(c) CHAIRMAN.—The Council shall elect one of its 
members to serve as chairman. 
SEC. 302. FUNCTIONS OF THE COUNCIL. 
The Federal Financial Markets Coordinating Council 
shall—
(1) serve as a facility for the coordination of 
the regulatory operations of each of the agencies 
represented on the Council; 
(2) meet bimonthly and at the call of the chair 
to discuss issues relating to the safety and effective-
ness of the financial services industry and other 
issues relating to those regulatory operations; 
(3) establish an advisory committee of not more 
than 5 members representative of the futures, com-
modities, options, and securities exchanges and the 
banking industry to meet no less than 4 times annu-
ally; and 
(4) report biennially to the Congress on its 
functions and activities, including in the first such 
report such recommendations for legislative action 
as it considers appropriate. 
SEC. 303. STAFF; ADMINISTRATIVE SUPPORT; EXPENSES. 
(a) STAFF; ADMINISTRATIVE SUPPORT.—The Com-
mission and each agency represented on the Council shall 
provide to the Council such personnel and administrative
support as the Council may require to carry out its func-
tions under this title. 
(b) EXPENSES.—There are authorized to be appro-
priated such sums as may be necessary for the expenses 
of the Commission in carrying out this title. Funds appro-
priated under this subsection may be available to reim-
burse agencies for personnel detailed to the Council and 
for administrative support provided under subsection (a). 
TITLE IV—ADMINISTRATIVE 
PROVISIONS 
PART A—PERSONNEL PROVISIONS 
SEC. 401. OFFICERS AND EMPLOYEES. 
(a) APPOINTMENT AND COMPENSATION.—The Com-
mission is authorized to appoint and fix the compensation 
of such officers and employees, including attorneys, as 
may be necessary to carry out the functions of the Com-
mission. Except as otherwise provided by law, such officers 
and employees shall be appointed in accordance with the 
civil service laws and their compensation fixed in accord-
ance with title 5 of the United States Code. 
(b) SPECIAL PROVISIONS.—
(1) CONTINUITY OF SUPERGRADE POSITIONS.—
At the request of the Commission, the Director of 
the Office of Personnel Management shall, under
section 5108 of title 5, United States Code, provide
for the establishment in each of the grade levels GS–
16, GS–17, and GS–18 of a number of positions in 
the Commission equal to the number of positions in 
that grade level which were used primarily for the 
performance of functions and offices transferred 
under this Act and which were assigned and filled 
on the day before the effective date of this Act. 
(2) CONTINUITY OF PROFESSIONAL AND TECH-
NICAL POSITIONS.—At the request of the Commis-
sion, the Director of the Office of Personnel Man-
agement shall, under section 3104 of title 5, United 
States Code, provide for the establishment in the 
Commission of a number of professional and tech-
nical positions outside of the General Schedule equal 
to the number of such positions which were used pri-
marily for the performance of functions and offices 
transferred under this Act and which were assigned 
and filled on the day before the effective date of this 
Act. 
(3) APPOINTMENTS TO SPECIAL POSITIONS.—
Appointments to positions provided for under this 
subsection may be made without regard to the provi-
sions of section 3324 of title 5 of the United States 
Code, if the individual appointed in such position is 
an individual who is transferred in connection with
the transfer of functions and offices under this Act 
and, on the day preceding the effective date of this 
Act, holds a position and has duties comparable to 
those of the position to which appointed hereunder. 
(4) TERMINATION OF SPECIAL AUTHORITY.—
The authority under this subsection with respect to 
any position shall terminate when the person first 
appointed to fill such position ceases to hold such 
position. 
(5) TECHNICAL PROVISION.—For purposes of 
section 414(a)(3)(A) of the Civil Service Reform Act 
of 1978, an individual appointed under this sub-
section shall be deemed to occupy the same position 
as the individual occupied on the day preceding the 
effective date of this Act. 
(c) ADDITIONAL TECHNICAL
AND PROFESSIONAL 
POSITIONS.—The Commission may appoint, without re-
gard to the provisions of title 5, United States Code, gov-
erning appointment in the competitive service, up to 100 
technical or professional employees of the Commission and 
may compensate employees so appointed without regard 
to the provisions of chapter 51 and subchapter III of chap-
ter 53 of such title relating to classification and General 
Schedule pay rates. The rate of basic compensation for 
such employees shall not be equal to or in excess of the
minimum rate of pay currently paid for GS–16 of the Gen-
eral Schedule under section 5332 of such title. 
(d) LIMITED-TERM APPOINTEES.—Notwithstanding 
any other provision of law, the Director of the Office of 
Personnel Management shall establish positions within the 
Senior Executive Service for 10 limited-term appointees. 
The Commission shall appoint individuals to such posi-
tions as provided by section 3394 of title 5, United States 
Code. Such positions shall expire on the later of three 
years after the effective date of this Act or three years 
after the initial appointment to each position. Positions 
in effect under this subsection shall be taken into account 
in applying the limitations on positions prescribed under 
section 3134(e) and section 5108 of such title. 
SEC. 402. EXPERTS AND CONSULTANTS. 
The Commission may as provided in appropriation 
Acts obtain the services of experts and consultants in ac-
cordance with the provisions of section 3109 of title 5, 
United States Code, and may compensate such experts 
and consultants at rates not to exceed the daily rate pre-
scribed for GS–18 of the General Schedule under section 
5332 of such title.
PART B—GENERAL ADMINISTRATIVE 
PROVISIONS 
SEC. 411. GENERAL AUTHORITY. 
In carrying out any function transferred by this Act, 
the Commission, or any officer or employee of the Com-
mission, may exercise any authority available by law (in-
cluding appropriation Acts) with respect to such function 
to the official or agency from which such function is trans-
ferred, and the actions of the Commission in exercising 
such authority shall have the same force and effect as 
when exercised by such official or agency. 
SEC. 412. DELEGATION. 
Exception as otherwise provided in this Act, the Com-
mission may delegate any function to such officers and 
employees of the Commission as the Commission may des-
ignate, and may authorize such successive redelegations 
of such functions within the Commission as may be nec-
essary or appropriate. No delegation of functions by the 
Commission under this section or under any other provi-
sion of this Act shall relieve the Commission of responsi-
bility for the administration of such functions. 
SEC. 413. REORGANIZATION. 
The Commission is authorized to allocate or reallo-
cate functions among the officers of the Commission, and 
to establish, consolidate, alter, or discontinue such organi-
zational entities within the Commission as may be nec-
essary or appropriate. 
SEC. 414. RULES. 
The Commission is authorized to prescribe such rules 
and regulations as the Commission determines necessary 
or appropriate to administer and manage the functions of 
the Commission. 
SEC. 415. CONTRACTS. 
(a) IN GENERAL.—Subject to the provisions of the 
Federal Property and Administrative Services Act of 
1949, the Commission is authorized to make, enter into, 
and perform such contracts, grants, leases, cooperative 
agreements, or other similar transactions with Federal or 
other public agencies (including State and local govern-
ments) and private organizations and persons, and to 
make such payments, by way of advance or reimburse-
ment, as the Commission may determine necessary or ap-
propriate to carry out functions of the Commission. 
(b) APPROPRIATIONS REQUIRED.—Notwithstanding 
any other provision of this Act, no authority to enter into 
contracts or to make payments under this title shall be 
effective except to such extent or in such amounts as are 
provided in advance under appropriation Acts.
SEC. 416. REGIONAL AND FIELD OFFICES. 
The Commission is authorized to establish, alter, dis-
continue, or maintain such regional or other field offices 
as the Commission may find necessary or appropriate to 
perform functions of the Commission. 
SEC. 417. USE OF FACILITIES. 
(a) USE BY COMMISSION.—With their consent, the 
Commission may, with or without reimbursement, use the 
research, equipment, services, and facilities of any agency 
or instrumentality of the United States, of any State or 
political subdivision thereof, or of any foreign government, 
in carrying out any function of the Commission. 
(b) USE BY OTHERS.—The Commission is authorized 
to permit public and private agencies, corporations, asso-
ciations, organizations, or individuals to use any real prop-
erty, or any facilities, structures, or other improvements 
thereon, under the custody and control of the Commission 
for Commission purposes. The Commission shall permit 
the use of such property, facilities, structures, or improve-
ments under such terms and rates and for such period 
as may be in the public interest, except that the periods 
of such uses may not exceed five years. The Commission 
may require permittees under this section to recondition 
and maintain, at their own expense, the real property, fa-
cilities, structures, and improvements used by such per-
mittees to a standard satisfactory to the Commission. This
subsection shall not apply to excess property as defined 
in section 3(e) of the Federal Property and Administrative 
Services Act of 1949. 
(c) PROCEEDS FROM REIMBURSEMENTS.—Proceeds 
from reimbursements under this section may be credited 
to the appropriation of funds that bear or will bear all 
or part of the cost of such equipment or facilities provided 
or to refund excess sums when necessary. 
(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 per-
sonnel 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 per-
sonnel (except special Government employees) and part-