(9) Paragraph (1) of section 11(f) of the Fed-
eral Deposit Insurance Act (12 U.S.C. 1821(f)) is
amended by striking ‘‘depositor, except that—’’ and
all that follows through the period at the end of the
paragraph and inserting ‘‘depositor.’’.
(10) Section 11(i)(3) of the Federal Deposit In-
surance Act (12 U.S.C. 1821(i)(3)) is amended—
(A) by striking subparagraph (B); and
(B) in subparagraph (C), by striking ‘‘sub-
paragraphs (A) and (B)’’ and inserting ‘‘sub-
paragraph (A)’’.
(11) Section 11A(a)(3) of the Federal Deposit
Insurance Act (12 U.S.C. 1821a(a)(3)) is amended
by striking ‘‘Bank Insurance Fund, the Savings As-
sociation Insurance Fund,’’ and inserting ‘‘deposit
insurance fund’’.
(12) Section 11A(f) of the Federal Deposit In-
surance Act (12 U.S.C. 1821a(f)) is amended by
striking ‘‘Savings Association Insurance Fund’’ and
inserting ‘‘deposit insurance fund’’.
(13) Section 13(a)(1) of the Federal Deposit
Insurance Act (12 U.S.C. 1823(a)(1)) is amended
by striking ‘‘Bank Insurance Fund, Savings Associa-
tion Insurance Fund,’’ and inserting ‘‘deposit insur-
ance fund’’.
(14) Section 13(c)(4)(G) of the Federal Deposit
Insurance Act (12 U.S.C. 1823(c)(4)(G)) is amend-
ed—
(A) in clause (ii)—
(i) by striking ‘‘appropriate insurance
fund’’ and inserting ‘‘depository insurance
fund’’;
(ii) by striking ‘‘the members of the
insurance fund (of which such institution
is a member)’’ and inserting ‘‘insured de-
pository institutions’’;
(iii) by striking ‘‘each member’s’’ and
inserting ‘‘each insured depository institu-
tion’s’’; and
(iv) by striking ‘‘the member’s’’ and
inserting ‘‘the institution’s’’.
(15) Section 13(c) of the Federal Deposit In-
surance Act (12 U.S.C. 1823(c)) is amended by
striking paragraph (11).
(16) Section 13(h) of the Federal Deposit In-
surance Act (12 U.S.C. 1823(h)) is amended by
striking ‘‘Bank Insurance Fund’’ and inserting ‘‘de-
posit insurance fund’’.
(17) Section 13(k)(4)(B)(i) of the Federal De-
posit Insurance Act (12 U.S.C. 1823(k)(4)(B)(i)) is
amended by striking ‘‘Savings Association Insurance
Fund member’’ and inserting ‘‘savings association’’.
(18) Section 13(k)(5)(A) of the Federal Deposit
Insurance Act (12 U.S.C. 1823(k)(5)(A)) is amend-
ed by striking ‘‘Savings Association Insurance Fund
members’’ and inserting ‘‘savings associations’’.
(19) Section 14(a) of the Federal Deposit In-
surance Act (12 U.S.C. 1824(a)) is amended by
striking ‘‘Bank Insurance Fund or the Savings As-
sociation Insurance Fund’’ and inserting ‘‘depository
institution fund’’.
(20) Section 14(b) of the Federal Deposit In-
surance Act (12 U.S.C. 1824(b)) is amended by
striking ‘‘Bank Insurance Fund or Savings Associa-
tion Insurance Fund’’ and inserting ‘‘deposit insur-
ance fund’’.
(21) Section 14(c) of the Federal Deposit In-
surance Act (12 U.S.C. 1824(c)) is amended by
striking paragraph (3).
(22) Section 14 of the Federal Deposit Insur-
ance Act (12 U.S.C. 1824) is amended by striking
subsection (d).
(23) Section 15(c)(5) of the Federal Deposit
Insurance Act (12 U.S.C. 1825(c)(5)) is amended—
(A) by striking ‘‘Bank Insurance Fund or
Savings Association Insurance Fund, respec-
tively,’’ and inserting ‘‘deposit insurance fund’’;
(B) by striking ‘‘Bank Insurance Fund or
Savings Association Insurance Fund, respec-
tively;’’ and inserting ‘‘deposit insurance fund;’’;
and
(C) by striking ‘‘Bank Insurance Fund or
the Savings Association Insurance Fund, re-
spectively,’’ and inserting ‘‘deposit insurance
fund,’’.
(24) Section 17(a)(1) of the Federal Deposit
Insurance Act (12 U.S.C. 1827(a)(1)) is amended
by striking ‘‘Bank Insurance Fund, the Savings As-
sociation Insurance Fund,’’ each place such term ap-
pears and inserting ‘‘deposit insurance fund’’.
(25) Section 17(d) of the Federal Deposit In-
surance Act (12 U.S.C. 1827(d)) is amended by
striking ‘‘Bank Insurance Fund, the Savings Asso-
ciation Insurance Fund,’’ each place such term ap-
pears and inserting ‘‘deposit insurance fund’’.
(26) The heading for section 17(a) of the Fed-
eral Deposit Insurance Act (12 U.S.C. 1827(a)) is
amended by striking ‘‘BIF, SAIF,’’ and inserting
‘‘THE DEPOSIT INSURANCE FUND’’.
(27) Section 18(m)(3) of the Federal Deposit
Insurance Act (12 U.S.C. 1828(m)(3)) is amend-
ed—
(A) in subparagraph (A)—
(i) by striking ‘‘Savings Association
Insurance Fund.’’ and inserting ‘‘deposit
insurance fund.’’; and
(ii) by striking ‘‘Savings Association
Insurance Fund member’’ and inserting
‘‘savings association’’; and
(B) in subparagraph (C), by striking ‘‘Sav-
ings Association Insurance Fund or the Bank
Insurance Fund’’ and inserting ‘‘deposit insur-
ance fund’’.
(28) Subsections (a)(1) and (d)(1)(A) of section
24 of the Federal Deposit Insurance Act (12 U.S.C.
1831a) are each amended by striking ‘‘appropriate’’.
(29) Section 24(e)(2) of the Federal Deposit
Insurance Act (12 U.S.C. 1831a(e)(2)) is amend-
ed—
(A) in subparagraph (A), by striking ‘‘of
which such banks are members’’; and
(B) in subparagraph (B)(ii), by striking
‘‘of which such bank is a member’’.
(30) Section 24(f)(6)(B) of the Federal Deposit
Insurance Act (12 U.S.C. 1831a(f)(6)(B)) is amend-
ed by striking ‘‘of which such bank is a member’’.
(31) Section 28 of the Federal Deposit Insur-
ance Act (12 U.S.C. 1831e) is amended by striking
‘‘affected deposit insurance fund’’ each place such
term appears and inserting ‘‘deposit insurance
fund’’.
(32) Section 31(a) of the Federal Deposit In-
surance Act (12 U.S.C. 1831h(a)) is amended by
striking ‘‘Insurance Fund’’.
(33) The heading for section 31 of the Federal
Deposit Insurance Act (12 U.S.C. 1831h) is amend-
ed by striking ‘‘INSURANCE FUND’’.
(34) Section 31(b)(1) of the Federal Deposit
Insurance Act (12 U.S.C. 1831h(b)(1)) is amended
by striking ‘‘insured depository institutions that are
Savings Association Insurance Fund members’’ and
inserting ‘‘savings associations’’.
(35) Section 31(f)(1) of the Federal Deposit In-
surance Act (12 U.S.C. 1831h(f)(1)) is amended by
striking ‘‘insured financial institutions that are
members of the Savings Association Insurance
Fund’’ and inserting ‘‘savings associations’’.
(36) Section 36(i)(3) of the Federal Deposit In-
surance Act (12 U.S.C. 1831m(i)(3)) is amended by
striking ‘‘affected’’.
(37) Section 38(o)(1) of the Federal Deposit
Insurance Act (12 U.S.C. 1831o(o)(1)) is amended
by striking ‘‘Savings Association Insurance Fund’’
and inserting ‘‘deposit insurance fund’’.
(c) EFFECTIVE
DATE
OF
AMENDMENTS.—The
amendments made by subsection (b) shall take effect as
of the date of publication in the Federal Register of the
notice required under subsection (a)(2).
TITLE II—MERGER OF OCC AND
OTS
Subtitle A—Federal Bank Agency
SEC. 201. ESTABLISHMENT.
(a) ESTABLISHMENT
OF
THE AGENCY.—Effective
January 1, 1996, there is established the Federal Bank
Agency which shall be an independent establishment.
(b) DEFINITIONS.—For purposes of this subtitle, the
following definitions shall apply:
(1) ADMINISTRATOR.—The term ‘‘Adminis-
trator’’ means the Administrator of the Federal
Bank Agency.
(2) AGENCY.—The term ‘‘Agency’’ means the
Federal Bank Agency.
(3) SECRETARY.—The term ‘‘Secretary’’ means
the Secretary of the Treasury.
SEC. 
202. 
ADMINISTRATOR 
OF 
THE 
FEDERAL 
BANK
AGENCY.
(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
FOR
NATIONAL
BANKS.—
(A) IN GENERAL.—The Agency shall have
a Deputy Administrator for National Banks
who shall be appointed by the President, by and
with the advice and consent of the Senate.
(B) DUTIES AND POWERS.—The Deputy
Administrator for National Banks 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 Comp-
troller of the Currency until the Adminis-
trator provides otherwise.
(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, 1996.
SEC. 203. 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, 1996.
SEC. 204. 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, 1997.
SEC. 205. 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. 206. 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 subtitle 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, 1997.
Subtitle 
B—Interim 
Provisions;
Transfer of Functions, Person-
nel, and Property
SEC. 211. 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 subtitle.
(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 subtitle A.
(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, 1997, 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, 1996.
SEC. 212. OFFICE OF THRIFT SUPERVISION ABOLISHED.
(a) OFFICE OF THRIFT SUPERVISION ABOLISHED.—
Effective January 1, 1997, 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, the
Comptroller of the Currency, and, with respect to
savings and loan holding companies, the Board of
Governors of the Federal Reserve System to facili-
tate the orderly transfer of the functions to the
Agency or such Board. Any matter not resolved pur-
suant 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 211, no provi-
sion of this subtitle shall be construed as affecting
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 posi-
tion 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 on 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, 1997, 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 subtitle
shall be construed as affecting the validity of any
right, duty, or obligation of the United States, the
Office of Thrift Supervision, 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,
1997, the Administrator shall be substituted as a
party to any such action or proceeding.
(3) 
CONTINUATION
OF
ADMINISTRATIVE
RULES.—All orders, resolutions, determinations, reg-
ulations, interpretative rules, other interpretations,
guidelines, procedures, and other advisory material
which—
(A) have been issued, made, prescribed, or
permitted to become effective by the Office of
Thrift Supervision, and
(B) are in effect on December 31, 1996,
(or become effective after such date pursuant to
the terms of the order, resolution, determina-
tion, rule, other interpretation, guideline, proce-
dure, and other advisory material, as in effect
on such date), shall—
(i) continue in effect according to the
terms of such orders, resolutions, deter-
minations, regulations, interpretative rules,
other interpretations, guidelines, proce-
dures, or other advisory material;
(ii) be administered by the Adminis-
trator or, in the case of a savings and loan
holding company or a subsidiary of such
holding company (other than a depository
institution), the Board of Governors of the
Federal Reserve System; and
(iii) be enforceable by or against the
Administrator or such Board until modi-
fied, terminated, set aside, or superseded
in accordance with applicable law by the
Administrator or Board, by any court of
competent jurisdiction, or by operation of
law.
(d) TRANSFER OF PROPERTY.—Effective January 1,
1997, all property of the Office of Thrift Supervision shall
be transferred to the Agency.
SEC. 213. OFFICE OF THE COMPTROLLER OF THE CUR-
RENCY ABOLISHED.
(a) OFFICE OF THE COMPTROLLER OF THE CUR-
RENCY ABOLISHED.—Effective January 1, 1997, the Of-
fice of the Comptroller of the Currency and the position
of the Comptroller of the Currency are abolished.
(b) DISPOSITION OF AFFAIRS.—
(1) IN GENERAL.—In winding up the affairs of
the Office of the Comptroller of the Currency, the
Comptroller of the Currency shall consult and co-
operate with the Administrator of the Federal Bank
Agency and the Director of the Office of Thrift Su-
pervision to facilitate the orderly transfer of func-
tions to the Agency. Any matter not resolved pursu-
ant to such consultation and cooperation shall be
resolved by the Secretary.
(2) CONTINUING
AUTHORITY
OF
THE
COMP-
TROLLER OF THE CURRENCY.—Except as provided
in paragraph (1) and section 211, no provision of
this Act shall be construed as affecting the authority
vested in the Comptroller of the Currency 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 Comptroller is abol-
ished.
(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 the Comp-
troller of the Currency on the day before the date
the Office of the Comptroller of the Currency 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, 1997, the Agency shall be substituted
for the Office of the Comptroller of the Cur-
rency 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 subtitle
shall be construed as affecting the validity of any
right, duty, or obligation of the United States, the
Office of the Comptroller of the Currency, or any
person, which existed on the day before the date
upon which the Office of the Comptroller of the Cur-
rency is abolished by this subtitle.
(2) CONTINUATION
OF
SUITS.—No action or
other proceeding commenced by or against the
Comptroller of the Currency or the Office of the
Comptroller of the Currency shall abate by reason of
enactment of this Act, except that effective Jan-
uary 1, 1997, the Administrator shall be substituted
as a party to any such action or proceeding.
(3) 
CONTINUATION
OF
ADMINISTRATIVE
RULES.—All orders, resolutions, determinations, reg-
ulations, interpretative rules, other interpretations,
guidelines, procedures, and other advisory material
which—
(A) have been issued, made, prescribed, or
permitted to become effective by the Comptrol-
ler of the Currency; and
(B) are in effect on December 31, 1996,
(or become effective after such date pursuant to
the terms of the order, resolution, determina-
tion, rule, other interpretation, guideline, proce-
dure, and other advisory material, as in effect
on such date) shall—
(i) continue in effect according to the
terms of such orders, resolutions, deter-
minations, regulations, interpretative rules,
guidelines, procedures or other advisory
material;
(ii) be administered by the Adminis-
trator; and
(iii) be enforceable by or against the
Administrator until modified, terminated,
set aside, or superseded in accordance with
applicable law by the Administrator, by
any court of competent jurisdiction, or by
operation of law.
(d) TRANSFER OF PROPERTY.—Effective January 1,
1997, all property of the Office of the Comptroller of the
Currency shall be transferred to the Agency.
SEC. 214. REFERENCES IN FEDERAL LAW TO FEDERAL
BANKING AGENCIES.
Any reference in any Federal law to the Comptroller
of the Currency, the Office of the Comptroller of the Cur-
rency, the Director of the Office of Thrift Supervision, or
the Office of Thrift Supervision shall be deemed to be a
reference to the appropriate Federal banking agency (as
defined in section 3(q) of the Federal Deposit Insurance
Act).
Subtitle C—Regulatory and
Supervisory Responsibility
SEC. 221. TRANSFER OF POWERS AND DUTIES.
(a) DIRECTOR OF THE OFFICE OF THRIFT SUPER-
VISION.—Effective January 1, 1997, all powers and duties
which were vested in the Director of the Office of Thrift
Supervision on December 31, 1996, are transferred to the
Administrator, except as otherwise provided in this Act.
(b) COMPTROLLER OF THE CURRENCY.—Effective
January 1, 1997, all powers and duties which were vested
in the Comptroller of the Currency on December 31, 1996,
are transferred to the Administrator, except as otherwise
provided in this Act.
SEC. 222. TRANSFER OF REGULATION OF SAVINGS AND
LOAN HOLDING COMPANIES TO FEDERAL RE-
SERVE BOARD.
The Bank Holding Company Act of 1956 (12 U.S.C.
1441 et seq.) is amended—
(1) by redesignating sections 11 and 12 as sec-
tions 13 and 14, respectively; and
(2) by transferring section 10 of the Home
Owners’ Loan Act from such Act and inserting such
section after section 10 of the Bank Holding Com-
pany Act of 1956;
(3) by redesignating the section transferred and
inserted after section 10 by paragraph (2) of this
section as section 11; and
(4) by striking ‘‘Director’’ each place such term
appears in section 11 (as so redesignated by para-
graph (3) of this section) and inserting ‘‘Board’’.
SEC. 223. APPROPRIATE FEDERAL BANKING AGENCY.
(a) IN GENERAL.—Effective January 1, 1997, sec-
tion 3(q) of the Federal Deposit Insurance Act (12 U.S.C.
1813(q)) is amended to read as follows:
‘‘(q) APPROPRIATE FEDERAL BANKING AGENCY.—
The term ‘appropriate Federal banking agency’ means—
‘‘(1) the Administrator of the Federal Bank
Agency in the case of any national banking associa-
tion, any savings association, any District bank, or
any Federal branch or agency of a foreign bank;
(2) the Board of Governors of the Federal Re-
serve System, in the case of—
(A) any State member insured bank (ex-
cept a District bank),
(B) any branch or agency of a foreign
bank with respect to any provision of the Fed-
eral Reserve Act which is made applicable
under the International Banking Act of 1978,
(C) any foreign bank which does not oper-
ate an insured branch,
(D) any agency or commercial lending
company other than a Federal agency,
(E) supervisory or regulatory proceedings
arising from the authority given to the Board
of Governors under section 7(c)(1) of the Inter-
national Banking Act of 1978, including such
proceedings under the Financial Institutions
Supervisory Act of 1966, and
(F) any depository institution holding com-
pany and any subsidiary of a depository institu-
tion holding company (other than a depository
institution); and
(3) the Federal Deposit Insurance Corporation
in the case of a State nonmember insured bank (ex-
cept a District bank), or a foreign bank having an
insured branch.
Under the rule set forth in this subsection, more than one
agency may be an appropriate Federal banking agency
with respect to any given institution.’’.
(b) RESPONSIBLE AGENCY.—Section 18(c)(2) of the
Federal Deposit Insurance Act (12 U.S.C. 1828(c)(2)) is
amended—
(1) in subparagraph (A)—
(A) by striking ‘‘Comptroller of the Cur-
rency’’ and inserting ‘‘Federal Banking Agen-
cy’’;
(B) by striking ‘‘resulting bank’’ and in-
serting ‘‘resulting institution’’; and
(C) by striking ‘‘or a District bank’’ and
inserting ‘‘District bank, or savings associa-
tion’’;
(2) by inserting ‘‘and’’ after the semicolon at
the end of subparagraph (B);
(3) by striking ‘‘; and’’ at the end of subpara-
graph (C) and inserting a period; and
(4) by striking subparagraph (D).
Subtitle D—Reorganization of
FDIC Board of Directors
SEC. 241. FEDERAL DEPOSIT INSURANCE CORPORATION.
(a) REORGANIZATION.—Section 2(a) of the Federal
Deposit Insurance Act (12 U.S.C. 1812) is amended to
read as follows:
‘‘(a) BOARD OF DIRECTORS.—
‘‘(1) IN
GENERAL.—The management of the
Corporation shall be vested in a Board of Directors
consisting of 3 members appointed by the President,
by and with the advice and consent of the Senate,
from among individuals who are citizens of the Unit-
ed States.
‘‘(2) POLITICAL AFFILIATION.—Not more than
2 of the members of the Board of Directors may be
members of the same political party.
TITLE III—MERGER OF BANK
AND THRIFT CHARTERS
SEC. 301. TREASURY STUDY ON MERGER OF CHARTERS.
(a) STUDY REQUIRED.—Before the end of the 12-
month period beginning on the date of the enactment of
this Act, the Secretary of the Treasury shall—
(1) conduct a study on—
(A) the consolidation of national bank and
savings association charters into a unified char-
ter for depository institutions; and
(B) the most feasible means for the con-
version of national banks and savings associa-
tions into depository institutions with a unified
charter; and
(2) identify any difficulties or problems which
may arise in connection with such conversions.
(b) FACTORS TO BE CONSIDERED.—In conducting
the study under subsection (a) with respect to the conver-
sion of national banks and savings associations into depos-
itory institutions with a unified charter, the Secretary
shall consider and make recommendations with respect to
the following issues:
(1) The tax consequences of any such conver-
sion.
(2) Membership in Federal home loan banks.
(3) The regulation of holding companies.
(4) The continuation of the mutual form of
ownership of depository institutions following any
conversion to a unified charter.
(5) Any other issue with respect to such conver-
sions which the Secretary considers appropriate, es-