H. R. 3841—42
supporting the United States Mint’s numismatic operations and
programs, or to allow the distribution of operating profits from
the Numismatic Public Enterprise Fund to a recipient organization
under any numismatic program.
SEC. 210. STUDY AND REPORT ON THE UNITED STATES FINANCIAL
SERVICES SYSTEM.
(a) STUDY.—
(1) IN GENERAL.—The Secretary of the Treasury (hereafter
in this section referred to as the ‘‘Secretary’’) shall, after con-
sultation with the Advisory Commission on Financial Services
established under subsection (b), and consultation in accordance
with paragraph (3), conduct a study of matters relating to
the strengths and weaknesses of the United States financial
services system in meeting the needs of the system’s users,
including the needs of—
(A) individual consumers and households;
(B) communities;
(C) agriculture;
(D) small-, medium-, and large-sized businesses;
(E) governmental and nonprofit entities; and
(F) exporters and other users of international financial
services.
(2) MATTERS STUDIED.—The study required under para-
graph (1) shall include consideration of—
(A) the changes underway in the national and inter-
national economies and the financial services industry, and
how those changes affect the financial services system’s
ability to efficiently meet the needs of the national economy
and the system’s users during the next 10 years and
beyond; and
(B) the adequacy of existing statutes and regulations,
and the existing regulatory structure, to meet the needs
of the financial services system’s users effectively, effi-
ciently, and without unfair, anticompetitive, or discrimina-
tory practices.
(3) CONSULTATION.—Consultation in accordance with this
paragraph means consultation with—
(A) the Board of Governors of the Federal Reserve
System;
(B) the Commodity Futures Trading Commission;
(C) the Comptroller of the Currency;
(D) the Director of the Office of Thrift Supervision;
(E) the Federal Deposit Insurance Corporation;
(F) the Secretary of the Department of Housing and
Urban Development;
(G) the Securities and Exchange Commission;
(H) the Director of the Congressional Budget Office;
and
(I) the Comptroller General of the United States.
(b) ADVISORY COMMISSION ON FINANCIAL SERVICES.—
(1) ESTABLISHMENT.—There is established the Advisory
Commission on Financial Services (hereafter in this section
referred to as the ‘‘Advisory Commission’’).
(2) MEMBERSHIP
OF
COMMISSION.—The Advisory Com-
mission—
H. R. 3841—43
(A) shall consist of not less than 9 nor more than
14 members appointed by the Secretary from among
individuals—
(i) who are—
(I) users of the financial services system; or
(II) experts in finance or on the financial serv-
ices system; and
(ii) who are not employees of the Federal Govern-
ment; and
(B) shall include representatives of business, agri-
culture, and consumers.
(3) CHAIRPERSON.—The Secretary or the Secretary’s des-
ignee shall serve as Chairperson of the Advisory Commission.
(4) TRAVEL EXPENSES.—Members of the Advisory Commis-
sion shall be allowed travel expenses, including per diem in
lieu of subsistence, at rates authorized for employees of agencies
under subchapter I of chapter 57 of title 5, United States
Code, while away from their homes or regular places of business
in performing services for the Advisory Commission.
(5) TERMINATION.—The Advisory Commission shall termi-
nate 30 days after the date of submission of the report required
under subsection (d).
(c) RECOMMENDATIONS.—Based on the results of the study con-
ducted under subsection (a), the Secretary shall develop such rec-
ommendations as may be appropriate for changes in statutes,
regulations, and policies to improve the operation of the financial
services system, including changes to better—
(1) meet the needs of, and assure access to the system
for, current and potential users;
(2) promote economic growth;
(3) protect consumers;
(4) promote competition and efficiency;
(5) avoid risk to the taxpayers;
(6) control systemic risk; and
(7) eliminate discrimination.
(d) REPORT.—Not later than 15 months after the date of enact-
ment of this Act, the Secretary shall submit to the President pro
tempore of the Senate and the Speaker of the House of Representa-
tives a report describing the study conducted under subsection
(a) and any recommendations developed under subsection (c).
SEC. 211. FLEXIBILITY IN CHOOSING BOARDS OF DIRECTORS.
(a) IN GENERAL.—Section 5146 of the Revised Statutes (12
U.S.C. 72) is amended in the 1st sentence, by striking ‘‘two thirds’’
and inserting ‘‘a majority’’.
H. R. 3841—44
(b) PROVISION REPEAL.—Effective on the date of enactment
of the Riegle Community Development and Regulatory Improvement
Act of 1994, this section and the amendment made by this section
are repealed.
Speaker of the House of Representatives.
Vice President of the United States and
President of the Senate.