(d) TITLE TO PROPERTY.—Any interest in real prop-
erty acquired pursuant to this Act shall be acquired in
the name of the United States Government.
SEC. 418. WORKING CAPITAL FUND.
(a) AUTHORITY AND USE.—The Commission, with
the approval of the Director of the Office of Management
and Budget, is authorized to establish for the Commission
a working capital fund, to be available without fiscal year
limitation, for expenses necessary for the maintenance and
operation of such common administrative services as the
Commission shall find to be desirable in the interests of
economy and efficiency, including such services as—
(1) a central supply service for stationery and
other supplies and equipment for which adequate
stocks may be maintained to meet in whole or in
part the requirements of the Commission and its
components;
(2) central messenger, mail, telephone, and
other communications services;
(3) office space, central services for document
reproduction, and for graphics and visual aids; and
(4) a central library service.
(b) CONTENTS AND MANAGEMENT OF FUND.—The
capital of the fund shall consist of any appropriations
made for the purpose of providing working capital and the
fair and reasonable value of such stocks of supplies, equip-
ment, and other assets and inventories on order as the
Commission may transfer to the fund, less the related li-
abilities and unpaid obligations. Such funds shall be reim-
bursed in advance from available funds of agencies and
offices in the Commission, or from other sources, for sup-
plies and services at rates that will approximate the ex-
pense of operation, including the accrual of annual leave
and the depreciation of equipment. The fund shall also be
credited with receipts from sale or exchange of property
and receipts in payment for loss or damage to property
owned by the fund. There shall be covered into the Treas-
ury as miscellaneous receipts any surplus of the fund (all
assets, liabilities, and prior losses considered) above the
amounts transferred or appropriated to establish and
maintain such fund. There shall be transferred to the fund
the stocks of supplies, equipment, other assets, liabilities,
and unpaid obligations relating to the services which the
Commission determines, with the approval of the Director
of the Office of Management and Budget, will be per-
formed.
SEC. 419. FUNDS TRANSFER.
The Commission may, when authorized in an appro-
priation Act in any fiscal year, transfer funds from one
appropriation to another within the Commission, except
that no appropriation for any fiscal year shall be either
increased or decreased pursuant to this section by more
than 5 percent and no such transfer shall result in increas-
ing any such appropriation above the amount authorized
to be appropriated therefor.
SEC. 420. SEAL OF COMMISSION.
The Commission shall cause a seal of office to be
made for the Commission of such design as the Commis-
sion shall approve. Judicial notice shall be taken of such
seal.
SEC. 421. ANNUAL REPORT.
(a) CONTENTS.—The Commission shall, as soon as
practicable after the close of each fiscal year, make a sin-
gle, comprehensive report to the President for trans-
mission to the Congress on the activities of the Commis-
sion during such fiscal year. The report shall include a
statement of goals, priorities, and plans for the Commis-
sion together with an assessment of the progress made to-
ward—
(1) the attainment of such goals, priorities, and
plans; and
(2) the more effective and efficient management
of the Commission and the coordination of its func-
tions;
accompanied where necessary by recommendations for
proposed legislation for the achievement of such objectives.
(b) CONTRACTING-OUT ESTIMATE.—The report re-
quired by subsection (a) shall also include an estimate of
the extent of the non-Federal personnel employed pursu-
ant to contracts entered into by the Commission under
section 415 or under any other authority (including any
subcontract thereunder), the number of such contracts
and subcontracts pursuant to which non-Federal person-
nel are employed, and the total cost of those contracts and
subcontracts.
TITLE 
V—TRANSITIONAL, 
SAV-
INGS, 
AND 
CONFORMING
PROVISIONS
SEC. 501. TRANSFER AND ALLOCATION OF APPROPRIA-
TIONS AND PERSONNEL.
(a) IN GENERAL.—Except as otherwise provided in
this Act, the personnel employed in connection with, and
the assets, liabilities, contracts, property, records, and un-
expended balance of appropriations, authorizations, alloca-
tions, and other funds employed, held, used, arising from,
available to, or to be made available in connection with
the functions and offices, or portions thereof transferred
by this Act, subject to section 202 of the Budget and Ac-
counting Procedures Act of 1950, shall be transferred to
the Commission for appropriate allocation. Unexpended
funds transferred pursuant to this subsection shall be used
only for the purposes for which the funds were originally
authorized and appropriated.
(b) EXCEPTION.—Positions expressly specified by
statute or reorganization plan to carry out functions or
offices transferred by this Act, personnel occupying those
positions on the effective date of this Act, and personnel
authorized to receive compensation in such positions at the
rate prescribed for offices and positions at level IV or V
of the Executive Schedule (5 U.S.C. 5315–5316) on the
effective date of this Act, shall be subject to the provisions
of section 503.
SEC. 502. EFFECT ON PERSONNEL.
(a) PROTECTION AGAINST REDUCTION IN GRADE OR
COMPENSATION.—Except as otherwise provided in this
Act, the transfer pursuant to this title of full-time person-
nel (except special Government employees) and part-time
personnel holding permanent positions shall not cause any
such employee to be separated or reduced in grade or com-
pensation for one year after the date of transfer to the
Commission.
(b) EXECUTIVE LEVEL APPOINTEES.—Any person
who, on the day preceding the effective date of this Act,
held a position compensated in accordance with the Execu-
tive Schedule prescribed in chapter 53 of title 5, United
States Code, and who, without a break in service, is ap-
pointed in the Commission to a position having duties
comparable to the duties performed immediately preceding
such appointment shall continue to be compensated in
such new position at not less than the rate provided for
such previous position, for the duration of the service of
such person in such new position.
SEC. 503. AGENCY TERMINATIONS.
(a) TERMINATED AGENCIES.—On the effective date
of this Act, the following entities shall terminate:
(A) The Commodity Futures Trading Commis-
sion.
(B) The Securities and Exchange Commission.
(b) TERMINATED POSITIONS.—Each position which
was expressly authorized by law, or the incumbent of
which was authorized to receive compensation at the rate
prescribed for level III, IV, or V of the Executive Schedule
(5 U.S.C. 5315–5316), in an office terminated pursuant
to this Act shall also terminate.
SEC. 504. INCIDENTAL TRANSFERS.
(a) GENERAL AUTHORITY OF OMB.—The Director
of the Office of Management and Budget, at such time
or times as the Director shall provide, is authorized and
directed to make such determinations as may be necessary
with regard to the functions, offices, or portions thereof
transferred by this Act, and to make such additional inci-
dental dispositions of personnel, assets, liabilities, grants,
contracts, property, records, and unexpended balances of
appropriations, authorizations, allocations, and other
funds held, used, arising from, available to, or to be made
available in connection with such functions, offices, or por-
tions thereof, as may be necessary to carry out the provi-
sions of this Act. The Director shall provide for the termi-
nation of the affairs of all entities terminated by this Act
and for such further measures and dispositions as may
be necessary to effectuate the purposes of this Act.
(b) SES POSITIONS.—After consultation with the Di-
rector of the Office of Personnel Management, the Direc-
tor of the Office of Management and Budget is authorized,
at such time as the Director of the Office of Management
and Budget provides, to make such determinations as may
be necessary with regard to the transfer of positions with-
in the Senior Executive Service in connection with func-
tions and offices transferred by this Act.
SEC. 505. SAVINGS PROVISIONS.
(a) CONTINUITY OF LEGAL INSTRUMENTS.—All or-
ders, determinations, rules, regulations, permits, grants,
contracts, certificates, licenses, and privileges—
(1) which have been issued, made, granted, or
allowed to become effective by the President, any
Federal department or agency or official thereof, or
by a court of competent jurisdiction, in the perform-
ance of functions which are transferred under this
Act to the Commission, and
(2) which are in effect at the time this Act
takes effect,
shall continue in effect according to their terms until
modified, terminated, superseded, set aside, or revoked in
accordance with the law by the President, the Commission,
or other authorized official, a court of competent jurisdic-
tion, or by operation of law.
(b) CONTINUITY OF PROCEEDINGS.—
(1) IN GENERAL.—The provisions of this Act
shall not affect any proceedings, including notices of
proposed rulemaking, or any application for any li-
cense, permit, certificate, or financial assistance
pending on the effective date of this Act before any
department, agency, commission, or component
thereof, functions of which are transferred by this
Act; but such proceedings and applications, to the
extent that they relate to functions so transferred,
shall be continued. Orders shall be issued in such
proceedings, appeals shall be taken therefrom, and
payments shall be made pursuant to such orders, as
if this Act had not been enacted; and orders issued
in any such proceedings shall continue in effect until
modified, terminated, superseded, or revoked by the
Commission, by a court of competent jurisdiction, or
by operation of law. Nothing in this subsection shall
be deemed to prohibit the discontinuance or modi-
fication of any such proceeding under the same
terms and conditions and to the same extent that
such proceeding could have been discontinued or
modified if this Act had not been enacted.
(2) REGULATIONS CONCERNING TRANSFERS.—
The Commission is authorized to promulgate regula-
tions providing for the orderly transfer of proceed-
ings continued under paragraph (1) to the Commis-
sion.
(c) PENDING LITIGATION.—Except as provided in
subsection (e)—
(1) the provisions of this Act shall not affect
suits commenced prior to the effective date of this
Act, and
(2) in all such suits, proceedings shall be had,
appeals taken, and judgments rendered in the same
manner and effect as if this Act had not been en-
acted.
(d) NONABATEMENT.—No suit, action, or other pro-
ceeding commenced by or against any officer in the official
capacity of such individual as an officer of any department
or agency, functions of which are transferred by this Act,
shall abate by reason of the enactment of this Act. No
cause of action by or against any department or agency,
functions of which are transferred by this Act, or by or
against any officer thereof in the official capacity of such
officer shall abate by reason of the enactment of this Act.
(e) SUBSTITUTION OF PARTIES.—If, before the date
on which this Act takes effect, any department or agency,
or officer thereof in the official capacity of such officer,
is a party to a suit, and under this Act any function of
such department, agency, or officer is transferred to the
Commission or any other official of the Commission, then
such suit shall be continued with the Commission or other
appropriate official of the Commission substituted or
added as a party.
(f) JUDICIAL REVIEW AS REQUIRED BY EXISTING
LAW.—Orders and actions of the Commission in the exer-
cise of functions transferred under this Act shall be sub-
ject to judicial review to the same extent and in the same
manner as if such orders and actions had been by the
agency or office, or part thereof, exercising such functions
immediately preceding their transfer. Any statutory re-
quirements relating to notice, hearings, action upon the
record, or administrative review that apply to any function
transferred by this Act shall apply to the exercise of such
function by the Commission.
SEC. 506. SEPARABILITY.
If any provision of this Act or the application thereof
to any person or circumstance is held invalid, neither the
remainder of this Act nor the application of such provision
to other persons or circumstances shall be affected there-
by.
SEC. 507. REFERENCE.
With respect to any function transferred by this Act
and exercised on or after the effective date of this Act,
reference in any other Federal law to any department,
commission, or agency or any officer or office the func-
tions of which are so transferred shall be deemed to refer
to the Commission, other official, or component of the
Commission to which this Act transfers such functions.
SEC. 508. AMENDMENTS.
(a) EXECUTIVE SCHEDULE SALARIES.—
(1) CHAIRMAN.—Section 5314 of title 5, United
States Code, is amended—
(A) by striking ‘‘Chairman, Securities and
Exchange Commission.’’ and inserting ‘‘Chair-
man, Markets and Trading Commission.’’; and
(B) by striking ‘‘Chairman, Commodity
Futures Trading Commission.’’.
(2) MEMBERS.—Section 5315 of title 5, United
States Code, is amended—
(A) by striking ‘‘Members, Securities and
Exchange Commission’’ and inserting ‘‘Mem-
bers, Markets and Trading Commission’’; and
(B) by striking ‘‘Members, Commodity Fu-
tures Trading Commission.’’.
(b) CONFORMING AMENDMENTS.—
(1) SECURITIES
EXCHANGE
ACT.—Sections 4
and 35 of the Securities Exchange Act of 1934 are
repealed.
(2) COMMODITY EXCHANGE ACT.—Section 2(a)
of the Commodity Exchange Act is amended by
striking paragraphs (2), (3), and (4).
SEC. 509. TRANSITION.
With the consent of the appropriate department or
agency head concerned, the Commission is authorized to
utilize the services of such officers, employees, and other
personnel of the departments and agencies from which
functions or offices have been transferred to the Commis-
sion, and funds appropriated to such functions or offices
for such period of time as may reasonably be needed to
facilitate the orderly implementation of this Act.
TITLE VI—EFFECTIVE DATE
SEC. 601. EFFECTIVE DATE.
(a) IN GENERAL.—The provisions of this Act shall
take effect 180 days after the first Commissioner takes
office, or on any later date on or before October 1, 1996,
as the President may prescribe and publish in the Federal
Register, except that at any time on or after the date of
enactment of this Act—
(1) any of the officers provided for in title II
of this Act may be nominated and appointed, as pro-
vided in such title; and
(2) the Commission may promulgate regulations
pursuant to section 505(b)(2) of this Act.
(b) TRANSITION EXPENSES.—Funds available to any
department or agency (or any official department or agen-
cy or any official or component thereof), the functions or
offices of which are transferred to the Commission by this
Act, may, with the approval of the Director of the Office
of Management and Budget, be used to pay the compensa-
tion and expenses of any officer appointed pursuant to this
title and other transitional and planning expenses associ-
ated with the establishment of the Commission or transfer
of functions or offices thereto until such time as funds
for such purposes are otherwise available.
Æ