(b) MEMBER AGENCIES.—For purposes of this Act,
the agencies or departments headed by members of the
committee shall be referred to as ‘‘member agencies’’.
(c) CHAIR.—The chair of the committee shall be the
Secretary of the Treasury.
(d) COMPENSATION.—Each member of the committee
shall serve without additional compensation, but shall be
entitled to reasonable expenses incurred in carrying out
the official duties as such a member.
(e) PUBLIC MEETINGS.—The committee shall hold
public meetings at least annually. All meetings of the com-
mittee shall be conducted in conformity with the provisions
of section 3(a) of the Government in the Sunshine Act
(5 U.S.C. 552b). The committee may not take any action
unless such action is approved by a vote of two-thirds of
the members of the committee.
(f) SECRETARIAT.—The Department of the Treasury
shall provide the secretariat for the committee and shall
assume any expenses arising for execution of the respon-
sibilities of the committee.
(g) ACCESS TO RECORDS.—For the purpose of carry-
ing out this section, the committee shall have access to
all books, accounts, records, reports, files, memoranda, pa-
pers, things, and property belonging to or in use by any
appropriate Federal banking agency.
(h) FUNCTIONS OF THE COMMITTEE.—
(1) UNIFORM PRINCIPLES AND STANDARDS.—
The committee shall, insofar as is practicable, estab-
lish uniform principles and standards for the exam-
ination and supervision of financial institutions and
other providers of financial services, which shall be
applied by the member agencies.
(2) RECOMMENDATIONS.—The committee shall
make recommendations for uniformity in other su-
pervisory matters, such as, but not limited to, identi-
fying financial institutions and other providers of fi-
nancial services in need of special supervisory atten-
tion, the adequacy of supervisory tools for determin-
ing the impact of affiliate operations on insured de-
pository institutions and the ability of the member
agencies to discover possible fraud or questionable
practices.
(3) RECOMMENDATIONS
TO
CONGRESS.—The
committee shall, from time to time, recommend to
the Congress additional measures to strengthen the
separation between insured depository institutions
controlled by depository institutions holding compa-
nies from the activities of any of their affiliates in-
cluding, the imposition of additional restrictions on
interaffiliate transactions and the strict application
of Federal deposit insurance coverage only for the
benefit of depositors of insured depository institu-
tions that are controlled by a financial services hold-
ing company.
(i) CONSULTATION WITH STATE REGULATORS.—The
committee shall consult with the appropriate organizations
representing the State regulators of banks, savings and
loan associations, savings banks, securities firms, insur-
ance companies, and other providers of financial services,
and as deemed appropriate, meet with such State regu-
lators. The committee shall invite to each public meeting
of the committee representatives of such organizations.
(j) STUDIES AND RECOMMENDATIONS.—The com-
mittee may conduct or authorize studies to carry out the
purposes of this Act. On the basis of such studies, the
committee may make recommendations to the Congress
and member agencies concerning the implementation of
this Act and changes in statutes and regulations necessary
to promote the strength and stability of the Nation’s fi-
nancial system and financial institutions, the competitive-
ness of providers of financial services in domestic and
international markets and the purposes of this Act. Not
later than 1 year after the date of enactment of this Act,
the committee shall report to the Congress on proposals
for legislative or regulatory actions that will improve the