datamatters24/research-document-archive huggingface dataset:
I 
108TH CONGRESS 
1ST SESSION H. R. 1372
To direct the Securities and Exchange Commission to require enhanced disclo-
sures of employee stock options, and to require a study on the economic 
impact of broad-based employee stock option plans, and for other pur-
poses. 
IN THE HOUSE OF REPRESENTATIVES 
MARCH 20, 2003
Mr. DREIER (for himself, Ms. ESHOO, Mr. OSE, Mr. SMITH of Washington, 
Mr. UPTON, Mr. HONDA, Mr. COX, Mr. DOOLEY of California, Mr. SES-
SIONS, Mr. MCINTYRE, Mr. TOM DAVIS of Virginia, Ms. LOFGREN, Mr. 
SMITH of Texas, Mr. THOMPSON of California, Mr. HOUGHTON, Ms. 
HARMAN, Mr. OTTER, and Mr. GOODLATTE) introduced the following bill; 
which was referred to the Committee on Financial Services 
A BILL 
To direct the Securities and Exchange Commission to require 
enhanced disclosures of employee stock options, and to 
require a study on the economic impact of broad-based 
employee stock option plans, 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 ‘‘Broad-Based Stock 
Option Plan Transparency Act of 2003.’’
‘‘(4) it is, or purports to be or is represented 
as, a tobacco product which is subject to a perform-
ance standard established under section 907 unless 
such tobacco product is in all respects in conformity 
with such standard; 
‘‘(5) it is required by section 910(a) to have 
premarket approval, is not exempt under section 
906(f), and does not have an approved application in 
effect; 
‘‘(6) the methods used in, or the facilities or 
controls used for, its manufacture, packing or stor-
age are not in conformity with applicable require-
ments under section 906(e)(1) or an applicable con-
dition prescribed by an order under section 
906(e)(2); or 
‘‘(7) it is a tobacco product for which an ex-
emption has been granted under section 906(f) for 
investigational use and the person who was granted 
such exemption or any investigator who uses such
tobacco product under such exemption fails to com-
ply with a requirement prescribed by or under such 
section. 
‘‘SEC. 903. MISBRANDED TOBACCO PRODUCTS. 
‘‘(a) IN GENERAL.—A tobacco product shall be 
deemed to be misbranded—
is subordinated to the interests of depositors and
other general creditors of the national bank.’’.
SEC. 102. VOTING IN SHAREHOLDER ELECTIONS.
Section 5144 of the Revised Statutes of the United
States (12 U.S.C. 61) is amended—
(1) by striking ‘‘or to cumulate’’ and inserting
‘‘or, if so provided by the articles of association of
the national bank, to cumulate’’;
(2) by striking the comma after ‘‘his shares
shall equal’’; and
(3) by adding at the end the following new sen-
tence: ‘‘The Comptroller of the Currency may pre-
scribe such regulations to carry out the purposes of
this section as the Comptroller determines to be ap-
propriate.’’.
SEC. 103. SIMPLIFYING DIVIDEND CALCULATIONS FOR NA-
TIONAL BANKS.
(a) IN GENERAL.—Section 5199 of the Revised Stat-
utes of the United States (12 U.S.C. 60) is amended to
read as follows:
‘‘SEC. 5199. NATIONAL BANK DIVIDENDS.
‘‘(a) IN GENERAL.—Subject to subsection (b), the di-
rectors of any national bank may declare a dividend of
so much of the undivided profits of the bank as the direc-
tors judge to be expedient.
Sec. 604. Amendment permitting the destruction of old records of a depository
institution by the FDIC after the appointment of the FDIC as
receiver.
Sec. 605. Modernization of recordkeeping requirement.
Sec. 606. Clarification of extent of suspension, removal, and prohibition author-
ity of Federal banking agencies in cases of certain crimes by
institution-affiliated parties.
Sec. 607. Streamlining depository institution merger application requirements.
Sec. 608. Inclusion of Director of the Office of Thrift Supervision in list of
banking agencies regarding insurance customer protection reg-
ulations.
Sec. 609. Protection of confidential information received by Federal banking
regulators from foreign banking supervisors.
Sec. 610. Prohibition on participation by convicted individual.
Sec. 611. Clarification that notice after separation from service may be made
by an order.
Sec. 612.
Enforcement against misrepresentations regarding FDIC deposit in-
surance coverage.
Sec. 613. Compensation of Federal home loan bank directors.
Sec. 614. Extension of terms of Federal home loan bank directors.
Sec. 615. Biennial reports on the status of agency employment of minorities
and women.
Sec. 616. Coordination of State examination authority.
TITLE VII— BUSINESS CHECKING FREEDOM
Sec. 701.
Short title.
Sec. 702. Interest-bearing transaction accounts authorized for all businesses.
Sec. 703. Interest-bearing transaction accounts authorized.
Sec. 704. Payment of interest on reserves at Federal reserve banks.
Sec. 705. Increased Federal reserve board flexibility in setting reserve require-
ments.
Sec. 706. Transfer of Federal reserve surpluses.
Sec. 707. Rule of Construction.
TITLE VIII—CLERICAL AND TECHNICAL AMENDMENTS
Sec. 801. Clerical amendments to the Home Owners’ Loan Act.
Sec. 802. Technical corrections to the Federal Credit Union Act.
Sec. 803. Other technical corrections.
Sec. 804. Repeal of obsolete provisions of the Bank Holding Company Act of
1956.
TITLE I—NATIONAL BANK
PROVISIONS
SEC. 101. NATIONAL BANK DIRECTORS.
Section 5146 of the Revised Statutes of the United
States (12 U.S.C. 72) is amended—
‘‘(C) A determination made under subparagraph (A) 
in a year shall take effect on October 1 of that year and 
apply with respect to basic educational assistance allow-
ances payable under this section for the fiscal year begin-
ning in that year. 
‘‘(D) Not later than September 30 each year, the Sec-
retary shall publish in the Federal Register the average 
monthly costs of tuition and expenses as determined under 
subparagraph (A) in that year.’’. 
(b) 
CONFORMING
AMENDMENT.—(1) 
Section 
3015(h) of title 38, United States Code, is amended by 
striking ‘‘by which—’’ and all that follows and inserting 
‘‘determined by the Secretary under section 16131(b)(2) 
of title 10 for the fiscal year involved.’’. 
(2) The amendment made by paragraph (1) shall 
apply to fiscal years beginning on or after October 1, 
2004.
Æ
373
date of enactment of this Act, unless it incorporates the
following elements:
(1) adherence to merit principles set forth in
section 2301 of such title;
(2) a fair, credible, and transparent employee
performance appraisal system;
(3) a link between elements of the pay-for-per-
formance system, the employee performance ap-
praisal system, and the agency’s strategic plan;
(4) a means for ensuring employee involvement
in the design and implementation of the system;
(5) adequate training and retraining for super-
visors, managers, and employees in the implementa-
tion and operation of the pay-for-performance sys-
tem;
(6) a process for ensuring ongoing performance
feedback and dialogue between supervisors, man-
agers, and employees throughout the appraisal pe-
riod, and setting timetables for review;
(7) effective safeguards to ensure that the man-
agement of the system is fair and equitable and
based on employee performance; and
(8) a means for ensuring that adequate agency
resources are allocated for the design, implementa-
SEC. 304. INCREASE IN GENERAL 12-YEAR LIMITATION OF 
TERM OF FEDERAL CREDIT UNION LOANS TO 
15 YEARS. 
Section 107(a)(5) of the Federal Credit Union Act 
(12 U.S.C. 1757(5)) (as so designated by section 303 of 
this title) is amended—
(1) in the matter preceding subparagraph (A), 
by striking ‘‘to make loans, the maturities of which 
shall not exceed twelve years except as otherwise 
provided herein’’ and inserting ‘‘to make loans, the 
maturities of which shall not exceed 15 years or any 
longer maturity as the Board may allow, in regula-
tions, except as otherwise provided in this Act’’; 
(2) in subparagraph (A)—
(A) by striking clause (ii); 
(B) by redesignating clauses (iii) through 
(x) as clauses (ii) through (ix), respectively; and 
(C) by inserting ‘‘and’’ after the semicolon 
at the end of clause (viii) (as so redesignated). 
SEC. 305. INCREASE IN 1 PERCENT INVESTMENT LIMIT IN 
CREDIT UNION SERVICE ORGANIZATIONS. 
Section 107(a)(7)(I) of the Federal Credit Union Act 
(12 U.S.C. 1757(7)(I)) (as so designated by section 303 
of this title) is amended by striking ‘‘up to 1 per centum 
of the total paid’’ and inserting ‘‘up to 3 percent of the 
total paid’’.
foreign bank under the laws and regulations of the 
State in which the Federal agency or branch is lo-
cated.’’. 
SEC. 108. EQUAL TREATMENT FOR FEDERAL AGENCIES OF 
FOREIGN BANKS. 
The 1st sentence of section 4(d) of the International 
Banking Act of 1978 (12 U.S.C. 3102(d)) is amended by 
inserting ‘‘from citizens or residents of the United States’’ 
after ‘‘deposits’’. 
SEC. 109. MAINTENANCE OF A FEDERAL BRANCH AND A 
FEDERAL AGENCY IN THE SAME STATE. 
Section 4(e) of the International Banking Act of 
1978 (12 U.S.C. 3102(e)) is amended by inserting ‘‘if the 
maintenance of both an agency and a branch in the State 
is prohibited under the law of such State’’ before the pe-
riod at the end. 
SEC. 110. BUSINESS ORGANIZATION FLEXIBILITY FOR NA-
TIONAL BANKS. 
(a) IN GENERAL.—Chapter one of title LXII of the 
Revised Statutes of the United States (12 U.S.C. 21 et 
seq.) is amended by inserting after section 5136B the fol-
lowing new section: 
‘‘SEC. 5136C. ALTERNATIVE BUSINESS ORGANIZATION. 
‘‘(a) IN GENERAL.—The Comptroller of the Currency 
may prescribe regulations—
‘‘(1) to permit a national bank to be organized 
other than as a body corporate; and 
‘‘(2) to provide requirements for the organiza-
tional characteristics of a national bank organized 
and operating other than as a body corporate, con-
sistent with the safety and soundness of the national 
bank. 
‘‘(b) EQUAL TREATMENT.—Except as provided in 
regulations prescribed under subsection (a), a national 
bank that is operating other than as a body corporate shall 
have the same rights and privileges and shall be subject 
to the same duties, restrictions, penalties, liabilities, condi-
tions, and limitations as a national bank that is organized 
as a body corporate.’’. 
(b) TECHNICAL AND CONFORMING AMENDMENT.—
Section 5136 of the Revised Statutes of the United States 
(12 U.S.C. 24) is amended, in the matter preceding the 
paragraph designated as the ‘‘First’’, by inserting ‘‘or 
other form of business organization provided under regula-
tions prescribed by the Comptroller of the Currency under 
section 5136C’’ after ‘‘a body corporate’’. 
(c) CLERICAL AMENDMENT.—The table of sections 
for chapter one of title LXII of the Revised Statutes of 
the United States (12 U.S.C. 21 et seq.) is amended by
121
(19) In section 206(t)(4)(A)(ii)(II), strike ‘‘or’’
after the semicolon at the end.
(20) In section 206A(a)(2)(A), strike ‘‘regulator
agency’’ and insert ‘‘regulatory agency’’.
(21) In section 207(c)(5)(B)(i)(I), insert ‘‘and’’
after the semicolon at the end.
(22) In section 207(c)(8)(D)(ii)(I), insert a
closing parenthesis after ‘‘Act of 1934’’.
(23) In the heading for subparagraph (A) of
section 207(d)(3), strike ‘‘TO’’ and insert ‘‘WITH’’.
(24) In section 207(f)(3)(A), strike ‘‘category
or claimants’’ and insert ‘‘category of claimants’’.
(25) In section 209(a)(8), strike the period at
the end and insert a semicolon.
(26) In section 216(n), insert ‘‘any action’’ be-
fore ‘‘that is required’’.
(27) In section 304(b)(3), strike ‘‘the affairs or
such credit union’’ and insert ‘‘the affairs of such
credit union’’.
(28) In section 310, strike ‘‘section 102(e)’’ and
insert ‘‘section 102(d)’’.
SEC. 803. OTHER TECHNICAL CORRECTIONS.
(a) Section 1306 of title 18, United States Code, is
amended by striking ‘‘5136A’’ and inserting ‘‘5136B’’.
122
(b) Section 5239 of the Revised Statutes of the
United States (12 U.S.C. 93) is amended by redesignating
the second of the 2 subsections designated as subsection
(d) (as added by section 331(b)(3) of the Riegle Commu-
nity Development and Regulatory Improvement Act of
1994) as subsection (e).
SEC. 804. REPEAL OF OBSOLETE PROVISIONS OF THE BANK
HOLDING COMPANY ACT OF 1956.
(a) IN GENERAL.—Section 2 of the Bank Holding
Company Act of 1956 (12 U.S.C. 1841) is amended—
(1) in subsection (c)(2), by striking subpara-
graphs (I) and (J); and
(2) by striking subsection (m) and inserting the
following new subsection:
‘‘(m) [Repealed]’’.
(b) TECHNICAL AND CONFORMING AMENDMENTS.—
Paragraphs (1) and (2) of section 4(h) of the Bank Hold-
ing Company Act of 1956 (12 U.S.C. 1843(h)) are each
amended by striking ‘‘(G), (H), (I), or (J) of section
2(c)(2)’’ and inserting ‘‘(G), or (H) of section 2(c)(2)’’.
Passed the House of Representatives March 18,
2004.
Attest:
Clerk.
IIB 
108TH CONGRESS 
2D SESSION 
H. R. 1375
IN THE SENATE OF THE UNITED STATES 
MARCH 22, 2004
Received; read twice and referred to the Committee on Banking, Housing, and 
Urban Affairs 
AN ACT 
To provide regulatory relief and improve productivity for 
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; TABLE OF CONTENTS. 
(a) SHORT TITLE.—This Act may be cited as the 
‘‘Financial Services Regulatory Relief Act of 2004’’. 
(b) TABLE OF CONTENTS.—The table of contents for 
this Act is as follows:
Sec. 1. Short title; table of contents. 
TITLE I—NATIONAL BANK PROVISIONS 
Sec. 101. National bank directors. 
Sec. 102. Voting in shareholder elections. 
Sec. 103. Simplifying dividend calculations for national banks. 
Sec. 104. Repeal of obsolete limitation on removal authority of the Comptroller 
of the Currency. 
Sec. 105. Repeal of intrastate branch capital requirements. 
Sec. 106. Clarification of waiver of publication requirements for bank merger 
notices. 
Sec. 107. Equal treatment for Federal agencies of foreign banks. 
Sec. 108. Maintenance of a Federal branch and a Federal agency in the same 
State. 
Sec. 109. Business organization flexibility for national banks. 
Sec. 110. Clarification of the main place of business of a national bank. 
TITLE II—SAVINGS ASSOCIATION PROVISIONS 
Sec. 201. Parity for savings associations under the Securities Exchange Act of 
1934 and the Investment Advisers Act of 1940. 
Sec. 202. Investments by Federal savings associations authorized to promote 
the public welfare. 
Sec. 203. Mergers and consolidations of Federal savings associations with non-
depository institution affiliates. 
Sec. 204. Repeal of statutory dividend notice requirement for savings associa-
tion subsidiaries of savings and loan holding companies. 
Sec. 205. Modernizing statutory authority for trust ownership of savings asso-
ciations. 
Sec. 206. Repeal of overlapping rules governing purchased mortgage servicing 
rights. 
Sec. 207. Restatement of authority for Federal savings associations to invest in 
small business investment companies. 
Sec. 208. Removal of limitation on investments in auto loans. 
Sec. 209. Selling and offering of deposit products. 
Sec. 210. Funeral- and cemetery-related fiduciary services. 
Sec. 211. Repeal of qualified thrift lender requirement with respect to out-of-
state branches. 
Sec. 212. Small business and other commercial loans. 
Sec. 213. Clarifying citizenship of Federal savings associations for Federal 
court jurisdiction. 
TITLE III—CREDIT UNION PROVISIONS
to qualify or register as a broker, dealer, associated 
person of a broker, or associated person of a dealer, 
or to qualify or register in any other similar status 
or capacity, if the individual does not—
‘‘(A) accept deposits or make withdrawals 
on behalf of any customer of the association; 
‘‘(B) offer or sell a deposit product as an 
agent for another entity that is not subject to su-
pervision and examination by a Federal banking 
agency (as defined in section 3(z) of the Federal 
Deposit Insurance Act (12 U.S.C. 1813(z)), the 
National Credit Union Administration, or any 
officer, agency, or other entity of any State 
which has primary regulatory authority over 
State banks, State savings associations, or State 
credit unions; 
‘‘(C) offer or sell a deposit product that is 
not an insured deposit (as defined in section 
3(m) of the Federal Deposit Insurance Act (12 
U.S.C. 1813(m))); 
‘‘(D) offer or sell a deposit product which 
contains a feature that makes it callable at the 
option of such Federal savings association; or 
‘‘(E) create a secondary market with respect 
to a deposit product or otherwise add enhance-
ments or features to such product independent of 
those offered by the association.’’. 
SEC. 210. FUNERAL- AND CEMETERY-RELATED FIDUCIARY 
SERVICES. 
Section 5(n) of the Home Owners’ Loan Act (12 U.S.C. 
1464(n)) is amended by adding at the end the following 
new paragraph: 
‘‘(11) FUNERAL- AND CEMETERY-RELATED FIDU-
CIARY SERVICES.—
‘‘(A) IN GENERAL.—A funeral director or 
cemetery operator, when acting in such capacity, 
(or any other person in connection with a con-
tract or other agreement with a funeral director 
or cemetery operator) may engage any Federal 
savings association, regardless of where the asso-
ciation is located, to act in any fiduciary capac-
ity in which the savings association has the right 
to act in accordance with this section, including 
holding funds deposited in trust or escrow by the 
funeral director or cemetery operator (or by such 
other party), and the savings association may 
act in such fiduciary capacity on behalf of the 
funeral director or cemetery operator (or such 
other person).
[Strike out all after the enacting clause and insert the part printed in italic] 
[For text of introduced bill, see copy of bill as introduced on March 20, 2003] 
A BILL 
To provide regulatory relief and improve productivity for 
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; TABLE OF CONTENTS. 
(a) SHORT TITLE.—This Act may be cited as the ‘‘Fi-
nancial Services Regulatory Relief Act of 2003’’. 
(b) TABLE OF CONTENTS.—The table of contents for 
this Act is as follows:
Sec. 1. Short title; table of contents. 
TITLE I—NATIONAL BANK PROVISIONS 
Sec. 101. National bank directors. 
Sec. 102. Voting in shareholder elections. 
Sec. 103. Simplifying dividend calculations for national banks. 
Sec. 104. Repeal of obsolete limitation on removal authority of the Comptroller 
of the Currency. 
Sec. 105. Repeal of intrastate branch capital requirements. 
Sec. 106. Clarification of waiver of publication requirements for bank merger no-
tices. 
Sec. 107. Capital equivalency deposits for Federal branches and agencies of for-
eign banks. 
Sec. 108. Equal treatment for Federal agencies of foreign banks. 
Sec. 109. Maintenance of a Federal branch and a Federal agency in the same 
State. 
Sec. 110. Business organization flexibility for national banks. 
Sec. 111. Clarification of the main place of business of a national bank. 
TITLE II—SAVINGS ASSOCIATION PROVISIONS 
Sec. 201. Parity for savings associations under the Securities Exchange Act of 
1934 and the Investment Advisers Act of 1940. 
Sec. 202. Investments by Federal savings associations authorized to promote the 
public welfare.
who makes final delivery or sale to the ultimate con-
sumer or user; and 
‘‘(2) the term ‘name’ shall include in the case 
of a partnership the name of each partner and, in 
the case of a corporation, the name of each cor-
porate officer and director, and the State of incorpo-
ration. 
‘‘(b) REGISTRATION BY OWNERS AND OPERATORS.—
On or before December 31 of each year every person who 
owns or operates any establishment in any State engaged 
in the manufacture, preparation, compounding, or proc-
essing of a tobacco product or tobacco products shall reg-
ister with the Secretary the name, places of business, and 
all such establishments of that person. 
‘‘(c) REGISTRATION OF NEW OWNERS AND OPERA-
TORS.—Every person upon first engaging in the manufac-
ture, preparation, compounding, or processing of a tobacco 
product or tobacco products in any establishment owned 
or operated in any State by that person shall immediately 
register with the Secretary that person’s name, place of 
business, and such establishment. 
‘‘(d) REGISTRATION OF ADDED ESTABLISHMENTS.—
Every person required to register under subsection (b) or 
(c) shall immediately register with the Secretary any addi-
tional establishment which that person owns or operates
11C(a)(2)(B) 
of 
such 
Act 
(50 
U.S.C. 
app. 
2410c(a)(2)(B)) is amended by inserting after 
‘‘international terrorism’’ the following: ‘‘or has 
failed to cooperate with the United States on efforts 
to combat international terrorism’’. 
SEC. 4. REPORTS ON IMPLEMENTATION OF IMPROVE-
MENTS TO THE ENHANCED HIPC INITIATIVE. 
(a) INITIAL REPORT.—Not later than 180 days after 
the date of enactment of this Act, the Secretary of the 
Treasury shall submit to the appropriate congressional 
committees a report describing the progress made in con-
cluding the agreement described in section 1625(b) of the 
International Financial Institutions Act (as added by sec-
tion 1 of this Act). 
(b) SUBSEQUENT REPORT.—Not later than 1 year 
after the date of submission of the initial report under 
subsection (a), the Secretary of the Treasury shall submit 
to the Committee on Foreign Relations of the Senate and 
the Committee on International Relations of the House 
of Representatives a report describing the actions taken 
by countries to satisfy the conditions set forth in the 
agreement referred to in subsection (a).
Medicare+Choice organization pursuant to the 
written 
agreement 
described 
in 
section 
1853(j).’’. 
(e) EFFECTIVE DATE.—The amendments made by 
this section shall apply to services provided on or after 
January 1, 2004, and contract years beginning on or after 
such date.
Æ
I 
108TH CONGRESS 
1ST SESSION H. R. 1378
To amend part E of title IV of the Social Security Act to increase payments 
to States for expenditures for short term training of staff of certain 
child welfare agencies. 
IN THE HOUSE OF REPRESENTATIVES 
MARCH 20, 2003
Mr. WELLER introduced the following bill; which was referred to the 
Committee on Ways and Means 
A BILL 
To amend part E of title IV of the Social Security Act 
to increase payments to States for expenditures for short 
term training of staff of certain child welfare agencies.
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. INCREASE IN PAYMENTS TO STATES FOR EX-
PENDITURES FOR SHORT TERM TRAINING OF 
STAFF OF CERTAIN CHILD WELFARE AGEN-
CIES. 
(a) IN GENERAL.—Section 474(a)(3)(B) of the So-
cial Security Act (42 U.S.C. 674(a)(3)(B)) is amended by 
inserting ‘‘, or State-licensed or State-approved child wel-
fare agencies providing services,’’ after ‘‘child care institu-
tions’’. 
(b) EFFECTIVE DATE.—
(1) IN
GENERAL.—The amendment made by 
subsection (a) shall take effect on the 1st day of the 
1st calendar quarter that begins on or after the date 
of the enactment of this Act, without regard to 
whether regulations to implement the amendment 
are promulgated by such date. 
(2) DELAY PERMITTED IF STATE LEGISLATION 
REQUIRED.—In the case of a State plan approved 
under section 454 of the Social Security Act which 
requires State legislation (other than legislation ap-
propriating funds) in order for the plan to meet the 
additional requirements imposed by the amendment 
made by subsection (a) of this section, the State 
plan shall not be regarded as failing to comply with 
the additional requirements solely on the basis of the 
failure of the plan to meet the additional require-
ments before the first day of the first calendar quar-
ter beginning after the close of the first regular ses-
sion of the State legislature that begins after the 
date of the enactment of this Act. For purposes of 
the previous sentence, in the case of a State that has 
a 2-year legislative session, each year of such session
shall be deemed to be a separate regular session of 
the State legislature.
Æ