Currency and Director of the Office

14 of Thrift Supervision are abolished under this Act, the in15 dividuals who were serving in such positions on the day

16 before the date of the enactment of this Act, shall be eligi17 ble to be detailed in the manner provided in section 3347

18 of title 5, United States Code, to the transition commis19 sion established under subsection (a) or to fill on a tem20 porary basis any position treated as a vacancy under sub21 section (c)(2).

22 (c) APPLICATION OF TIME LIMITATIONS.—

23 (1) IN GENERAL.—Section 3348 of title 5,

24 United States Code, shall not apply to an transition

25 commission established under subsection (a).
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1 (2) LIMITATION ON DETAIL AFTER NOMINA2 TIONS TO COMMISSION.—Paragraph (1) shall cease

3 to apply with respect to the transition commission

4 after any nomination by the President of any mem5 ber of the Federal Banking Commission, including

6 the Chairperson or Vice Chairperson, is submitted to

7 the Senate, except that any vacancy on the Federal

8 Banking Commission after such nomination is sub9 mitted and before such Commission first meets with

10 a quorum present may be treated as a vacancy for

11 purposes of section 3347 of title 5, United States

12 Code, subject to section 3348 of such title.

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