II

103D CONGRESS

1ST SESSION S. 1633

To consolidate under a new Federal Banking Commission the supervision

of all depository institutions insured under the Federal Deposit Insurance

Act, and for other purposes.

IN THE SENATE OF THE UNITED STATES

NOVEMBER 8 (legislative day, NOVEMBER 2), 1993

Mr. RIEGLE (for himself and Mr. D’AMATO) introduced the following bill;

which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs

A BILL

To consolidate under a new Federal Banking Commission

the supervision of all depository institutions insured

under the Federal Deposit Insurance Act, 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 ‘‘Regulatory Consolidation Act of 1993’’.

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

7 this Act is as follows:

Sec. 1. Short title; table of contents.

Sec. 2. Definitions.
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TITLE I—FEDERAL BANKING COMMISSION

Sec. 101. Establishment.

Sec. 102. Management.

Sec. 103. Federal banking commissioners.

Sec. 104. Powers and duties of the Commission.

Sec. 105. Conforming amendment relating to transfers of functions.

Sec. 106. Designated transfer date.

Sec. 107. Timing of initial appointments.

Sec. 108. Access by the Federal Reserve Board to the Commission’s records.

TITLE II—ABOLITION OF FEDERAL BANKING AGENCIES

Sec. 201. Office of Comptroller of the Currency and position of Comptroller of

the Currency abolished.

Sec. 202. Office of Thrift Supervision and position of Director of the Office of

Thrift Supervision abolished.

Sec. 203. Savings provisions.

Sec. 204. References in Federal law to Federal banking agencies.

Sec. 205. Disposition of affairs.

Sec. 206. Status of employees.

Sec. 207. Transfer of property.

Sec. 208. Conforming changes in Federal Deposit Insurance Corporation Board

of Directors.

Sec. 209. Comptroller’s currency-related functions repealed.

Sec. 210. Federal Financial Institutions Examination Council abolished.

1 SEC. 2. DEFINITIONS.

2 For purposes of this Act, the following definitions

3 shall apply:

4 (1) APPOINTED COMMISSIONER.—The term

5 ‘‘appointed commissioner’’ means a commissioner

6 appointed by the President under section 102(3).

7 (2) CHAIRPERSON.—The term ‘‘Chairperson’’

8 means the Chairperson of the Federal Banking

9 Commission.

10 (3) COMMISSION.—The term ‘‘Commission’’

11 means the Federal Banking Commission.
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1 (4) DESIGNATED TRANSFER DATE.—The term

2 ‘‘designated transfer date’’ means the date des3 ignated under section 106.

4 (5) SECRETARY.—The term ‘‘Secretary’’ means

5 the Secretary of the Treasury.

6 (6) CERTAIN OTHER TERMS.—The terms ‘‘com7 pany’’, ‘‘control’’ (when used with respect to an in8 sured depository institution), and ‘‘insured deposi9 tory institution’’ have the same meaning as in sec10 tion 3 of the Federal Deposit Insurance Act.

11 TITLE I—FEDERAL BANKING

12 COMMISSION

13 SEC. 101. ESTABLISHMENT.

14 There is established the Federal Banking Commis15 sion as an independent establishment in the executive

16 branch.

17 SEC. 102. MANAGEMENT.

18 The management of the Commission shall be vested

19 in 5 commissioners, including—

20 (1) the Secretary of the Treasury (or the Sec21 retary’s designee);

22 (2) 1 member of the Board of Governors of the

23 Federal Reserve System designated as a commis24 sioner by resolution of the Board of Governors; and
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1 (3) 3 commissioners appointed by the Presi2 dent, by and with the advice and consent of the Sen3 ate, from among individuals who are citizens of the

4 United States.

5 SEC. 103. FEDERAL BANKING COMMISSIONERS.

6 (a) POLITICAL AFFILIATION.—Not more than 3 com7 missioners may be members of the same political party.

8 (b) CHAIRPERSON AND VICE CHAIRPERSON.—

9 (1) CHAIRPERSON.—The President shall, by

10 and with the advice and consent of the Senate, des11 ignate 1 of the appointed commissioners, at the time

12 of that person’s appointment to the Commission, to

13 serve as the Chairperson of the Commission for a

14 term of 6 years (or, in the case of any appointment

15 under subsection (c)(2), for the remainder of the

16 commissioner’s term as a commissioner).

17 (2) VICE CHAIRPERSON.—The President shall,

18 by and with the advice and consent of the Senate,

19 designate 1 of the appointed commissioners, at the

20 time of that person’s appointment to the Commis21 sion, to serve as the Vice Chairperson of the Com22 mission for a term of 6 years (or, in the case of any

23 appointment under subsection (c)(2), for the remain24 der of the commissioner’s term as a commissioner).
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1 (3) ACTING CHAIRPERSON.—The Vice Chair2 person shall act as Chairperson if—

3 (A) the position of Chairperson is vacant;

4 or

5 (B) the Chairperson is absent or disabled.

6 (c) APPOINTED COMMISSIONERS’ TERMS.—

7 (1) 6-YEAR TERM.—Except as provided in para8 graphs (3) and (4), each appointed commissioner

9 shall be appointed for a term of 6 years.

10 (2) UNEXPIRED TERMS.—Any commissioner

11 appointed to fill a vacancy occurring before the end

12 of the term to which the commissioner’s predecessor

13 was appointed shall be appointed only for the re14 mainder of the term.

15 (3) INITIAL APPOINTMENTS STAGGERED.—Of

16 the first commissioners to be appointed under sec17 tion 102(3)—

18 (A) 1 shall be appointed for a term to ex19 pire 6 years after the designated transfer date;

20 (B) 1 shall be appointed for a term to ex21 pire 4 years after the designated transfer date;

22 and

23 (C) 1 shall be appointed for a term to ex24 pire 2 years after the designated transfer date,
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1 as designated by the President at the time of the ap2 pointment.

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

4 be filled in the same manner in which the original appoint5 ment was made.

6 (e) EMPLOYMENT AND OTHER RESTRICTIONS.—

7 (1) IN GENERAL.—During service on the Com8 mission, no commissioner may—

9 (A) hold any office or position, or other10 wise be employed by, any insured depository in11 stitution or company having control of an in12 sured depository institution;

13 (B) hold stock or other securities of any

14 insured depository institution or company hav15 ing control of an insured depository institution;

16 (C) serve as an officer, director, or em17 ployee of any Federal Reserve bank or Federal

18 home loan bank; or

19 (D) serve as an officer, director, or em20 ployee of any organization other than a non21 profit organization organized for charitable,

22 educational, or other public purposes.

23 (2) CERTIFICATION.—Upon taking office, each

24 commissioner shall file with the Commission a cer-
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1 tification under penalty of perjury that the commis2 sioner is in compliance with paragraph (1).

3 (3) APPOINTED COMMISSIONERS’ POST-SERVICE

4 EMPLOYMENT RESTRICTED.—

5 (A) IN GENERAL.—No appointed commis6 sioner may hold any office or position in, or

7 otherwise be employed by, any insured deposi8 tory institution or company having control of an

9 insured depository institution, during the 2-year

10 period beginning on the date on which the com11 missioner ceases to serve on the Commission.

12 (B) EXCEPTION FOR COMMISSIONERS WHO

13 SERVE FULL TERMS.—Subparagraph (A) does

14 not apply to any commissioner who has served

15 the full term for which that commissioner was

16 appointed.

17 (f) COMPENSATION.—

18 (1) CHAIRPERSON.—Section 5313 of title 5,

19 United States Code, is amended by adding at the

20 end the following new item:

21 ‘‘Chairperson of the Federal Banking Commis22 sion.’’.

23 (2) OTHER APPOINTED COMMISSIONERS.—Sec24 tion 5314 of title 5, United States Code, is amended

25 by adding at the end the following new item:
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1 ‘‘Presidentially appointed members of the Fed2 eral Banking Commission (2).’’.

3 SEC. 104. POWERS AND DUTIES OF THE COMMISSION.

4 (a) REGULATION OF NATIONAL BANKS.—

5 (1) TRANSFER OF FUNCTIONS.—All functions

6 of the Comptroller of the Currency are transferred

7 to the Commission.

8 (2) COMMISSION’S AUTHORITY.—The Commis9 sion shall have all powers and duties that were vest10 ed in the Comptroller of the Currency before the

11 designated transfer date.

12 (b) REGULATION OF SAVINGS ASSOCIATIONS AND

13 SAVINGS AND LOAN HOLDING COMPANIES.—

14 (1) TRANSFER OF FUNCTIONS.—All functions

15 of the Director of the Office of Thrift Supervision

16 are transferred to the Commission.

17 (2) COMMISSION’S AUTHORITY.—The Commis18 sion shall have all powers and duties that were vest19 ed in the Director of the Office of Thrift Supervision

20 before the designated transfer date.

21 (c) REGULATION OF MEMBER BANKS, BANK HOLD22 ING COMPANIES AND AFFILIATES, AND VARIOUS INTER23 NATIONAL BANKING ENTITIES.—

24 (1) TRANSFER OF FUNCTIONS.—All functions

25 of the Board of Governors of the Federal Reserve
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1 System (and any Federal Reserve bank) relating to

2 the supervision and regulation of the following enti3 ties are transferred to the Commission:

4 (A) Banks that are members of the Fed5 eral Reserve System.

6 (B) Bank holding companies and their

7 subsidiaries and affiliates.

8 (C) Companies operating under the Inter9 national Banking Act of 1978 and sections 25

10 and 25A of the Federal Reserve Act.

11 (D) Companies that are subject to super12 vision or regulation by the Board of Governors

13 of the Federal Reserve System under any title

14 of the Consumer Credit Protection Act.

15 (2) COMMISSION’S AUTHORITY.—The Commis16 sion shall have all powers and duties that, before the

17 designated transfer date, were vested in the Board

18 of Governors of the Federal Reserve System under

19 the following provisions of law:

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

21 paragraphs), 9, 19(h), 23, 23A, 23B, 24(a),

22 24A, 25, 25A, and 29, and subsections (g) and

23 (h) of section 22, of the Federal Reserve Act.

24 (B) The Bank Holding Company Act of

25 1956.
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1 (C) The Bank Holding Company Act

2 Amendments of 1970.

3 (D) The International Banking Act of

4 1978.

5 (E) Sections 20, 31, and 32 of the Bank6 ing Act of 1933.

7 (F) The Federal Deposit Insurance Act.

8 (G) Any title of the Consumer Credit Pro9 tection Act.

10 (H) The Bank Protection Act of 1968.

11 (I) The Home Mortgage Disclosure Act of

12 1975.

13 (J) The Community Reinvestment Act of

14 1977.

15 (K) The Depository Institution Manage16 ment Interlocks Act.

17 (L) The Bank Service Corporation Act.

18 (M) The Federal Financial Institutions

19 Examination Council Act of 1978.

20 (N) The Right to Financial Privacy Act of

21 1978.

22 (O) The Alternative Mortgage Transaction

23 Parity Act of 1982.

24 (P) The International Lending Supervision

25 Act of 1983.
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1 (Q) The Expedited Funds Availability Act.

2 (R) The Financial Institutions Reform,

3 Recovery, and Enforcement Act of 1989.

4 (S) The Federal Deposit Insurance Cor5 poration Improvement Act of 1991.

6 (T) The Depository Institutions Disaster

7 Relief Act of 1992.

8 (d) REGULATION OF STATE NONMEMBER BANKS.—

9 (1) TRANSFER OF FUNCTIONS.—

10 (A) IN GENERAL.—Except as provided in

11 subparagraph (B), all functions of the Federal

12 Deposit Insurance Corporation (and its Board

13 of Directors) relating to the supervision and

14 regulation of State nonmember banks are trans15 ferred to the Commission.

16 (B) INSURANCE-RELATED FUNCTIONS EX17 CEPTED.—The functions of the Federal Deposit

18 Insurance Corporation relating to insurance,

19 conservatorship, or receivership functions shall

20 not be transferred to the Commission.

21 (2) COMMISSION’S AUTHORITY.—The Commis22 sion shall have all powers and duties that, before the

23 designated transfer date, were vested in the Federal

24 Deposit Insurance Corporation under the following

25 provisions of law:
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1 (A) Sections 7(a), 20, 21, 22, 27, 30(c),

2 32, 33, 34, 35, 36, 37, and 39, subsections (b)

3 through (n), (r), (s), (u), and (v) of section 8,

4 subsections (b)(2)(A), (c), (d), and (e) of sec5 tion 10, and subsections (c) (other than para6 graph (1)), (d), (g), (i), (j), (l), (o), and (p) of

7 section 18 of the Federal Deposit Insurance

8 Act.

9 (B) Any title of the Consumer Credit Pro10 tection Act.

11 (C) The Depository Institution Manage12 ment Interlocks Act.

13 (D) The Federal Financial Institutions Ex14 amination Council Act of 1978.

15 (E) The Home Mortgage Disclosure Act of

16 1975.

17 (F) The Right to Financial Privacy Act of

18 1978.

19 (G) The Alternative Mortgage Transaction

20 Parity Act of 1982.

21 (H) The Bank Service Corporation Act.

22 (I) The Expedited Funds Availability Act.

23 (J) The Financial Institutions Reform, Re24 covery, and Enforcement Act of 1989.
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1 (K) The Community Reinvestment Act of

2 1977.

3 (L) The Federal Deposit Insurance Cor4 poration Improvement Act of 1991.

5 (M) The Depository Institutions Disaster

6 Relief Act of 1992.

7 (e) SCHOOLS FOR EXAMINERS.—All functions of the

8 Federal Financial Institutions Examination Council relat9 ing to the conduct of schools for examiners and assistant

10 examiners pursuant to section 1006(d) of the Federal Fi11 nancial Institutions Examination Council Act of 1978 (12

12 U.S.C. 3305(d)) are transferred to the Commission.

13 (f) EFFECTIVE DATE.—Subsections (a) through (e)

14 shall become effective on the designated transfer date.

15 (g) REGULATIONS AND ORDERS.—In addition to any

16 powers transferred to the Commission under subsections

17 (a) through (e), the Commission may prescribe such regu18 lations and issue such orders as the Commission may de19 termine to be appropriate to carry out this Act and the

20 powers and duties of the Commission transferred under

21 subsections (a) through (e).
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1 SEC. 105. CONFORMING AMENDMENT RELATING TO TRANS2 FERS OF FUNCTIONS.

3 Effective on the designated transfer date, section 3(q)

4 of the Federal Deposit Insurance Act (12 U.S.C. 1813(q))

5 is amended to read as follows:

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

7 The term ‘appropriate Federal banking agency’ means the

8 Federal Banking Commission.’’.

9 SEC. 106. DESIGNATED TRANSFER DATE.

10 (a) IN GENERAL.—Not later than 60 days after the

11 date of enactment of this Act, the Secretary, in consulta12 tion with the Comptroller of the Currency, the Director

13 of the Office of Thrift Supervision, the Chairman of the

14 Board of Governors of the Federal Reserve System, and

15 the Chairperson of the Federal Deposit Insurance Cor16 poration, shall, by order, designate a single calendar date

17 by which to complete the transfer of functions to the Com18 mission under section 104.

19 (b) AMENDED DESIGNATION.—The Secretary may,

20 by order, change the date designated under subsection (a).

21 (c) PERMISSIBLE DATES.—

22 (1) IN GENERAL.—Except as provided in para23 graph (2), any date designated under this section

24 shall be not earlier than 120 days nor later than 300

25 days after the date of enactment of this Act.
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1 (2) EXTENSION OF TIME.—The Secretary may

2 designate a date that is later than 300 days after

3 the date of enactment of this Act if the Secretary

4 transmits to the Committee on Banking, Housing,

5 and Urban Affairs of the Senate and the Committee

6 on Banking, Finance and Urban Affairs of the

7 House of Representatives a written certification that

8 orderly implementation of this Act is not feasible be9 fore the last date designated under this section to10 gether with—

11 (A) an explanation of why orderly imple12 mentation of this Act is not feasible before any

13 other date designated under this section;

14 (B) a description of the steps that have

15 been taken to effect an orderly implementation

16 of this Act—

17 (i) within the period described in

18 paragraph (1); or

19 (ii) if the Secretary has previously

20 designated a date under this paragraph,

21 before that date; and

22 (C) a description of the steps that will be

23 taken to effect an orderly and timely implemen24 tation of this Act.
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1 (3) EXTENSION LIMITATION.—In no case shall

2 any date designated under this section be later than

3 450 days after the date of enactment of this Act.

4 SEC. 107. TIMING OF INITIAL APPOINTMENTS.

5 It is the sense of the Senate that—

6 (1) it is highly desirable that all of the first

7 commissioners to be appointed by the President

8 under section 102(3) be appointed and qualified not

9 later than 20 days before the designated transfer

10 date; and

11 (2) accordingly—

12 (A) the President should transmit those

13 commissioners’ appointments to the Senate not

14 later than 90 days before the designated trans15 fer date; and

16 (B) the Committee on Banking, Housing,

17 and Urban Affairs of the Senate should act on

18 those appointments not later than 45 days be19 fore the designated transfer date.

20 SEC. 108. ACCESS BY THE FEDERAL RESERVE BOARD TO

21 THE COMMISSION’S RECORDS.

22 For the purpose of carrying out its functions under

23 the Federal Reserve Act, the Board of Governors of the

24 Federal Reserve System shall have access to—
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1 (1) all books, accounts, records, reports, files,

2 memoranda, papers, things, property belonging to or

3 in use by the Commission; and

4 (2) all reports of examination;

5 that relate to insured depository institutions or other de6 pository institutions (as defined in section 19(b)(1)(A) of

7 the Federal Reserve Act) or companies having control of

8 insured depository institutions or other depository institu9 tions; and together with related work papers and cor10 respondence files, and all without any deletions.

11 TITLE II—ABOLITION OF

12 FEDERAL BANKING AGENCIES

13 SEC. 201. OFFICE OF COMPTROLLER OF THE CURRENCY

14 AND POSITION OF COMPTROLLER OF THE

15 CURRENCY ABOLISHED.

16 (a) IN GENERAL.—Effective on the designated trans17 fer date, the Office of the Comptroller of the Currency

18 and the position of Comptroller of the Currency are abol19 ished.

20 (b) TECHNICAL AND CONFORMING AMENDMENTS.—

21 Effective—

22 (1) on the designated transfer date—

23 (A) chapter 9 of title VII of the Revised

24 Statutes is amended by striking sections 324,

25 325, and 326; and
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1 (B) subchapter I of chapter 3 of title 31,

2 United States Code, is amended by striking sec3 tion 307; and

4 (2) 90 days after the designated transfer date,

5 section 5314 of title 5, United States Code, is

6 amended by striking ‘‘Comptroller of the Currency.’’.

7 SEC. 202. OFFICE OF THRIFT SUPERVISION AND POSITION

8 OF DIRECTOR OF THE OFFICE OF THRIFT SU9 PERVISION ABOLISHED.

10 (a) IN GENERAL.—Effective on the designated trans11 fer date, the Office of Thrift Supervision and the position

12 of Director of the Office of Thrift Supervision are abol13 ished.

14 (b) TECHNICAL AND CONFORMING AMENDMENTS.—

15 Effective—

16 (1) on the designated transfer date—

17 (A) the Home Owners’ Loan Act (12

18 U.S.C. 1461 et seq.) is amended by striking

19 section 3; and

20 (B) subchapter I of chapter 3 of title 31,

21 United States Code, is amended by striking sec22 tion 309; and

23 (2) 90 days after the designated transfer date,

24 section 5314 of title 5, United States Code is
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1 amended by striking ‘‘Director of the Office of

2 Thrift Supervision.’’.

3 SEC. 203. SAVINGS PROVISIONS.

4 (a) SAVINGS PROVISIONS RELATING TO THE COMP5 TROLLER OF THE CURRENCY.—

6 (1) EXISTING RIGHTS, DUTIES, AND OBLIGA7 TIONS NOT AFFECTED.—Sections 104(a)(1) and 201

8 shall not affect the validity of any right, duty, or ob9 ligation of the United States, the Comptroller of the

10 Currency, the Office of the Comptroller of the Cur11 rency, or any other person, that existed on the day

12 before the designated transfer date.

13 (2) CONTINUATION OF SUITS.—This Act shall

14 not abate any proceeding commenced by or against

15 the Comptroller of the Currency or the Office of the

16 Comptroller of the Currency, except that the Com17 mission shall be substituted for the Comptroller or

18 the Office as a party to any such proceeding as of

19 the designated transfer date.

20 (b) SAVINGS PROVISIONS RELATING TO THE DIREC21 TOR OF THE OFFICE OF THRIFT SUPERVISION.—

22 (1) EXISTING RIGHTS, DUTIES, AND OBLIGA23 TIONS NOT AFFECTED.—Sections 104(b)(1) and 202

24 shall not affect the validity of any right, duty, or ob25 ligation of the United States, the Director of the Of-
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1 fice of Thrift Supervision, the Office of Thrift Su2 pervision, or any other person, that existed on the

3 day before the designated transfer date.

4 (2) CONTINUATION OF SUITS.—This Act shall

5 not abate any proceeding commenced by or against

6 the Director of the Office of Thrift Supervision or

7 the Office of Thrift Supervision, except that the

8 Commission shall be substituted for the Director or

9 the Office as a party to any such proceeding as of

10 the designated transfer date.

11 (c) SAVINGS PROVISIONS RELATING TO THE BOARD

12 OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.—

13 (1) EXISTING RIGHTS, DUTIES, AND OBLIGA14 TIONS NOT AFFECTED.—Section 104(c)(1) shall not

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

16 the United States, the Board of Governors of the

17 Federal Reserve System, or any other person that—

18 (A) arises under any provision of law re19 ferred to in section 104(c)(1); and

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

21 enactment of this Act.

22 (2) CONTINUATION OF SUITS.—This Act shall

23 not abate any proceeding commenced by or against

24 the Board of Governors of the Federal Reserve Sys25 tem with respect to any function transferred to the
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1 Commission, except that the Commission shall be

2 substituted for the Board of Governors as a party to

3 any such proceeding as of the designated transfer

4 date.

5 (d) SAVINGS PROVISIONS RELATING TO THE FED6 ERAL DEPOSIT INSURANCE CORPORATION.—

7 (1) EXISTING RIGHTS, DUTIES, AND OBLIGA8 TIONS NOT AFFECTED.—Section 104(d)(1) shall not

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

10 the United States, the Federal Deposit Insurance

11 Corporation, the Board of Directors of that Corpora12 tion, or any other person, that—

13 (A) arises under any provision of law re14 ferred to in section 104(d)(2); and

15 (B) existed on the day before the des16 ignated transfer date.

17 (2) CONTINUATION OF SUITS.—This Act shall

18 not abate any proceeding commenced by or against

19 the Federal Deposit Insurance Corporation or the

20 Board of Directors of that Corporation with respect

21 to any function transferred to the Commission, ex22 cept that the Commission shall be substituted for

23 the Corporation or Board of Directors, as the case

24 may be, as a party to any such proceeding as of the

25 designated transfer date.
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1 (e) CONTINUATION OF ORDERS, RESOLUTIONS, DE2 TERMINATIONS, AND REGULATIONS.—All orders, resolu3 tions, determinations, and regulations, which have been is4 sued, made, prescribed, or allowed to become effective by

5 the Comptroller of the Currency, the Director of the Office

6 of Thrift Supervision, the Board of Governors of the Fed7 eral Reserve System, or the Federal Deposit Insurance

8 Corporation (including orders, resolutions, determinations,

9 and regulations that relate to the conduct of

10 conservatorships and receiverships), or by a court of com11 petent jurisdiction, in the performance of functions that

12 are transferred by this Act and that are in effect on the

13 designated transfer date, shall continue in effect according

14 to the terms of those orders, resolutions, determinations,

15 and regulations and shall be enforceable by or against the

16 Federal Banking Commission until modified, terminated,

17 set aside, or superseded in accordance with applicable law

18 by the Commission, by any court of competent jurisdic19 tion, or by 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
23

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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 con7 nection with any function of the Board of Governors under

8 any provision of law referred to in section 104(c)(2) shall

9 be deemed to be a reference to the Federal Banking Com10 mission.

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 104(d)(2) shall be deemed to be a

17 reference to the Federal Banking Commission.

18 SEC. 205. DISPOSITION OF AFFAIRS.

19 (a) IN GENERAL.—During the 90-day period begin20 ning on the designated transfer date, the Board of Gov21 ernors of the Federal Reserve System, the Board of Direc22 tors of the Federal Deposit Insurance Corporation, the

23 Comptroller of the Currency, and the Director of the Of24 fice of Thrift Supervision—
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1 (1) shall, solely for the purpose of winding up

2 the affairs of their respective agencies related to any

3 functions transferred to the Commission under this

4 Act—

5 (A) manage the employees of those agen6 cies and provide for the payment of the com7 pensation and benefits of any such employee

8 which accrue before the designated transfer

9 date; and

10 (B) manage any property of those agencies

11 until the property is transferred under section

12 209; and

13 (2) may take any other action necessary to

14 wind up the affairs of their respective agencies relat15 ing to the transferred functions.

16 (b) AUTHORITY AND STATUS OF EXECUTIVES.—

17 (1) IN GENERAL.—Notwithstanding the trans18 fers of functions under this Act, the Board of Gov19 ernors of the Federal Reserve System, the Board of

20 Directors of the Federal Deposit Insurance Corpora21 tion, the Comptroller of the Currency, and the Di22 rector of the Office of Thrift Supervision shall, dur23 ing the 90-day period beginning on the designated

24 transfer date, have any authority vested in those
25

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1 persons before that date that is necessary to carry

2 out the requirements of this Act during that period.

3 (2) OTHER PROVISIONS.—For purposes of

4 paragraph (1), the Comptroller of the Currency and

5 the Director of the Office of Thrift Supervision shall

6 continue—

7 (A) to be treated as officers of the United

8 States during the 90-day period referred to in

9 paragraph (1); and

10 (B) to be entitled to receive compensation

11 during that period at the same annual rate of

12 basic pay that they were receiving before the

13 designated transfer date.

14 SEC. 206. STATUS OF EMPLOYEES.

15 (a) STATUS OF EMPLOYEES BEFORE TRANSFER.—

16 The transfer of functions under this Act and the abolition

17 of the Office of the Comptroller of the Currency and the

18 Office of Thrift Supervision shall not be construed as af19 fecting the status of those agencies’ employees as employ20 ees of an agency of the United States for purposes of any

21 other provision of law.

22 (b) CONTINUATION OF SERVICES.—

23 (1) USE OF EMPLOYEES AND PROPERTY.—The

24 Commission may use the services of employees and

25 other personnel and the property of the Office of the
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1 Comptroller of the Currency, the Office of Thrift

2 Supervision, the Board of Governors of the Federal

3 Reserve System, and the Federal Deposit Insurance

4 Corporation, on a reimbursable basis, to perform

5 functions that have been transferred from those

6 agencies for such time as is reasonable to facilitate

7 the orderly transfer of functions under this Act.

8 (2) AGENCY SERVICES.—Any agency, depart9 ment, or other instrumentality of the United States,

10 and any successor to any such agency, department,

11 or instrumentality, that was providing supporting

12 services to the Office of the Comptroller of the Cur13 rency, the Office of Thrift Supervision, the Board of

14 Governors of the Federal Reserve System, or the

15 Federal Deposit Insurance Corporation, before the

16 designated transfer date shall, in connection with

17 those transfers to the Commission—

18 (A) continue to provide those services, on

19 a reimbursable basis, until the transfer of those

20 functions is complete; and

21 (B) consult with any such agency to co22 ordinate and facilitate a prompt and orderly

23 transition.

24 (c) TRANSFER OF EMPLOYEES.—Employees of the

25 Office of the Comptroller of the Currency and the Office
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1 of Thrift Supervision, and employees of the Board of Gov2 ernors of the Federal Reserve System, and the Federal

3 Deposit Insurance Corporation engaged in performing

4 functions transferred to the Commission on the designated

5 transfer date, shall be transferred to the Commission.

6 (d) RIGHTS OF EMPLOYEES.—Employees transferred

7 under subsection (c) shall have the following rights:

8 (1) TRANSFER.—Each employee shall be trans9 ferred to the Commission for employment not later

10 than 90 days after the designated transfer date, and

11 the transfer shall be deemed a transfer of function

12 for the purpose of section 3503 of title 5, United

13 States Code.

14 (2) EQUAL POSITION.—Each transferred em15 ployee shall be guaranteed a position with not less

16 than the same status, tenure, and pay as that held

17 December 31, 1992.

18 (3) 1-YEAR PRESERVATION OF PERMANENT PO19 SITIONS.—No employee holding a permanent posi20 tion shall be involuntarily separated or reduced in

21 grade or compensation for 1 year after the date of

22 transfer, except for cause.

23 (4) SPECIAL APPOINTMENT AUTHORITY.—In

24 the case of employees occupying positions in the ex25 cepted service or the Senior Executive Service, any
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1 appointment authority established pursuant to law

2 or regulations of the Office of Personnel Manage3 ment for filling such positions shall be transferred.

4 (5) WORK FORCE REORGANIZATION.—If the

5 Commission determines, after the end of the 1-year

6 period beginning on the designated transfer date,

7 that a reorganization of the combined work force is

8 required, that reorganization shall be deemed a

9 ‘‘major reorganization’’ for purposes of affording af10 fected employees retirement under section

11 8336(d)(2) or 8414(b)(1)(B) of title 5, United

12 States Code.

13 (6) EMPLOYEE BENEFIT PROGRAMS.—Any em14 ployee transferred to the Commission may retain for

15 1 year after the date the transfer occurs membership

16 in any employee benefit program of the transferring

17 agency, including insurance, to which the employee

18 belongs on the designated transfer date if—

19 (A) the employee does not elect to give up

20 the benefit or membership in the program; and

21 (B) the benefit or program is continued by

22 the Commission.

23 The Commission shall pay the difference in the costs

24 between the benefits which would have been provided

25 by the agency or entity and those provided by this
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1 section. If any employee elects to give up member2 ship in a health insurance program or the Commis3 sion does not continue the health insurance pro4 gram, the employee shall be permitted to select an

5 alternate Federal health insurance program not later

6 than 30 days after the election or notice, without re7 gard to any regularly scheduled open season.

8 (7) SENIOR EXECUTIVE SERVICE EMPLOY9 EES.—A transferring employee in the Senior Execu10 tive Service shall be placed in a comparable position

11 at the agency or entity to which the employee is

12 transferred.

13 (8) NOTICE OF POSITION ASSIGNMENTS.—

14 Transferring employees shall receive notice of their

15 position assignments not later than 120 days after

16 the effective date of their transfer.

17 SEC. 207. TRANSFER OF PROPERTY.

18 (a) IN GENERAL.—Not later than the end of the 90-

19 day period beginning on the designated transfer date—

20 (1) the property of the Office of the Comptrol21 ler of the Currency and the Office of Thrift Super22 vision shall be transferred to the Commission; and

23 (2) any property of the Board of Governors of

24 the Federal Reserve System and the Federal Deposit

25 Insurance Corporation used in performing functions
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1 of those agencies transferred to the Commission

2 under this Act shall be transferred to the Commis3 sion.

4 (b) PRESERVATION OF PROPERTY.—Property trans5 ferred under this section shall not be altered, destroyed,

6 or deleted before transfer under this section.

7 (c) PROPERTY DEFINED.—For purposes of this sec8 tion, the term ‘‘property’’ includes all real property, books,

9 accounts, records, reports, files, memoranda, paper, re10 ports of examination, work papers and correspondence re11 lated to such reports, and any other information or mate12 rials of the agencies specified in subsection (a) on the des13 ignated transfer date.

14 (d) ADMINISTRATIVE PROVISION.—For purposes of

15 this section, the Board of Governors of the Federal Re16 serve System and the Board of Directors of the Federal

17 Deposit Insurance Corporation shall determine what prop18 erty is used in performing functions to be transferred

19 under this Act.

20 SEC. 208. CONFORMING CHANGES IN FEDERAL DEPOSIT IN21 SURANCE CORPORATION BOARD OF DIREC22 TORS.

23 (a) IN GENERAL.—Subparagraphs (A) and (B) of

24 section 2(a)(1) of the Federal Deposit Insurance Act (12

25 U.S.C. 1812(a)(1)) are amended to read as follows:
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1 ‘‘(A) 1 of whom is the Secretary of the Treas2 ury (or the Secretary’s designee);

3 ‘‘(B) 1 of whom is the Chairperson of the Fed4 eral Banking Commission; and’’.

5 (b) VACANCY.—Section 2(d)(2) of the Federal De6 posit Insurance Act (12 U.S.C. 1812(d)(2)) is amended

7 to read as follows:

8 ‘‘(2) ACTING OFFICIAL MAY SERVE.—

9 ‘‘(A) SECRETARY OF THE TREASURY.—In

10 the event of a vacancy in the position of the

11 Secretary of the Treasury or during the absence

12 or disability of the Secretary of the Treasury,

13 the acting Secretary or the acting Secretary’s

14 designee shall serve as a member of the Board

15 of Directors.

16 ‘‘(B) CHAIRPERSON OF THE FEDERAL

17 BANKING COMMISSION.—In the event of a va18 cancy in the position of Chairperson of the Fed19 eral Banking Commission or during the absence

20 or disability of the Chairperson, the acting

21 Chairperson shall serve as a member of the

22 Board of Directors.’’.
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1 SEC. 209. COMPTROLLER’S CURRENCY-RELATED FUNC2 TIONS REPEALED.

3 (a) OBSOLETE CURRENCY PROVISIONS RE4 PEALED.—

5 (1) REPEAL OF REVISED STATUTES PROVI6 SIONS.—The following sections of the Revised Stat7 utes are repealed:

8 (A) Section 5203 (12 U.S.C. 87).

9 (B) Section 5206 (12 U.S.C. 88).

10 (C) Section 5196 (12 U.S.C. 89).

11 (D) Section 5158 (12 U.S.C. 102).

12 (E) Section 5159 (12 U.S.C. 101a).

13 (F) Section 5172 (12 U.S.C. 104).

14 (G) Section 5173 (12 U.S.C. 107).

15 (H) Section 5174 (12 U.S.C. 108).

16 (I) Section 5182 (12 U.S.C. 109).

17 (J) Section 5183 (12 U.S.C. 110).

18 (K) Section 5195 (12 U.S.C. 123).

19 (L) Section 5184 (12 U.S.C. 124).

20 (M) Section 5226 (12 U.S.C. 131).

21 (N) Section 5227 (12 U.S.C. 132).

22 (O) Section 5228 (12 U.S.C. 133).

23 (P) Section 5229 (12 U.S.C. 134).

24 (Q) Section 5230 (12 U.S.C. 137).

25 (R) Section 5231 (12 U.S.C. 138).

26 (S) Section 5232 (12 U.S.C. 135).
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1 (T) Section 5233 (12 U.S.C. 136).

2 (U) Section 5185 (12 U.S.C. 151).

3 (V) Section 5186 (12 U.S.C. 152).

4 (W) Section 5160 (12 U.S.C. 168).

5 (X) Section 5161 (12 U.S.C. 169).

6 (Y) Section 5162 (12 U.S.C. 170).

7 (Z) Section 5163 (12 U.S.C. 171).

8 (AA) Section 5164 (12 U.S.C. 172).

9 (BB) Section 5165 (12 U.S.C. 173).

10 (CC) Section 5166 (12 U.S.C. 174).

11 (DD) Section 5167 (12 U.S.C. 175).

12 (EE) Section 5222 (12 U.S.C. 183).

13 (FF) Section 5223 (12 U.S.C. 184).

14 (GG) Section 5224 (12 U.S.C. 185).

15 (HH) Section 5225 (12 U.S.C. 186).

16 (II) Section 5237 (12 U.S.C. 195).

17 (2) CURRENCY PROVISIONS IN OTHER STAT18 UTES REPEALED.—The following provisions of law

19 are repealed:

20 (A) Section 12 of the Act entitled ‘‘An Act

21 to define and fix the standard of value, to main22 tain the parity of all forms of money issued or

23 coined by the United States, to refund the pub24 lic debt, and for other purposes.’’ and approved

25 March 14, 1900 (12 U.S.C. 101).
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1 (B) Section 3 of the Act entitled ‘‘An Act

2 to amend the laws relating to the denomina3 tions, and notes by national banks and to per4 mit the issuance of notes of small denomina5 tions, and for other purposes.’’ and approved

6 October 5, 1917 (12 U.S.C. 103).

7 (C) The following sections of the Act enti8 tled ‘‘An Act fixing the amount of United

9 States notes, providing for a redistribution of

10 the national-bank currency, and for other pur11 poses.’’ and approved June 20, 1874:

12 (i) Section 5 (12 U.S.C. 105).

13 (ii) Section 3 (12 U.S.C. 121).

14 (iii) Section 8 (12 U.S.C. 126).

15 (iv) Section 4 (12 U.S.C. 176).

16 (D) The following sections of the Act enti17 tled ‘‘An Act to enable national-banking asso18 ciations to extend their corporate existence, and

19 for other purposes.’’ and approved July 12,

20 1882:

21 (i) Section 8 (12 U.S.C. 177).

22 (ii) Section 9 (12 U.S.C. 178).

23 (3) OTHER STATUTES REPEALED.—

24 (A) The Act entitled ‘‘An Act to amend the

25 National Bank Act in providing for redemption
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1 of national bank notes stolen from or lost by

2 banks of issue.’’ and approved July 28, 1892

3 (12 U.S.C. 125) is repealed.

4 (B) The Act entitled ‘‘An Act authorizing

5 the conversion of national gold banks.’’ and ap6 proved February 14, 1880 (12 U.S.C. 153) is

7 repealed.

8 (b) FEDERAL RESERVE ACT AND OTHER LAWS

9 AMENDED.—

10 (1) FEDERAL RESERVE ACT.—

11 (A) The 1st sentence of the 8th undesig12 nated paragraph of section 16 of the Federal

13 Reserve Act (12 U.S.C. 418) is amended by

14 striking ‘‘the Comptroller of the Currency shall,

15 under the direction of the Secretary of the

16 Treasury,’’ and inserting ‘‘the Secretary of the

17 Treasury shall’’.

18 (B) The 9th undesignated paragraph of

19 section 16 of the Federal Reserve Act (12

20 U.S.C. 419) is amended to read as follows:

21 ‘‘When such notes have been prepared, the

22 notes shall be delivered to the Board of Gov23 ernors of the Federal Reserve System subject to

24 the order of the Secretary of the Treasury for
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1 the delivery of such notes in accordance with

2 this Act.’’.

3 (C) The 10th undesignated paragraph of

4 section 16 of the Federal Reserve Act (12

5 U.S.C. 420) is amended—

6 (i) by striking ‘‘Comptroller of the

7 Currency’’ and inserting ‘‘Secretary of the

8 Treasury’’; and

9 (ii) by striking ‘‘Federal Reserve

10 Board’’ and inserting ‘‘Board of Governors

11 of the Federal Reserve System’’.

12 (D) The 11th undesignated paragraph of

13 section 16 of the Federal Reserve Act (12

14 U.S.C. 421) is amended to read as follows:

15 ‘‘The Secretary of the Treasury may examine

16 the plates, dies, bed pieces, and other material

17 used in the printing of Federal Reserve notes

18 and may issue regulations relating to such ex19 aminations.’’.

20 (2) OTHER LAWS.—

21 (A) The Act entitled ‘‘An Act to provide

22 for the redemption of national-bank notes, Fed23 eral Reserve notes, and Federal Reserve notes

24 which cannot be identified as to the bank of
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1 issue.’’ and approved June 13, 1933, is amend2 ed—

3 (i) in the 1st section (12 U.S.C.

4 121a)—

5 (I) by striking ‘‘whenever any na6 tional-bank notes, Federal Reserve

7 bank notes,’’ and inserting ‘‘whenever

8 any Federal Reserve bank notes’’; and

9 (II) by striking ‘‘, and the notes,

10 other than Federal Reserve notes, so

11 redeemed shall be forwarded to the

12 Comptroller of the Currency for can13 cellation and destruction’’; and

14 (ii) in the 2d section (12 U.S.C.

15 122a)—

16 (I) by striking ‘‘National-bank

17 notes and’’; and

18 (II) by striking ‘‘national-bank

19 notes and’’.

20 (B) The 1st section of the Act entitled ‘‘An

21 Act making appropriations for sundry civil ex22 penses of the Government for the fiscal year

23 ending June thirtieth, eighteen hundred and

24 seventy-six, and for other purposes.’’ and ap25 proved March 3, 1875 (12 U.S.C. 106), is
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1 amended in the first paragraph that appears

2 under the heading ‘‘NATIONAL CURRENCY.’’ by

3 striking ‘‘Secretary of the Treasury: Provided,

4 That’’ and all that follows through the period

5 and inserting ‘‘Secretary of the Treasury.’’.

6 (C) The Act entitled ‘‘An Act to simplify

7 the accounts of the Treasurer of the United

8 States, and for other purposes.’’ and approved

9 October 10, 1940 (12 U.S.C. 177a) is amended

10 by striking all after the enacting clause and in11 serting the following: ‘‘The cost of transporting

12 and redeeming outstanding national bank notes

13 and Federal Reserve bank notes as may be pre14 sented to the Treasurer of the United States

15 for redemption shall be paid from the regular

16 annual appropriation for the Department of the

17 Treasury.’’.

18 (D) Section 5234 of the Revised Statutes

19 (12 U.S.C. 192) is amended by striking ‘‘has

20 refused to pay its circulating notes as therein

21 mentioned, and’’.

22 (E) Section 5236 of the Revised Statutes

23 (12 U.S.C. 194) is amended by striking ‘‘, after

24 full provision has been first made for refunding
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1 to the United States any deficiency in redeem2 ing the notes of such association,’’.

3 (F) Section 5238 of the Revised Statutes

4 (12 U.S.C. 196) is amended by striking the

5 first sentence.

6 (G) Section 5119(b)(2) of title 31, United

7 States Code, is amended by adding at the end

8 the following: ‘‘The Secretary shall not be re9 quired to reissue United States currency notes

10 upon redemption.’’.

11 SEC. 210. FEDERAL FINANCIAL INSTITUTIONS EXAMINA12 TION COUNCIL ABOLISHED.

13 (a) IN GENERAL.—The Federal Financial Institu14 tions Examination Council is abolished.

15 (b) CONFORMING AMENDMENTS.—

16 (1) IN GENERAL.—The Federal Financial Insti17 tutions Examination Council Act of 1978 is

18 amended by striking sections 1002, 1004, 1005,

19 1007, 1008, 1009, and 1009A.

20 (2) TRAINING.—Section 1006 of the Federal

21 Financial Institutions Examination Council Act of

22 1978 (12 U.S.C. 3305) is amended by striking sub23 sections (a), (b), (c), (e), and (f).
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1 (3) DEFINITION.—Section 1003 of the Federal

2 Financial Institutions Examination Council Act of

3 1978 (12 U.S.C. 3302) is amended—

4 (A) by inserting ‘‘and’’ at the end of para5 graph (1);

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

7 (C) by redesignating paragraph (3) as

8 paragraph (2).

9 (c) REDESIGNATION OF APPRAISAL SUBCOMMIT10 TEE.—

11 (1) IN GENERAL.—The Appraisal Subcommittee

12 established by section 1011 of the Federal Financial

13 Institutions Examination Council Act of 1978 (12

14 U.S.C. 3310) shall be redesignated the ‘‘Appraisal

15 Committee’’.

16 (2) AMENDMENT TO SECTION 1011.—The first

17 sentence of section 1011 of the Federal Financial

18 Institutions Examination Council Act of 1978 (12

19 U.S.C. 3310) is amended to read as follows: ‘‘There

20 shall be a committee to be known as the ‘Appraisal

21 Committee’, which shall consist of the designees of

22 the Chairperson of the Federal Banking Commis23 sion, the Chairperson of the Federal Deposit Insur24 ance Corporation, and the Chairman of the National

25 Credit Union Administration Board.’’.
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1 (3) AMENDMENT TO SECTION HEADING.—The

2 heading of section 1011 of the Federal Financial In3 stitutions Examination Council Act of 1978 is

4 amended to read as follows:

5 ‘‘SEC. 1011. ESTABLISHMENT OF APPRAISAL COMMITTEE.’’.

6 (d) REFERENCES IN OTHER LAW.—Any reference in

7 any Federal law to the Federal Financial Institutions Ex8 amination Council shall be deemed to be a reference to

9 the Commission.

10 (e) EFFECTIVE DATE.—This section and the amend11 ments made by this section shall take effect on the des12 ignated transfer date.

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