H. R. 3474—121
SEC. 576. TECHNICAL MAPPING ADVISORY COUNCIL.
(a) ESTABLISHMENT.—There is established a council to be known
as the Technical Mapping Advisory Council (in this section referred
to as the ‘‘Council’’).
(b) MEMBERSHIP.—
(1) IN GENERAL.—The Council shall consist of the Director
of the Federal Emergency Management Agency (in this section
referred to as the ‘‘Director’’), or the Director’s designee, and
10 additional members to be appointed by the Director or
the designee of the Director, who shall be—
(A) the Under Secretary of Commerce for Oceans and
Atmosphere (or his or her designee);
(B) a member of recognized surveying and mapping
professional associations and organizations;
(C) a member of recognized professional engineering
associations and organizations;
(D) a member of recognized professional associations
or organizations representing flood hazard determination
firms;
(E) a representative of the United States Geologic
Survey;
(F) a representative of State geologic survey programs;
(G) a representative of State national flood insurance
coordination offices;
(H) a representative of a regulated lending institution;
(I) a representative of the Federal Home Loan Mort-
gage Corporation; and
(J) a representative of the Federal National Mortgage
Association.
(2) QUALIFICATIONS.—Members of the Council shall be
appointed based on their demonstrated knowledge and com-
petence regarding surveying, cartography, remote sensing,
geographic information systems, or the technical aspects of
preparing and using flood insurance rate maps.
(c) DUTIES.—The Council shall—
(1) make recommendations to the Director on how to
improve in a cost-effective manner the accuracy, general qual-
ity, ease of use, and distribution and dissemination of flood
insurance rate maps;
(2) recommend to the Director mapping standards and
guidelines for flood insurance rate maps; and
(3) submit an annual report to the Director that contains—
(A) a description of the activities of the Council;
(B) an evaluation of the status and performance of
flood insurance rate maps and mapping activities to revise
and update flood insurance rate maps, as established
pursuant to the amendment made by section 675; and
(C) a summary of recommendations made by the Coun-
cil to the Director.
(d) CHAIRPERSON.—The members of the Council shall elect 1
member to serve as the chairperson of the Council (in this section
referred to as the ‘‘Chairperson’’).
(e) COORDINATION.—To ensure that the Council’s recommenda-
tions are consistent to the maximum extent practicable with
national digital spatial data collection and management standards,
the Chairperson shall consult with the Chairperson of the Federal
H. R. 3474—122
Geographic Data Committee (established pursuant to OMB Circular
A–16).
(f) COMPENSATION.—Members of the Council shall receive no
additional compensation by reason of their service on the Council.
(g) MEETINGS AND ACTIONS.—
(1) IN GENERAL.—The Council shall meet not less than
twice each year at the request of the Chairperson or a majority
of its members and may take action by a vote of the majority
of the members.
(2) INITIAL MEETING.—The Director, or a person designated
by the Director, shall request and coordinate the initial meeting
of the Council.
(h) OFFICERS.—The Chairperson may appoint officers to assist
in carrying out the duties of the Council under subsection (c).
(i) STAFF OF FEMA.—Upon the request of the Chairperson,
the Director may detail, on a nonreimbursable basis, personnel
of the Federal Emergency Management Agency to assist the Council
in carrying out its duties.
(j) POWERS.—In carrying out this section, the Council may
hold hearings, receive evidence and assistance, provide information,
and conduct research as it considers appropriate.
(k) TERMINATION.—The Council shall terminate 5 years after
the date on which all members of the Council have been appointed
under subsection (b)(1).
SEC. 577. EVALUATION OF EROSION HAZARDS.
(a) REPORT REQUIREMENT.—The Director of the Federal Emer-
gency Management Agency (in this section referred to as the ‘‘Direc-
tor’’) shall submit a report under this section to the Congress
that—
(1) lists all communities that are likely to be identified
as having erosion hazard areas;
(2) estimates the amount of flood insurance claims under
the national flood insurance program that are attributable to
erosion;
(3) states the amount of flood insurance claims under such
program that are attributable to claims under section 1306(c)
of the National Flood Insurance Act of 1968;
(4) assesses the full economic impact of erosion on the
National Flood Insurance Fund; and
(5) determines the costs and benefits of expenditures nec-
essary from the National Flood Insurance Fund to complete
mapping of erosion hazard areas.
(b) ESTIMATE OF FLOOD CLAIMS.—In developing the estimate
under subsection (a)(2)—
(1) the Director may map a statistically valid and represent-
ative number of communities with erosion hazard areas
throughout the United States, including coastal, Great Lakes,
and, if technologically feasible, riverine areas; and
(2) the Director shall take into consideration the efforts
of State and local governments to assess, measure, and reduce
erosion hazards.
(c) ECONOMIC IMPACT.—
(1) IN GENERAL.—The assessment under subsection (a)(4)
shall assess the economic impact of—
(A) erosion on communities listed pursuant to sub-
section (a)(1);
H. R. 3474—123
(B) the denial of flood insurance for all structures
in communities listed pursuant to subsection (a)(1);
(C) the denial of flood insurance for structures that
are newly constructed in whole in communities listed
pursuant to subsection (a)(1);
(D) the establishment of (i) actuarial rates for existing
structures in communities listed pursuant to subsection
(a)(1), and (ii) actuarial rates for such structures in connec-
tion with the denial of flood insurance as described in
subparagraph (C);
(E) the establishment of actuarial rates for structures
newly constructed in whole in erosion hazard areas in
communities listed pursuant to subsection (a)(1);
(F) the denial of flood insurance pursuant to existing
requirements for coverage under the national flood insur-
ance program;
(G) erosion hazard assessment, measurement, and
management activities undertaken by State and local
governments, 
including 
building 
restrictions, 
beach
nourishment, construction of sea walls and levees, and
other activities that reduce the risk of damage due to
erosion; and
(H) the mapping and identifying of communities (or
subdivisions thereof) having erosion hazard areas.
(2) SCOPE.—In assessing the economic impact of the activi-
ties under subparagraphs (A) through (H) of paragraph (1),
the assessment under subsection (a)(4) shall address such
impact on all significant economic factors, including the impact
on—
(A) the value of residential and commercial properties
in communities with erosion hazards;
(B) community tax revenues due to potential changes
in property values or commercial activity;
(C) employment, including the potential loss or gain
of existing and new jobs in the community;
(D) existing businesses and future economic develop-
ment;
(E) the estimated cost of Federal and State disaster
assistance to flood victims; and
(F) the mapping and identifying of communities (or
subdivisions thereof) having erosion hazard areas.
(3) PREPARATION.—The assessment required under sub-
section (a)(4) shall be conducted by a private independent entity
selected by the Director. The private entity shall consult with
a statistically valid and representative number of communities
listed pursuant to subsection (a)(1) in conducting the
assessment.
(d) COSTS
AND BENEFITS
OF MAPPING.—The determination
under subsection (a)(5) shall—
(1) determine the costs and benefits of mapping erosion
hazard areas, based upon the Director’s estimate of the actual
and prospective amount of flood insurance claims attributable
to erosion;
(2) if the Director determines that the savings to the
National Flood Insurance Fund will exceed the cost of mapping
erosion hazard areas, further assess whether using flood insur-
ance premiums for costs of mapping erosion hazard areas is
H. R. 3474—124
cost-beneficial compared to alternative uses of such amounts,
including—
(A) funding the mitigation assistance program under
section 1366 of the National Flood Insurance Act of 1968
(as added by section 553 of this Act);
(B) funding the program under section 1304(b) of the
National Flood Insurance Act of 1968 (as added by section
555(a) of this Act) that provides additional coverage under
the national flood insurance program for compliance with
land use and control measures; and
(C) reviewing, revising, and updating flood insurance
rate maps under subsections (e) and (f) of section 1360
of the National Flood Insurance Act of 1968 (as added
by the amendment made by section 575 of this Act);
(3) if the Director determines under subsection (b)(1) that
mapping of riverine areas for erosion hazard areas is techno-
logically feasible, determine the costs and benefits of conducting
the mapping of erosion hazards in riverine areas (A) separately
from the mapping of other erosion hazard areas, and (B)
together with the mapping of other such areas;
(4) if the Director determines that the savings to the
National Flood Insurance Fund will exceed the cost of mapping
erosion hazard areas in riverine areas, assess whether using
flood insurance premiums for costs of mapping erosion hazard
areas in riverine areas is cost-beneficial compared to alternative
uses of such amounts, including the uses under subparagraphs
(A) through (C) of paragraph (2); and
(5) determine the costs and benefits of mapping erosion,
other than those directly related to the financial condition
of the National Flood Insurance Program, and the costs of
not mapping erosion.
(e) DEFINITION.—For purposes of this section, the term ‘‘erosion
hazard area’’ means, based on erosion rate information and other
historical data available, an area where erosion or avulsion is
likely to result in damage to or loss of buildings and infrastructure
within a 60-year period.
(f) CONSULTATION.—In preparing the report under this section,
the Director shall consult with—
(1) representatives from State coastal zone management
programs approved under section 306 of the Coastal Zone
Management Act of 1972;
(2) the Administrator of the National Oceanic and
Atmospheric Administration; and
(3) any other persons, officials, or entities that the Director
considers appropriate.
(g) SUBMISSION.— The Director shall submit the report to the
Congress as soon as practicable, but not later than 2 years after
the date of enactment of this Act.
(h) AVAILABILITY OF NATIONAL FLOOD INSURANCE FUND.—Sec-
tion 1310(a) of the National Flood Insurance Act of 1968 (42 U.S.C.
4017(a)) is amended—
(1) in the matter preceding paragraph (1), by inserting
‘‘(except as otherwise provided in this section)’’ after ‘‘without
fiscal year limitation’’; and
(2) by inserting after paragraph (7) (as added by the preced-
ing provisions of this title) the following new paragraph:
H. R. 3474—125
‘‘(8) for costs of preparing the report under section 577
of the Riegle Community Development and Regulatory Improve-
ment Act of 1994, except that the fund shall be available
for the purpose under this paragraph in an amount not to
exceed an aggregate of $5,000,000 over the 2-year period begin-
ning on the date of enactment of the Riegle Community Devel-
opment and Regulatory Improvement Act of 1994.’’.
SEC. 578. STUDY OF ECONOMIC EFFECTS OF CHARGING ACTUARIALLY
BASED PREMIUM RATES FOR PRE-FIRM STRUCTURES.
(a) STUDY.—The Director of the Federal Emergency Manage-
ment Agency (in this section referred to as the ‘‘Director’’) shall
conduct a study of the economic effects that would result from
increasing premium rates for flood insurance coverage made avail-
able under the national flood insurance program for pre-FIRM
structures to the full actuarial risk based premium rate determined
under section 1307(a)(1) of the National Flood Insurance Act of
1968 for the area in which the property is located. In conducting
the study, the Director shall—
(1) determine each area that would be subject to such
increased premium rates; and
(2) for each such area, determine—
(A) the amount by which premium rates would be
increased;
(B) the number and types of properties affected and
the number and types of properties covered by flood insur-
ance under this title likely to cancel such insurance if
the rate increases were made;
(C) the effects that the increased premium rates would
have on land values and property taxes; and
(D) any other effects that the increased premium rates
would have on the economy and homeowners.
(b) DEFINITION OF PRE-FIRM STRUCTURE.—For purposes of sub-
section (a), the term ‘‘pre-FIRM structure’’ means a structure that
was not constructed or substantially improved after the later of—
(1) December 31, 1974; or
(2) the effective date of the initial rate map published
by the Director under section 1360(a)(2) of the National Flood
Insurance Act of 1968 for the area in which such structure
is located.
(c) REPORT.—The Director shall submit a report to the Congress
describing and explaining the findings of the study conducted under
this section. The report shall be submitted not later than 12 months
after the date of enactment of this Act.
SEC. 579. EFFECTIVE DATES OF POLICIES.
(a) 30-DAY DELAY.—Section 1306 of the National Flood Insur-
ance Act of 1968 (42 U.S.C. 4013), as amended by the preceding
provisions of this title, is further amended by adding at the end
the following new subsection:
‘‘(c) EFFECTIVE DATE OF POLICIES.—
‘‘(1) WAITING PERIOD.—Except as provided in paragraph
(2), coverage under a new contract for flood insurance coverage
under this title entered into after the date of enactment of
the Riegle Community Development and Regulatory Improve-
ment Act of 1994, and any modification to coverage under
an existing flood insurance contract made after such date,
shall become effective upon the expiration of the 30-day period
H. R. 3474—126
beginning on the date that all obligations for such coverage
(including completion of the application and payment of any
initial premiums owed) are satisfactorily completed.
‘‘(2) EXCEPTION.—The provisions of paragraph (1) shall not
apply to—
‘‘(A) the initial purchase of flood insurance coverage
under this title when the purchase of insurance is in
connection with the making, increasing, extension, or
renewal of a loan; or
‘‘(B) the initial purchase of flood insurance coverage
pursuant to a revision or updating of floodplain areas or
flood-risk zones under section 1360(f), if such purchase
occurs during the 1-year period beginning upon publication
of notice of the revision or updating under section 1360(h).’’.
(b) STUDY.—The Director of the Federal Emergency Manage-
ment Agency shall conduct a study to determine the appropriateness
of existing requirements regarding the effective date and time of
coverage under flood insurance contracts obtained through the
national flood insurance program. In conducting the study, the
Director shall determine whether any delay between the time of
purchase of flood insurance coverage and the time of initial effective-
ness of the coverage should differ for various classes of properties
(based upon the type of property, location of the property, or any
other factors related to the property) or for various circumstances
under which such insurance was purchased. Not later than the
expiration of the 6-month period beginning on the date of enactment
of this Act, the Director shall submit to the Congress a report
on the results of the study.
SEC. 580. AGRICULTURAL STRUCTURES.
Section 1315(a) of the National Flood Insurance Act of 1968
(42 U.S.C. 4022(a)), as amended by the preceding provisions of
this title, is further amended by adding at the end the following
new paragraph:
‘‘(2) AGRICULTURAL STRUCTURES.—
‘‘(A) ACTIVITY
RESTRICTIONS.—Notwithstanding any
other provision of law, the adequate land use and control
measures required to be adopted in an area (or subdivision
thereof) pursuant to paragraph (1) may provide, at the
discretion of the appropriate State or local authority, for
the repair and restoration to predamaged conditions of
an agricultural structure that—
‘‘(i) is a repetitive loss structure; or
‘‘(ii) has incurred flood-related damage to the
extent that the cost of restoring the structure to its
predamaged condition would equal or exceed 50 percent
of the market value of the structure before the damage
occurred.
‘‘(B) PREMIUM RATES AND COVERAGE.—To the extent
applicable, an agricultural structure repaired or restored
pursuant to subparagraph (A) shall pay chargeable pre-
mium rates established under section 1308 at the estimated
risk premium rates under section 1307(a)(1). If resources
are available, the Director shall provide technical assist-
ance and counseling, upon request of the owner of the
structure, regarding wet flood-proofing and other flood dam-
age reduction measures for agricultural structures. The
H. R. 3474—127
Director shall not be required to make flood insurance
coverage available for such an agricultural structure unless
the structure is wet flood-proofed through permanent or
contingent measures applied to the structure or its contents
that prevent or provide resistance to damage from flooding
by allowing flood waters to pass through the structure,
as determined by the Director.
‘‘(C) PROHIBITION ON DISASTER RELIEF.—Notwithstand-
ing any other provision of law, any agricultural structure
repaired or restored pursuant to subparagraph (A) shall
not be eligible for disaster relief assistance under any pro-
gram administered by the Director or any other Federal
agency.
‘‘(D) DEFINITIONS.—For purposes of this paragraph—
‘‘(i) the term ‘agricultural structure’ means any
structure used exclusively in connection with the
production, harvesting, storage, raising, or drying of
agricultural commodities; and
‘‘(ii) the term ‘agricultural commodities’ means
agricultural commodities and livestock.’’.
SEC. 581. IMPLEMENTATION REVIEW BY DIRECTOR.
Section 1320 of the National Flood Insurance Act of 1968 (42
U.S.C. 4027) is amended—
(1) by striking ‘‘The Director’’ and inserting ‘‘(a) IN GEN-
ERAL.—The Director’’; and
(2) by adding at the end the following new subsection:
‘‘(b) EFFECTS OF FLOOD INSURANCE PROGRAM.—The Director
shall include, as part of the biennial report submitted under sub-
section (a), a chapter reporting on the effects on the flood insurance
program observed through implementation of requirements under
the Riegle Community Development and Regulatory Improvement
Act of 1994.’’.
SEC. 582. PROHIBITED FLOOD DISASTER ASSISTANCE.
(a) GENERAL PROHIBITION.—Notwithstanding any other provi-
sion of law, no Federal disaster relief assistance made available
in a flood disaster area may be used to make a payment (including
any loan assistance payment) to a person for repair, replacement,
or restoration for damage to any personal, residential, or commercial
property if that person at any time has received flood disaster
assistance that was conditional on the person first having obtained
flood insurance under applicable Federal law and subsequently
having failed to obtain and maintain flood insurance as required
under applicable Federal law on such property.
(b) TRANSFER OF PROPERTY.—
(1) DUTY TO NOTIFY.—In the event of the transfer of any
property described in paragraph (3), the transferor shall, not
later than the date on which such transfer occurs, notify the
transferee in writing of the requirements to—
(A) 
obtain 
flood 
insurance 
in 
accordance 
with
applicable Federal law with respect to such property, if
the property is not so insured as of the date on which
the property is transferred; and
(B) maintain flood insurance in accordance with
applicable Federal law with respect to such property.
Such written notification shall be contained in documents
evidencing the transfer of ownership of the property.
H. R. 3474—128
(2) FAILURE TO NOTIFY.—If a transferor described in para-
graph (1) fails to make a notification in accordance with such
paragraph and, subsequent to the transfer of the property—
(A) the transferee fails to obtain or maintain flood
insurance in accordance with applicable Federal law with
respect to the property,
(B) the property is damaged by a flood disaster, and
(C) Federal disaster relief assistance is provided for
the repair, replacement, or restoration of the property as
a result of such damage,
the transferor shall be required to reimburse the Federal
Government in an amount equal to the amount of the Federal
disaster relief assistance provided with respect to the property.
(3) PROPERTY DESCRIBED.—For purposes of paragraph (1),
a property is described in this paragraph if it is personal,
commercial, or residential property for which Federal disaster
relief assistance made available in a flood disaster area has
been provided, prior to the date on which the property is
transferred, for repair, replacement, or restoration of the prop-
erty, if such assistance was conditioned upon obtaining flood
insurance in accordance with applicable Federal law with
respect to such property.
(c) AMENDMENT TO THE FLOOD DISASTER PROTECTION ACT OF
1973.—Section 102(a) of the Flood Disaster Protection Act of 1973
(42 U.S.C. 4012a(a)) is amended—
(1) by striking ‘‘, during the anticipated economic or useful
life of the project,’’; and
(2) by adding at the end the following: ‘‘The requirement
of maintaining flood insurance shall apply during the life of
the property, regardless of transfer of ownership of such prop-
erty.’’.
(d) DEFINITION.—For purposes of this section, the term ‘‘flood
disaster area’’ means an area with respect to which—
(1) the Secretary of Agriculture finds, or has found, to
have been substantially affected by a natural disaster in the
United States pursuant to section 321(a) of the Consolidated
Farm and Rural Development Act (7 U.S.C. 1961(a)); or
(2) the President declares, or has declared, the existence
of a major disaster or emergency pursuant to the Robert T.
Stafford Disaster Relief and Emergency Assistance Act (42
U.S.C. 5121 et seq.), as a result of flood conditions existing
in or affecting that area.
(e) EFFECTIVE DATE.—This section and the amendments made
by this section shall apply to disasters declared after the date
of enactment of this Act.
SEC. 583. REGULATIONS.
The Director of the Federal Emergency Management Agency
and any appropriate Federal agency may each issue any regulations
necessary to carry out the applicable provisions of this title and
the applicable amendments made by this title.
SEC. 584. RELATION TO STATE AND LOCAL LAWS.
This title and the amendments made by this title may not
be construed to preempt, annul, alter, amend, or exempt any person
from compliance with any law, ordinance, or regulation of any
State or local government with respect to land use, management,
or control.
H. R. 3474—129
TITLE VI—GENERAL PROVISIONS
SEC. 601. OVERSIGHT HEARINGS.
It is the sense of the Senate that—
(a) Congress has a constitutional obligation to conduct over-
sight of matters relating to the operations of the Government,
including matters related to any governmental investigations
which may, from time to time, be undertaken.
(b) The Majority Leader and the Republican Leader should
meet and determine the appropriate timetable, procedures, and
forum for appropriate Congressional oversight, including hear-
ings on all matters related to ‘‘Madison Guaranty Savings and
Loan Association (‘MGS&L’), Whitewater Development Corpora-
tion and Capital Management Services Inc. (‘CMS’).’’.
(c) No witness called to testify at these hearings shall
be granted immunity under sections 6002 and 6005 of title
18, United States Code, over the objection of Special Counsel
Robert B. Fiske, Jr.
(d) The hearings should be structured and sequenced in
such a manner that in the judgment of the Leaders they would
not interfere with the ongoing investigation of Special Counsel
Robert B. Fiske, Jr.
SEC. 602. TECHNICAL AMENDMENTS TO THE FEDERAL BANKING LAWS.
(a) FEDERAL DEPOSIT INSURANCE ACT AMENDMENTS.—The Fed-
eral Deposit Insurance Act (12 U.S.C. 1811 et seq.) is amended—
(1) in section 3—
(A) in subsection (i)(1), by striking ‘‘(11)(h)’’ and insert-
ing ‘‘(11)(m)’’;
(B) in subsection (l)(4), by striking ‘‘bank’s or’’ and
inserting ‘‘a bank’s or a’’; and
(C) in subsection (q)(2)(E), by striking ‘‘Depository
Institutions Supervisory Act’’ and inserting ‘‘Financial
Institutions Supervisory Act of 1966’’;
(2) in section 5(b)(5), by striking the semicolon at the
end and inserting a comma;
(3) in section 5(e)(4), by redesignating clauses (i) and (ii)
as subparagraphs (A) and (B) respectively, and indenting
appropriately;
(4) in section 7(a)(3), by striking ‘‘Chairman of the’’ before
‘‘Director of the Office of Thrift Supervision’’;
(5) in section 7(b)(3)(C), by striking the first period at
the end;
(6) in section 7(j)(2)(A), in the third sentence—
(A) by striking ‘‘this section (j)(2)’’ and inserting ‘‘this
paragraph’’; and
(B) by striking ‘‘this subsection (j)(2)’’ and inserting
‘‘this paragraph’’;
(7) in section 7(j)(7)(A), by striking ‘‘monoplize’’ and insert-
ing ‘‘monopolize’’;
(8) in section 7(l)(7), by striking ‘‘the ratio of the value
of’’ and inserting ‘‘the ratio of’’;
(9) in section 7(m)(5)(A) by striking ‘‘savings association
institution’’ and inserting ‘‘such institution’’;
(10) in section 7(m)(7), by inserting ‘‘the’’ before ‘‘Federal’’;
H. R. 3474—130
(11) in section 8(a)(3), by striking ‘‘subparagraph (B) of
this subsection’’ and inserting ‘‘paragraph (2)(B)’’;
(12) in section 8(a)(7)—
(A) by inserting a comma after ‘‘Board of Directors’’;
and
(B) by striking ‘‘the period the period’’ and inserting
‘‘the period’’;
(13) in section 8(b)(4), by striking ‘‘subparagraph (3)’’ and
inserting ‘‘paragraph (3)’’;
(14) in section 8(c)(2), by striking ‘‘injuction’’ and inserting
‘‘injunction’’;
(15) in section 8(g)(2), by striking ‘‘depository institution’’
each place such term appears and inserting ‘‘bank’’;
(16) in section 8(o)—
(A) in the second sentence, by striking ‘‘subsection
(b)’’ and inserting ‘‘subsection (d)’’; and
(B) by striking ‘‘board of directors’’ each place such
term appears and inserting ‘‘Board of Directors’’;
(17) in section 8(p), by striking ‘‘banking’’ each place such
term appears and inserting ‘‘depository’’;
(18) in section 8(r)(2), by striking ‘‘therof’’ and inserting
‘‘thereof’’;
(19) in section 10(b)(1), by striking ‘‘claim’’ and inserting
‘‘claims’’;
(20) in section 10(b)(2)(B), by adding ‘‘and’’ at the end;
(21) in the section heading for paragraph (4) of section
11(a), by striking ‘‘PROVISIONS’’ and inserting ‘‘PROVISIONS’’;
(22) in section 11(d)(2)(B)(iii), by striking ‘‘is’’ and inserting
‘‘are’’;
(23) in section 11(d)(8)(B)(ii), by inserting ‘‘provide’’ before
‘‘a statement’’;
(24) in section 11(d)(14)(B), by striking ‘‘statute of limita-
tion’’ and inserting ‘‘statute of limitations’’;
(25) in section 11(d)(16)(B)(iv), by striking ‘‘dispositions’’
and inserting ‘‘disposition’’;
(26) in section 11(e)(8)(D)(v)(I), by inserting a closing paren-
thesis after ‘‘1934’’;
(27) in section 11(e)(12)(B), by striking ‘‘directors or officers’’
and inserting ‘‘director’s or officer’s’’;
(28) in section 11(f)(3)(A), by striking ‘‘TO’’ in the heading
and inserting ‘‘WITH’’;
(29) in the second sentence of section 11(i)(3)(A), by striking
‘‘other claimant or category or claimants’’ and inserting ‘‘other
claimant or category of claimants’’;
(30) in section 11(n)(4)(E)(i), by adding ‘‘and’’ at the end;
(31) in section 11(n)(12)(A), by striking ‘‘subparagraphs’’
and inserting ‘‘subparagraph’’;
(32) in the second sentence of section 11(q)(1), by striking
‘‘decided’’ and inserting ‘‘held’’;
(33) in section 11(u)(3)(B), by striking ‘‘subsection (c)(9)’’
and inserting ‘‘section 40(p)’’;
(34) in section 13(c)(1)(B)—
(A) by striking ‘‘a in default insured bank’’ and insert-
ing ‘‘an insured bank in default’’; and
(B) by striking ‘‘such in default insured bank’’ and
inserting ‘‘such insured bank’’;
(35) in section 13(c)(2)(A)—
H. R. 3474—135
(A) in the 1st section (12 U.S.C. 121a)—
(i) by striking ‘‘whenever any national-bank notes,
Federal Reserve bank notes,’’ and inserting ‘‘whenever
any Federal Reserve bank notes’’; and
(ii) by striking ‘‘, and the notes, other than Federal
Reserve notes, so redeemed shall be forwarded to the
Comptroller of the Currency for cancellation and
destruction’’; and
(B) in section 2 (12 U.S.C. 122a)—
(i) by striking ‘‘National-bank notes and’’; and
(ii) by striking ‘‘national-bank notes and’’.
(9) The 1st section of the Act entitled ‘‘An Act making
appropriations for sundry civil expenses of the Government
for the fiscal year ending June thirtieth, eighteen hundred
and seventy-six, and for other purposes.’’ and approved March
3, 1875, is amended in the 1st paragraph which appears under
the heading ‘‘NATIONAL CURRENCY’’ by striking ‘‘Secretary of
the Treasury: Provided, That’’ and all that follows through
the period and inserting ‘‘Secretary of the Treasury.’’.
(10) The Act entitled ‘‘An Act to simplify the accounts
of the Treasurer of the United States, and for other purposes.’’
and approved October 10, 1940 (12 U.S.C. 177a) is amended
by striking all after the enacting clause and inserting the
following: ‘‘That the cost of transporting and redeeming
outstanding national bank notes and Federal Reserve bank
notes as may be presented to the Treasurer of the United
States for redemption shall be paid from the regular annual
appropriation for the Department of the Treasury.’’.
(11) Section 5234 of the Revised Statutes (12 U.S.C. 192)
is amended by striking ‘‘has refused to pay its circulating
notes as therein mentioned, and’’.
(12) Section 5236 of the Revised Statutes (12 U.S.C. 194)
is amended by striking ‘‘, after full provision has been first
made for refunding to the United States any deficiency in
redeeming the notes of such association’’.
(13) Section 5238 of the Revised Statutes (12 U.S.C. 196)
is amended by striking the 1st sentence.
(14) Section 5119(b)(2) of title 31, United States Code,
is amended by adding at the end the following: ‘‘The Secretary
shall not be required to reissue United States currency notes
upon redemption.’’.
(h) AMENDMENTS TO OUTDATED DIVIDEND PROVISIONS.—
(1) WITHDRAWAL OF CAPITAL.—Section 5204 of the Revised
Statutes (12 U.S.C. 56) is amended—
(A) in the 2d sentence, by striking ‘‘net profits then
on hand, deducting therefrom its losses and bad debts’’
and inserting ‘‘undivided profits, subject to other applicable
provisions of law’’; and
(B) by striking the 3d sentence.
(2) DECLARATION
OF
DIVIDENDS.—Section 5199 of the
Revised Statutes (12 U.S.C. 60) is amended—
(A) in the 1st sentence, by striking ‘‘net profits of
the association’’ and inserting ‘‘undivided profits of the
association, subject to the limitations in subsection (b),’’;
(B) by striking ‘‘net profits’’ each subsequent place
such term appears and inserting ‘‘net income’’; and
(C) by striking subsection (c).
H. R. 3474—136
(i) CLERICAL AMENDMENTS.—
(1) The table of sections for chapter 1 of title LXII of
the Revised Statutes of the United States is amended—
(A) by inserting after the item relating to section 5156
the following new item:
‘‘5156A. Mergers, consolidations, and other acquisitions authorized.’’;
and
(B) by striking the items relating to sections 5141
and 5151.
(2) The table of sections for chapter 2 of title LXII of
the Revised Statutes of the United States is amended by strik-
ing the item relating to each of the following sections:
(A) Section 5158.
(B) Section 5159.
(C) Section 5160.
(D) Section 5161.
(E) Section 5162.
(F) Section 5163.
(G) Section 5164.
(H) Section 5165.
(I) Section 5166.
(J) Section 5167.
(K) Section 5170.
(L) Section 5171.
(M) Section 5172.
(N) Section 5173.
(O) Section 5174.
(P) Section 5175.
(Q) Section 5176.
(R) Section 5177.
(S) Section 5178.
(T) Section 5179.
(U) Section 5180.
(V) Section 5181.
(W) Section 5182.
(X) Section 5183.
(Y) Section 5184.
(Z) Section 5185.
(AA) Section 5186.
(BB) Section 5187.
(CC) Section 5188.
(DD) Section 5189.
(3) The table of sections for chapter 3 of title LXII of
the Revised Statutes of the United States is amended by strik-
ing the item relating to each of the following sections:
(A) Section 5193.
(B) Section 5194.
(C) Section 5195.
(D) Section 5196.
(E) Section 5202.
(F) Section 5203.
(G) Section 5206.
(H) Section 5209.
(I) Section 5212.
(4) The table of sections for chapter 4 of title LXII of
the Revised Statutes of the United States is amended—
H. R. 3474—137
(A) by inserting after the item relating to section 5239
the following new item:
‘‘5239A. Regulatory authority.’’;
and
(B) by striking the items relating to the following sec-
tions:
(i) Section 5222.
(ii) Section 5223.
(iii) Section 5224.
(iv) Section 5225.
(v) Section 5226.
(vi) Section 5227.
(vii) Section 5228.
(viii) Section 5229.
(ix) Section 5230.
(x) Section 5231.
(xi) Section 5232.
(xii) Section 5233.
(xiii) Section 5237.
(xiv) Section 5243.
Speaker of the House of Representatives.
Vice President of the United States and
President of the Senate.