I 

114TH CONGRESS 

2D SESSION H. R. 4950 

To establish advisory committees within the Department of the Treasury, 

and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

APRIL 14, 2016 

Mr. QUIGLEY (for himself and Mr. PITTENGER) introduced the following bill; 

which was referred to the Committee on Financial Services 

A BILL 

To establish advisory committees within the Department of 

the Treasury, 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 ‘‘Small Financial Insti5 tution Advisory Committees Act of 2016’’. 

6 SEC. 2. COMMUNITY BANK ADVISORY COMMITTEE. 

7 (a) DEFINITIONS.—For purposes of this section: 

8 (1) COMMUNITY BANK.—The term ‘‘community 

9 bank’’ means a depository institution with total as10 sets of $10,000,000,000 or less. 


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1 (2) DEPOSITORY INSTITUTION.—The term ‘‘de2 pository institution’’ has the meaning given that 

3 term under section 3 of the Federal Deposit Insur4 ance Act (12 U.S.C. 1813). 

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

6 the Secretary of the Treasury. 

7 (b) ESTABLISHMENT AND FUNCTIONS.— 

8 (1) ESTABLISHMENT.—There is established 

9 within the Department of the Treasury (hereafter in 

10 this section referred to as the ‘‘Department’’) the 

11 Community Bank Advisory Committee (hereafter in 

12 this section referred to as the ‘‘Committee’’). 

13 (2) FUNCTIONS.—The Committee shall provide 

14 the Department with advice on the Department’s ef15 forts regarding financial institutions legislation and 

16 regulation, legislation affecting Federal departments 

17 and agencies that regulate or insure financial insti18 tutions, and securities markets legislation and regu19 lation, as such efforts relate to community banks. 

20 (c) MEMBERSHIP.— 

21 (1) MEMBER APPOINTMENT.—Not later than 

22 12 months after the date of the enactment of this 

23 Act, the Secretary shall appoint not fewer than 15, 

24 and not more than 20, members to the Committee. 

25 In appointing such members, the Secretary shall— 


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1 (A) include members representing commu2 nity banks that are not affiliates of depository 

3 institutions with total assets of more than 

4 $10,000,000,000; 

5 (B) include members representing commu6 nity banks of different charter types, asset 

7 sizes, geographic areas, and ownership types; 

8 (C) give strong consideration to members 

9 representing community banks predominantly 

10 serving traditionally rural and underserved 

11 communities and populations and their inter12 ests; and 

13 (D) make such appointments without re14 gard to party affiliation. 

15 (2) TERM.—Each member of the Committee 

16 shall serve for a term of 2 years, which is not eligi17 ble for renewal. 

18 (3) MEMBERS NOT DEPARTMENT EMPLOY19 EES.—Members of the Committee shall not be treat20 ed as employees or agents of the Department solely 

21 because of membership on the Committee. 

22 (4) RESIGNATION.—Any member may resign at 

23 any time by giving notice to the Department. The 

24 Secretary shall appoint persons to fill vacancies on 

25 the Committee as the vacancies occur. 


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1 (d) CHAIRMAN; VICE CHAIRMAN; SECRETARY; AS2 SISTANT SECRETARY.— 

3 (1) IN GENERAL.—The members of the Com4 mittee shall elect, from among the members of the 

5 Committee— 

6 (A) a chairman; 

7 (B) a vice chairman; 

8 (C) a secretary; and 

9 (D) an assistant secretary. 

10 (2) TERM.—Each member elected under para11 graph (1) shall serve for a term of 2 years in the 

12 capacity for which the member was elected under 

13 paragraph (1). 

14 (e) MEETINGS.— 

15 (1) FREQUENCY OF MEETINGS.—The Com16 mittee shall meet— 

17 (A) not less frequently than 4 times annu18 ally, at the call of the chairman of the Com19 mittee; and 

20 (B) from time to time, at the call of the 

21 Department. 

22 (2) NOTICE.—The chairman of the Committee 

23 shall give the members of the Committee written no24 tice of each meeting, not later than 4 weeks before 

25 the date of the meeting. 


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1 (3) LOCATION.—At least 2 of the meetings each 

2 year shall take place in person at the Department’s 

3 headquarters in the District of Columbia. Partici4 pants should make every effort within reason to at5 tend these meetings in person. 

6 (4) AGENDA.—Each meeting shall be conducted 

7 in accordance with an agenda formulated by the 

8 chairman of the Committee, with input from other 

9 Committee members. 

10 (5) DEPARTMENT REPRESENTATION.—Each 

11 meeting of the Committee shall be attended by the 

12 Secretary or the Secretary’s designee. 

13 (f) COMPENSATION AND TRAVEL EXPENSES.—Each 

14 member of the Committee who is not a full-time employee 

15 of the United States shall— 

16 (1) be entitled to receive compensation at a rate 

17 not to exceed the daily equivalent of the annual rate 

18 of basic pay in effect for a position at level V of the 

19 Executive Schedule under section 5316 of title 5, 

20 United States Code, for each day during which the 

21 member is engaged in the actual performance of the 

22 duties of the Committee; and 

23 (2) while away from the home or regular place 

24 of business of the member in the performance of 

25 services for the Committee, be allowed travel exVerDate Sep 11 2014 04:05 Apr 20, 2016 Jkt 059200 PO 00000 Frm 00005 Fmt 6652 Sfmt 6201 E:\BILLS\H4950.IH H4950

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1 penses, including per diem in lieu of subsistence, in 

2 the same manner as persons employed intermittently 

3 in the Government service are allowed expenses 

4 under section 5703 of title 5, United States Code. 

5 (g) STAFF.—The Department shall make available to 

6 the Committee such staff as the chairman of the Com7 mittee determines are necessary to carry out the functions 

8 of the Committee. 

9 (h) REVIEW BY DEPARTMENT.—The Department 

10 shall— 

11 (1) review the findings and recommendations of 

12 the Committee; and 

13 (2) each time the Committee submits a finding 

14 or recommendation to the Department, promptly, 

15 but no more than 60 days after submission, issue a 

16 public statement, a copy of which shall be delivered 

17 to Committee members— 

18 (A) assessing the finding or recommenda19 tion of the Committee; and 

20 (B) disclosing the action, if any, the De21 partment intends to take with respect to the 

22 finding or recommendation. 

23 SEC. 3. CREDIT UNION ADVISORY COMMITTEE. 

24 (a) DEFINITIONS.—For purposes of this section: 


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1 (1) CREDIT UNION.—The term ‘‘credit union’’ 

2 means a Federal credit union or a State credit 

3 union, as such terms are defined, respectively, under 

4 section 101 of the Federal Credit Union Act (12 

5 U.S.C. 1752). 

6 (2) SECRETARY.—The term ‘‘Secretary’’ means 

7 the Secretary of the Treasury. 

8 (b) ESTABLISHMENT AND FUNCTIONS.— 

9 (1) ESTABLISHMENT.—There is established 

10 within the Department of the Treasury (hereafter in 

11 this section referred to as the ‘‘Department’’) the 

12 Credit Union Advisory Committee (hereafter in this 

13 section referred to as the ‘‘Committee’’). 

14 (2) FUNCTIONS.—The Committee shall provide 

15 the Department with advice on the Department’s ef16 forts regarding financial institutions legislation and 

17 regulation, legislation affecting Federal departments 

18 and agencies that regulate or insure financial insti19 tutions, and securities markets legislation and regu20 lation, as such efforts relate to credit unions. 

21 (c) MEMBERSHIP.— 

22 (1) MEMBER APPOINTMENT.—Not later than 

23 12 months after the date of the enactment of this 

24 Act, the Secretary shall appoint not fewer than 15, 


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1 and not more than 20, members to the Committee. 

2 In appointing such members, the Secretary shall— 

3 (A) include members representing credit 

4 unions with total assets of $10,000,000,000 or 

5 less; 

6 (B) include members representing credit 

7 unions that are not affiliates of credit unions 

8 with total assets of more than 

9 $10,000,000,000; 

10 (C) include members representing credit 

11 unions of different charter types, asset sizes, 

12 geographic areas, and ownership types; 

13 (D) give strong consideration to members 

14 representing credit unions predominantly serv15 ing traditionally rural and underserved commu16 nities and populations and their interests; and 

17 (E) make such appointments without re18 gard to party affiliation. 

19 (2) TERM.—Each member of the Committee 

20 shall serve for a term of 2 years, which is not eligi21 ble for renewal. 

22 (3) MEMBERS NOT DEPARTMENT EMPLOY23 EES.—Members of the Committee shall not be treat24 ed as employees or agents of the Department solely 

25 because of membership on the Committee. 


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1 (4) RESIGNATION.—Any member may resign at 

2 any time by giving notice to the Department. The 

3 Secretary shall appoint persons to fill vacancies on 

4 the Committee as the vacancies occur. 

5 (d) CHAIRMAN; VICE CHAIRMAN; SECRETARY; AS6 SISTANT SECRETARY.— 

7 (1) IN GENERAL.—The members of the Com8 mittee shall elect, from among the members of the 

9 Committee— 

10 (A) a chairman; 

11 (B) a vice chairman; 

12 (C) a secretary; and 

13 (D) an assistant secretary. 

14 (2) TERM.—Each member elected under para15 graph (1) shall serve for a term of 2 years in the 

16 capacity for which the member was elected under 

17 paragraph (1). 

18 (e) MEETINGS.— 

19 (1) FREQUENCY OF MEETINGS.—The Com20 mittee shall meet— 

21 (A) not less frequently than 4 times annu22 ally, at the call of the chairman of the Com23 mittee; and 

24 (B) from time to time, at the call of the 

25 Department. 


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1 (2) NOTICE.—The chairman of the Committee 

2 shall give the members of the Committee written no3 tice of each meeting, not later than 4 weeks before 

4 the date of the meeting. 

5 (3) LOCATION.—At least 2 of the meetings each 

6 year shall take place in person at the Department’s 

7 headquarters in the District of Columbia. Partici8 pants should make every effort within reason to at9 tend these meetings in person. 

10 (4) AGENDA.—Each meeting shall be conducted 

11 in accordance with an agenda formulated by the 

12 chairman of the Committee, with input from other 

13 Committee members. 

14 (5) DEPARTMENT REPRESENTATION.—Each 

15 meeting of the Committee shall be attended by the 

16 Secretary or the Secretary’s designee. 

17 (f) COMPENSATION AND TRAVEL EXPENSES.—Each 

18 member of the Committee who is not a full-time employee 

19 of the United States shall— 

20 (1) be entitled to receive compensation at a rate 

21 not to exceed the daily equivalent of the annual rate 

22 of basic pay in effect for a position at level V of the 

23 Executive Schedule under section 5316 of title 5, 

24 United States Code, for each day during which the 


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1 member is engaged in the actual performance of the 

2 duties of the Committee; and 

3 (2) while away from the home or regular place 

4 of business of the member in the performance of 

5 services for the Committee, be allowed travel ex6 penses, including per diem in lieu of subsistence, in 

7 the same manner as persons employed intermittently 

8 in the Government service are allowed expenses 

9 under section 5703 of title 5, United States Code. 

10 (g) STAFF.—The Department shall make available to 

11 the Committee such staff as the chairman of the Com12 mittee determines are necessary to carry out the functions 

13 of the Committee. 

14 (h) REVIEW BY DEPARTMENT.—The Department 

15 shall— 

16 (1) review the findings and recommendations of 

17 the Committee; and 

18 (2) each time the Committee submits a finding 

19 or recommendation to the Department, promptly, 

20 but no more than 60 days after submission, issue a 

21 public statement, a copy of which shall be delivered 

22 to Committee members— 

23 (A) assessing the finding or recommenda24 tion of the Committee; and 


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1 (B) disclosing the action, if any, the De2 partment intends to take with respect to the 

3 finding or recommendation. 

Æ 


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