I
103D CONGRESS
1ST SESSION
H. R. 1227
To establish the Federal Bank Agency, to abolish the positions of the Comp-
troller of the Currency and Director of the Office of Thrift Supervision,
to consolidate and reform the regulation of insured depository institu-
tions, and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
MARCH 4, 1993
Mr. LEACH introduced the following bill; which was referred to the Committee
on Banking, Finance and Urban Affairs
A BILL
To establish the Federal Bank Agency, to abolish the posi-
tions of the Comptroller of the Currency and Director
of the Office of Thrift Supervision, to consolidate and
reform the regulation of insured depository institutions,
and for other purposes.
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ‘‘Bank Regulatory
Consolidation and Reform Act of 1993’’.
TITLE I—FEDERAL BANK
AGENCY
SEC. 101. ESTABLISHMENT OF THE AGENCY.
Effective January 1, 1994, there shall be established
the Federal Bank Agency which shall be an independent
establishment.
SEC. 102. DEFINITIONS.
As used in this title—
(1) the term ‘‘Administrator’’ means the Ad-
ministrator of the Federal Bank Agency;
(2) the term ‘‘Agency’’ means the Federal Bank
Agency; and
(3) the term ‘‘Secretary’’ means the Secretary
of the Treasury.
SEC. 103. ADMINISTRATOR OF THE FEDERAL BANK AGEN-
CY.
(a) IN GENERAL.—The Agency shall have an Admin-
istrator who shall be the head of the Agency.
(b) APPOINTMENT.—The Administrator shall be ap-
pointed by the President, by and with the advice and con-
sent of the Senate, from among individuals who are
citizens of the United States.
(c) TERM.—The Administrator shall be appointed for
a term of 5 years.
(d) VACANCY.—A vacancy in the position of Adminis-
trator which occurs before expiration of the term for which
an Administrator was appointed shall be filled in the man-
ner established in subsection (b), and the Administrator
appointed to fill such vacancy shall be appointed only for
the remainder of said term.
(e) SERVICE AFTER END OF TERM.—An individual
may serve as Administrator after the expiration of the
term for which appointed until a successor Administrator
has been appointed.
(f) DEPUTY ADMINISTRATORS.—
(1) DEPUTY
ADMINISTRATOR
OF
THE
AGEN-
CY.—
(A) IN GENERAL.—The Agency shall have
a Deputy Administrator who shall be appointed
by the President, by and with the advice and
consent of the Senate.
(B) DUTIES AND POWERS.—The Deputy
Administrator shall—
(i) perform such duties and exercise
such powers as the Administrator may pre-
scribe; and
(ii) exercise the duties and powers of
the Administrator when the Administrator
is absent or unable to serve or when the
position of the Administrator is vacant.
(2) DEPUTY ADMINISTRATOR FOR SAVINGS AS-
SOCIATIONS.—
(A) IN GENERAL.—The Agency shall have
a Deputy Administrator for Savings Associa-
tions who shall be appointed by the President,
by and with the advice and consent of the Sen-
ate.
(B) DUTIES AND POWERS.—The Deputy
Administrator for Savings Associations shall—
(i) perform such duties and exercise
such powers as the Administrator may pre-
scribe; and
(ii) perform the functions which are
transferred to the agency from the Direc-
tor of the Office of Thrift Supervision until
the Administrator provides otherwise.
(g) EFFECTIVE DATE.—This section shall take effect
on January 1, 1994.
SEC. 104. AUTHORITY OF THE ADMINISTRATOR.
(a) DELEGATION
OF AUTHORITY.—The Adminis-
trator may delegate to any employee, representative, or
agent of the Agency any authority of the Administrator.
(b) EFFECTIVE DATE.—This section shall take effect
on January 1, 1994.
SEC. 105. PERSONNEL.
(a) IN GENERAL.—The Administrator shall fix the
number and compensation of, and appoint and direct, all
employees of the Agency.
(b) EFFECTIVE DATE.—This section shall take effect
on January 1, 1995.
SEC. 106. REGULATIONS AND ORDERS.
The Administrator may prescribe such regulations
and issue such orders as the Administrator may determine
to be necessary or appropriate for carrying out any law
within the Administrator’s jurisdiction.
SEC. 107. FUNDING.
(a) AUTHORITY TO IMPOSE AND COLLECT ASSESS-
MENTS, FEES, AND OTHER CHARGES.—
(1) IN GENERAL.—The Administrator may im-
pose and collect such assessments, fees, and other
charges on any institution or entity (including any
affiliates of any such institution or entity) for which
the Administrator is the appropriate Federal bank-
ing agency, as defined in section 3(q)(1) of the Fed-
eral Deposit Insurance Act, as the Administrator de-
termines to be necessary or appropriate to carry out
the responsibilities of the Agency.
(2) NO
NET
COST
TO
GOVERNMENT.—The
amount of any assessment, fee, or other charge shall
be not less than the amount necessary to meet the
full cost to the Federal Government of the service
provided by the Agency.
(b) USE OF FUNDS.—The Administrator may use the
funds obtained through assessments, fees, and other
charges imposed pursuant to this title to pay the full cost
to the Federal Government of the services provided by the
Agency.
(c) AGENCY NOT SUBJECT TO APPORTIONMENT OF
FUNDS.—Notwithstanding any other provision of law,
amounts received by the Agency pursuant to any assess-
ment, fee, or other charge imposed under this Act or any
other provision of law and any other money received by
the Agency shall not be subject to apportionment for the
purpose of chapter 15 of title 31, United States Code, or
under any other authority.
(d) TECHNICAL AND CONFORMING AMENDMENT RE-
LATING TO SEQUESTRATION.—Paragraph (1) of section
255(g) of the Balanced Budget and Emergency Deficit
Control Act of 1985 is amended—
(1) by striking the items relating to the Comp-
troller of the Currency and the Director of the Of-
fice of Thrift Supervision; and
(2) by inserting after the item relating to
the Farm Credit System Financial Assistance Cor-
poration, interest payment (20–1850–0–1–351) the
following new item:
‘‘Federal Bank Agency;’’.
(e) EFFECTIVE DATE.—This section and the amend-
ments made by this section shall take effect on Jan-
uary 1, 1995.
TITLE II—INTERIM PROVISIONS;
TRANSFER 
OF 
FUNCTIONS,
PERSONNEL, AND PROPERTY
SEC. 201. INTERIM PROVISIONS FOR THE FEDERAL BANK
AGENCY.
(a) INTERIM AUTHORITY OF THE ADMINISTRATOR.—
Prior to the date upon which the functions of the Office
of the Comptroller of the Currency and the Office of
Thrift Supervision are transferred to the Administrator
pursuant to this Act, the Administrator shall—
(1) consult and cooperate with the Director of
the Office of Thrift Supervision and the Comptroller
of the Currency to facilitate the orderly transfer of
functions to the Office; and
(2) take such actions as may be necessary to
provide for the establishment of the Agency and for
the orderly implementation of this title.
(b) INTERIM STAFF.—Prior to the date upon which
the Office of the Comptroller of the Currency and the Of-
fice of Thrift Supervision are abolished, each such Office
shall detail to the Agency such personnel as the Adminis-
trator deems appropriate to assist the Administrator in
carrying out the duties of title I.
(c) INTERIM ADMINISTRATIVE SERVICES.—The Sec-
retary may provide all administrative services necessary
to support the Agency prior to the date upon which the
Office of the Comptroller of the Currency and the Office
of Thrift Supervision are abolished, and obtain reimburse-
ment for the cost of such services pursuant to subsection
(d).
(d) INTERIM FUNDING.—Prior to the date upon
which the Office of the Comptroller of the Currency and
the Office of Thrift Supervision are abolished, each such
Office shall pay to the Secretary one-half of the total
amount determined by the Secretary to be necessary to
fund all direct and indirect salary and administrative ex-
penses of the Agency, including the salary of the Adminis-
trator, through January 1, 1995, from the funds obtained
by such Offices through assessments, fees, and other
charges which they are authorized to impose by law. The
Secretary may credit to an appropriation and spend
amounts received pursuant to this subsection. Upon the
appointment of the Administrator, the amounts paid to
the Secretary under this subsection shall be paid by the
Secretary to the Administrator.
(e) INTERIM AUTHORITY OF THE SECRETARY.—The
Secretary is authorized to perform the functions of the
Administrator under this section until the Administrator
is appointed.
(f) MERGER OF TRANSFERRED EMPLOYEES.—The
Administrator shall, to the maximum extent practicable,
merge and consolidate the work force structures of the Of-
fice of the Comptroller of the Currency and the Office of
Thrift Supervision. In merging the work forces, the Ad-
ministrator shall establish procedures which take into ac-
count the job experience of, and the compensation and
benefits provided to, the transferred employees at the
prior agency.
(g) EFFECTIVE DATE.—This section shall take effect
on January 1, 1994.
SEC. 202. OFFICE OF THRIFT SUPERVISION ABOLISHED.
(a) OFFICE OF THRIFT SUPERVISION ABOLISHED.—
Effective January 1, 1995, the Office of Thrift Super-
vision and the position of Director of the Office of Thrift
Supervision are hereby abolished.
(b) DISPOSITION OF AFFAIRS.—
(1) IN GENERAL.—In winding up the affairs of
the Office of Thrift Supervision, the Director of the
Office of Thrift Supervision shall consult and co-
operate with the Administrator of the Agency and
the Comptroller of the Currency to facilitate the or-
derly transfer of the functions to the Agency. Any
matter not resolved pursuant to such consultation
and cooperation shall be resolved by the Secretary.
(2) CONTINUING AUTHORITY OF DIRECTOR OF
THE OFFICE OF THRIFT SUPERVISION.—Except as
provided in paragraph (1) and section 201, nothing
in this title shall affect the authority vested in the
Director of the Office of Thrift Supervision before
the date of enactment of this Act which is necessary
to carry out the duties of the position until the date
upon which the position of Director of the Office of
Thrift Supervision is abolished.
(3) CONTINUATION
OF
AGENCY
SERVICES.—
Any agency, department, or other instrumentality of
the United States, or any successor to any such
agency, department, or instrumentality, which was
providing support services to the Office of Thrift Su-
pervision of the day before the date the Office of
Thrift Supervision is abolished shall—
(A) continue to provide such services on a
reimbursable basis, in accordance with the
terms of the arrangement pursuant to which
such services were provided until the arrange-
ment is modified or terminated in accordance
with such terms, except that effective Jan-
uary 1, 1995, the Agency shall be substituted
for the Office of Thrift Supervision as a party
to the arrangement; and
(B) consult with the Administrator to co-
ordinate and facilitate a prompt and reasonable
transition.
(c) SAVINGS PROVISIONS.—
(1) EXISTING RIGHTS, DUTIES, AND OBLIGA-
TIONS NOT AFFECTED.—No provision of this title
shall affect the validity of any right, duty, or obliga-
tion of the United States, the Office of Thrift Super-
vision, or any person, which existed on the day
before the date upon which the Office of Thrift
Supervision is abolished.
(2) CONTINUATION
OF
SUITS.—No action or
other proceeding commenced by or against the Office
of Thrift Supervision shall abate by reason of enact-
ment of this Act, except that, effective January 1,