I
103D CONGRESS
1ST SESSION
H. R. 1214
To provide for the regulation of banks and savings associations by a single
Federal independent regulatory commission, and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
MARCH 4, 1993
Mr. GONZALEZ (for himself, Mr. VENTO, Mr. FRANK of Massachusetts, Mr.
KENNEDY, Mr. FLAKE, Mr. MFUME, Ms. WATERS, Mr. GUTIERREZ, Mr.
RUSH, Ms. ROYBAL-ALLARD, Ms. VELA´ZQUEZ, and Mr. HINCHEY)
introduced the following bill; which was referred to the Committee on
Banking, Finance and Urban Affairs
NOVEMBER 10, 1993
Additional sponsors: Mr. WYNN and Mr. FROST
A BILL
To provide for the regulation of banks and savings associa-
tions by a single Federal independent regulatory commis-
sion, 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 ‘‘Regulatory Consolida-
tion Act of 1993’’.
TITLE I—FEDERAL BANKING
COMMISSION
SEC. 101. ESTABLISHMENT.
(a) IN GENERAL.—There is hereby established a
commission to be known as the Federal Banking Commis-
sion (hereafter in this title referred to as the ‘‘Commis-
sion’’) as an independent establishment in the executive
branch.
(b) INSURED DEPOSITORY INSTITUTION DEFINED.—
For purposes of this title, the term ‘‘insured depository
institution’’ has the meaning given to such term in section
3(c) of the Federal Deposit Insurance Act.
SEC. 102. COMMISSIONERS.
(a) COMMISSIONERS.—
(1) IN
GENERAL.—The Commission shall be
composed of 7 members—
(A) 1 of whom shall be the Secretary of
the Treasury;
(B) 1 of whom shall be the Chairman of
the Board of Governors of the Federal Reserve
System;
(C) 1 of whom shall be the Chairperson of
the Board of Directors of the Federal Deposit
Insurance Corporation; and
(D) 4 of whom shall be appointed by the
President, by and with the advice and consent
of the Senate.
(2) POLITICAL AFFILIATION.—Not more than 2
members of the Commission appointed under para-
graph (1)(D) may be members of the same political
party.
(3) PUBLIC
REPRESENTATIVE.—At least 1
member of the Commission appointed under para-
graph (1)(D) shall be appointed from among individ-
uals who are representatives of organizations which
have more than a 2-year history of representing
consumer or community interests on banking serv-
ices, credit needs, or housing and financial consumer
protections.
(b) CHAIRPERSON AND VICE CHAIRPERSON.—
(1) CHAIRPERSON.—1 of the members of the
Commission appointed under subsection (a)(1)(D)
shall be designated by the President, by and with
the advice and consent of the Senate, to serve as
Chairperson of the Commission.
(2) VICE CHAIRPERSON.—1 of the members of
the 
Commission 
appointed 
under 
subsection
(a)(1)(D) shall be designated by the President, by
and with the advice and consent of the Senate, to
serve as Vice Chairperson of the Commission.
(3) ACTING CHAIRPERSON.—In the event of a
vacancy in the position of Chairperson of the Com-
mission, or during the absence or disability of the
Chairperson, the Vice Chairperson shall act as
Chairperson.
(c) TERMS.—
(1) 5-YEAR
TERMS.—Except as provided in
paragraph (4), each member appointed under sub-
section (a)(1)(D) shall be appointed for a term of 5
years.
(2) INTERIM APPOINTMENTS.—Any member ap-
pointed to fill a vacancy occurring before the end of
the term to which such member’s predecessor was
appointed shall be appointed only for the remainder
of such term.
(3) CONTINUATION OF SERVICE.—Any member
may continue to serve after the expiration of the
term of office to which such member was appointed
until a successor has been appointed and qualified.
(4) STAGGERED FOR 1ST APPOINTEES.—Of the
members first appointed to the Commission under
subsection (a)(1)(D)—
(A) 1 shall be appointed for a term of 5
years;
(B) 1 shall be appointed for a term of 4
years;
(C) 1 shall be appointed for a term of 3
years; and
(D) 1 shall be appointed for a term of 2
years,
as designated by the President at the time of the
appointment.
(d) VACANCY.—Any vacancy on the Commission shall
be filled in the manner in which the original appointment
was made.
(e) INELIGIBILITY FOR OTHER OFFICES.—
(1) RESTRICTIONS ON EMPLOYMENT BY DEPOS-
ITORY INSTITUTIONS.—No member of the Commis-
sion may hold any office, position, or employment in
any insured depository institution or any affiliate (as
defined in section 2(k) of the Bank Holding
Company Act of 1956) of an insured depository
institution during—
(A) the time such member is in office; and
(B) the 2-year period beginning on the
date such member ceases to serve on the
Commission.
(2) OTHER RESTRICTIONS DURING SERVICE AS
MEMBER.—No member of the Commission may—
(A) be an officer or director of any Federal
Reserve bank or Federal home loan bank; or
(B) hold any stock in any insured deposi-
tory institution or any affiliate (as defined in
section 2(k) of the Bank Holding Company Act
of 1956) of an insured depository institution.
(3) CERTIFICATION.—Upon taking office, each
member of the Commission shall file a certification
under oath with the secretary of the Commission
that such member has complied with the require-
ments of this subsection.
SEC. 103. POWERS AND DUTIES.
(a) REGULATION OF NATIONAL BANKS.—
(1) TRANSFER TO COMMISSION.—All functions
of the Comptroller of the Currency are hereby trans-
ferred to the Commission.
(2) COMMISSION
POWERS.—The Commission
shall have all powers, duties, and authority which,
before the date of the enactment of this Act, were
vested in the Comptroller of the Currency under the
following provisions of law to the extent such provi-
sions apply to national banks or the office, officers,
or employees of the Comptroller of the Currency:
(A) Chapter nine of title VII and title
LXII of the Revised Statutes.
(B) The Bank Conservation Act.
(C) The Federal Deposit Insurance Act.
(D) The National Bank Receivership Act.
(E) The Act entitled ‘‘An Act additional to
the Act entitled ‘An Act to provide a national
currency secured by a pledge of United States
bonds and to provide for the circulation and re-
demption thereof,’ passed June third, eighteen
hundred and sixty four.’’ and approved March
29, 1886.
(F) The Act entitled ‘‘An Act to provide
for the conversion of national banking associa-
tions into and their merger or consolidation
with State banks, and for other purposes.’’ and
approved August 17, 1950.
(G) The Act entitled ‘‘An Act to provide
for the consolidation of national banking asso-
ciations.’’ and approved November 7, 1918.
(H) The International Banking Act of
1978.
(I) The Farm Credit Act of 1971.
(J) Any title of the Consumer Credit Pro-
tection Act.
(K) The Bank Protection Act of 1968.
(L) The Home Mortgage Disclosure Act of
1975.
(M) The Community Reinvestment Act of
1977.
(N) The Depository Institution Manage-
ment Interlock Act.
(O) Sections 2, 4, 19(h), 22(g), 24(a),
24A, 25, 25A, and 29 of the Federal Reserve
Act.
(P) The Bank Service Corporation Act.
(Q) The Federal Financial Institutions Ex-
amination Council Act of 1978.
(R) The Right to Financial Privacy Act of
1978.
(S) The Alternative Mortgage Transaction
Parity Act of 1982.
(T) The International Lending Supervision
Act of 1983.
(U) The Expedited Funds Availability Act.
(V) The Financial Institutions Reform, Re-
covery, and Enforcement Act of 1989.
(W) The Federal Deposit Insurance Cor-
poration Improvement Act of 1991.
(b) REGULATION OF MEMBER BANKS, BANK HOLD-
ING COMPANIES AND AFFILIATES, AND VARIOUS INTER-
NATIONAL BANKING ENTITIES.—
(1) TRANSFER TO COMMISSION.—All functions
of the Board of Governors of the Federal Reserve
System (and any Federal Reserve bank) relating
to—
(A) the supervision and regulation of
banks which are members of the Federal Re-
serve System;
(B) the supervision and regulation of bank
holding companies and any subsidiary or affili-
ate of a bank holding company which is not a
depository institution;
(C) the supervision and regulation of com-
panies operating under section 25 or 25A of the
Federal Reserve Act or the International Bank-
ing Act of 1978;
(D) the supervision and regulation of any
company which is subject to supervision and
regulation by the Board of Governors under any
title of the Consumer Protection Act; and
(E) the supervision and regulation of any
foreign bank, any branch or agency of a foreign
bank, and any commercial lending company
controlled by a foreign bank,
are hereby transferred to the Commission.
(2) COMMISSION
POWERS.—The Commission
shall have all powers, duties, and authority which,
before the date of the enactment of this Act, were
vested in the Board of Governors of the Federal Re-
serve System under the following provisions of law
to the extent such provisions apply to banks or other
companies described in any subparagraph of para-
graph (1):
(A) Sections 6 (other than the 1st and 2d
paragraphs), 9, 19(h), 22(g), 22(h), 23A, 23B,
24(a), 24A, 25, 25A, and 29 of the Federal
Reserve Act.
(B) The Bank Holding Company Act of
1956.
(C) The Bank Holding Company Act
Amendments of 1970.
(D) The International Banking Act of
1978.
(E) Sections 20, 31, and 32 of the Na-
tional Banking Act of 1933.
(F) The Federal Deposit Insurance Act.
(G) Any title of the Consumer Credit Pro-
tection Act.
(H) The Bank Protection Act of 1968.
(I) The Home Mortgage Disclosure Act of
1975.
(J) The Community Reinvestment Act of
1977.
(K) The Depository Institution Manage-
ment Interlock Act.
(L) The Bank Service Corporation Act.
(M) The Federal Financial Institutions
Examination Council Act of 1978.
(N) The Right to Financial Privacy Act of
1978.
(O) The Alternative Mortgage Transaction
Parity Act of 1982.
(P) The International Lending Supervision
Act of 1983.
(Q) The Expedited Funds Availability Act.
(R) The Financial Institutions Reform,
Recovery, and Enforcement Act of 1989.
(S) The Federal Deposit Insurance Cor-
poration Improvement Act of 1991.
(c) REGULATION
OF SAVINGS ASSOCIATIONS
AND
SAVINGS AND LOAN HOLDING COMPANIES.—
(1) TRANSFER TO COMMISSION.—All functions
of the Director of the Office of Thrift Supervision
are hereby transferred to the Commission.
(2) COMMISSION
POWERS.—The Commission
shall have all powers, duties, and authority which,
before the date of the enactment of this Act, were
vested in the Director of the Office of Thrift Super-
vision under the following provisions of law to the
extent such provisions apply to savings associations,
savings and loan holding companies, or the office,
officers, or employees of the Director:
(A) The Home Owners’ Loan Act.
(B) The Federal Deposit Insurance Act.
(C) Any title of the Consumer Credit Pro-
tection Act.
(D) The Bank Protection Act of 1968.
(E) The Home Mortgage Disclosure Act of
1975.
(F) The Community Reinvestment Act of
1977.
(G) The Depository Institution Manage-
ment Interlock Act.
(H) The Bank Service Corporation Act.
(I) The Federal Financial Institutions Ex-
amination Council Act of 1978.
(J) The Right to Financial Privacy Act of
1978.
(K) The Alternative Mortgage Transaction
Parity Act of 1982.
(L) The Expedited Funds Availability Act.
(M) The Financial Institutions Reform,
Recovery, and Enforcement Act of 1989.
(N) The Federal Deposit Insurance Cor-
poration Improvement Act of 1991.
(O) The Resolution Trust Corporation Re-
financing, Restructuring, and Improvement Act
of 1991.
(d) REGULATION OF STATE NONMEMBER BANKS.—
(1) TRANSFER TO COMMISSION.—All functions
of the Federal Deposit Insurance Corporation relat-
ing to the supervision and regulation of State
nonmember banks, including savings banks, (other
than insurance, conservatorship, or receivership
functions) and foreign banks with insured branches
(as defined in section 3(s)(3) of the Federal Deposit
Insurance Act) are hereby transferred to the Com-
mission.
(2) COMMISSION
POWERS.—The Commission
shall have all powers, duties, and authority which,
before the date of the enactment of this Act, were
vested in the Federal Deposit Insurance Corporation
under the following provisions of law:
(A) Sections 7(a), 20, 21, 22, 27, 30(c),
32, 33, 34, 35, 36, 37, 38, 39, and 41, sub-
sections (b) through (n), (r), (s), (u), and (v)
of section 8, subsections (b)(2)(A), (c), (d), and
(e) of section 10, subsections (c) (other than
paragraph (1)), (d), (g), (i), (j), (l), (o), and (p)
of section 18 of the Federal Deposit Insurance
Act.
(B) Any title of the Consumer Credit Pro-
tection Act.
(C) The Depository Institution Manage-
ment Interlock Act.
(D) The Federal Financial Institutions Ex-
amination Council Act of 1978.
(E) The Home Mortgage Disclosure Act of
1975.
(F) The Right to Financial Privacy Act of
1978.
(G) The Alternative Mortgage Transaction
Parity Act of 1982.
(H) The Bank Service Corporation Act.
(I) The Expedited Funds Availability Act.
(J) The Financial Institutions Reform, Re-
covery, and Enforcement Act of 1989.
(K) The Community Reinvestment Act of
1977.
(L) The Federal Deposit Insurance Cor-
poration Improvement Act of 1991.
(e) REGULATIONS AND ORDERS.—In addition to any
authority under any Act referred to in subsection (a), (b),
(c), or (d), the Commission may prescribe such regulations
and issue such orders as the Commission may determine
to be appropriate to carry out the purposes of this Act
and the powers and duties of the Commission under this
Act and any Act referred to in any such subsection.
SEC. 104. CONSUMER DIVISION.
(a) ESTABLISHMENT.—There is hereby established
within the Commission a division to be known as the
‘‘Consumer Division’’.
(b) DEFINITIONS.—For purposes of this section—
(1) 
CONSUMER
EXAMINATION.—The 
term
‘‘consumer examination’’ means an examination of
an insured depository institution to determine the
extent to which such institution is in compliance
with all applicable laws and regulations relating to
consumer protection, including community reinvest-
ment laws.
(2) 
CONSUMER
EXAMINER.—The 
term
‘‘consumer examiner’’ means an examiner who spe-
cializes in assessing compliance with all applicable
laws and regulations relating to consumer protection
and credit availability, including community reinvest-
ment laws.
(c) CONSUMER EXAMINATIONS.—
(1) FREQUENCY.—The Consumer Division shall
conduct a separate on-site examination of each in-
sured depository institution in conjunction with the
regular on-site examinations of such institution in
accordance with section 10(d) of the Federal Deposit
Insurance Act to determine the extent to which the
institution is in compliance with all applicable laws
and regulations relating to consumer protection, in-
cluding community reinvestment laws.
(2) CONDUCTED BY CONSUMER EXAMINERS.—
In general, consumer examinations shall be con-
ducted by consumer examiners under the supervision
of the Consumer Division.
(d) ADDITIONAL RESPONSIBILITIES.—In addition to
the responsibilities established by subsection (c), the
Consumer Division shall—
(1) develop procedures for consumer examina-
tions;
(2) train, supervise, and develop career paths
for consumer examiners;
(3) respond to consumer complaints;
(4) undertake supervisory action and initiate
enforcement proceedings with respect to all applica-
ble laws and regulations relating to consumer protec-
tion and credit availability, including community
reinvestment laws;
(5) develop proposed regulations to implement
all applicable laws relating to consumer protection
and credit availability, including community reinvest-
ment laws;
(6) make recommendations to the Commission
concerning policies and procedures with respect to
all applicable laws and regulations relating to
consumer protection, including community reinvest-
ment laws, including recommendations to improve
efficiency and cost-effectiveness in the regulatory
compliance process and eliminate duplicative report-
ing requirements;
(7) develop a consumer ‘‘outreach’’ program for
the purpose of informing the public, communities,
public interest organizations, and other appropriate
institutions, groups, and individuals, on issues relat-
ing to consumer protection, including community
reinvestment laws, and other rights of consumers of
financial services; and
(8) prepare an annual report regarding the ac-
tivities of the Consumer Division which shall be sub-
mitted to the Congress separately from the annual
report submitted by the Commission.
SEC. 105. TECHNICAL AND CONFORMING AMENDMENTS RE-
LATING TO TRANSFERS OF FUNCTIONS.
(a) APPROPRIATE FEDERAL BANKING AGENCY RE-
DEFINED.—Section 3(q) of the Federal Deposit Insurance
Act (12 U.S.C. 1813(q)) is amended to read as follows:
‘‘(q) APPROPRIATE FEDERAL BANKING AGENCY.—
The term ‘appropriate Federal banking agency’ means the
Federal Banking Commission.’’.
(b) MEMBERS OF FDIC BOARD.—Section 2(a)(1) of
the Federal Deposit Insurance Act (12 U.S.C. 1812(a)(1))
is amended—
(1) by striking subparagraph (A) and redesig-
nating subparagraphs (B) and (C) as subparagraphs
(A) and (B), respectively;
(2) in subparagraph (A) (as so redesignated by
paragraph (1)), by striking ‘‘Director of the Office
of Thrift Supervision’’ and inserting ‘‘Chairperson of
the Federal Banking Commission’’; and
(3) in subparagraph (B) (as so redesignated by
paragraph (1)), by striking ‘‘3’’ and inserting ‘‘4’’.
TITLE II—ABOLITION OF
FEDERAL BANKING AGENCIES
SEC. 201. OFFICE OF COMPTROLLER OF THE CURRENCY
AND POSITION OF COMPTROLLER OF THE
CURRENCY ABOLISHED.
(a) IN GENERAL.—Effective at the end of the 180-
day period beginning on the date of the enactment of this
Act, the Office of the Comptroller of the Currency and
the position of Comptroller of the Currency are hereby
abolished.
(b) TECHNICAL AND CONFORMING AMENDMENTS.—
(1) Chapter nine of title VII of the Revised
Statutes is amended by striking sections 324, 325,
and 326.
(2) Subchapter I of chapter 3 of title 31,
United States Code, is amended by striking section
307.
SEC. 202. OFFICE OF THRIFT SUPERVISION AND POSITION
OF DIRECTOR OF THE OFFICE OF THRIFT SU-
PERVISION ABOLISHED.
(a) IN GENERAL.—Effective at the end of the 180-
day period beginning on the date of the enactment of this
Act, the Office of Thrift Supervision and the position of
Director of the Office of Thrift Supervision are hereby
abolished.
(b) TECHNICAL AND CONFORMING AMENDMENTS.—
(1) Section 3 of the Home Owners’ Loan Act
(12 U.S.C. 1462a) is amended by striking sub-
sections (a) and (b).
(2) Subchapter I of chapter 3 of title 31,
United States Code, is amended by striking section
309.
SEC. 203. SAVINGS PROVISIONS.
(a) SAVINGS PROVISIONS RELATING TO THE COMP-
TROLLER OF THE CURRENCY.—
(1) EXISTING RIGHTS, DUTIES, AND OBLIGA-
TIONS NOT AFFECTED.—Sections 103(a)(1) and 201
shall not affect the validity of any right, duty, or ob-
ligation of the United States, the Comptroller of the
Currency, the Office of the Comptroller of the Cur-
rency, or any other person, which—
(A) arises under or pursuant to any provi-
sion of law referred to in section 103(a)(2); and
(B) existed on the day before the date of
the enactment of this Act.
(2) CONTINUATION
OF
SUITS.—No action or
other proceeding commenced by or against the
Comptroller of the Currency or the Office of the
Comptroller of the Currency shall abate by reason of
the enactment of this Act, except that the Federal
Banking Commission shall be substituted for the
Comptroller or Office as a party to any such action
or proceeding.
(b) SAVINGS PROVISIONS RELATING TO THE BOARD
OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.—
(1) EXISTING RIGHTS, DUTIES, AND OBLIGA-
TIONS NOT AFFECTED.—Section 103(b)(1) shall not
affect the validity of any right, duty, or obligation of
the United States, the Board of Governors of the
Federal Reserve System, or any other person,
which—
(A) arises under or pursuant to any provi-
sion of law referred to in section 103(b)(2); and
(B) existed on the day before the date of
the enactment of this Act.
(2) CONTINUATION
OF
SUITS.—No action or
other proceeding commenced by or against the
Board of Governors of the Federal Reserve System
with respect to any function transferred to the Fed-
eral Banking Commission shall abate by reason of
the enactment of this Act, except that the Federal
Banking Commission shall be substituted for the
Board of Governors as a party to any such action
or proceeding.
(c) SAVINGS PROVISIONS RELATING TO THE DIREC-
TOR OF THE OFFICE OF THRIFT SUPERVISION.—
(1) EXISTING RIGHTS, DUTIES, AND OBLIGA-
TIONS NOT AFFECTED.—Sections 103(c)(1) and 202
shall not affect the validity of any right, duty, or ob-
ligation of the United States, the Director of the
Office of Thrift Supervision, the Office of Thrift
Supervision, or any other person, which—
(A) arises under or pursuant to any provi-
sion of law referred to in section 103(c)(2); and
(B) existed on the day before the date of
the enactment of this Act.
(2) CONTINUATION
OF
SUITS.—No action or
other proceeding commenced by or against the Di-
rector of the Office of Thrift Supervision or the Of-
fice of Thrift Supervision shall abate by reason of
the enactment of this Act, except that the Federal
Banking Commission shall be substituted for the
Director or Office as a party to any such action or
proceeding.
(d) SAVINGS PROVISIONS RELATING TO THE FED-
ERAL DEPOSIT INSURANCE CORPORATION.—
(1) EXISTING RIGHTS, DUTIES, AND OBLIGA-
TIONS NOT AFFECTED.—Section 103(d)(1) shall not
affect the validity of any right, duty, or obligation of
the United States, the Federal Deposit Insurance
Corporation, the Board of Directors of such Cor-
poration, or any other person, which—
(A) arises under or pursuant to any provi-
sion of law referred to in section 103(d)(2); and
(B) existed on the day before the date of
the enactment of this Act.
(2) CONTINUATION
OF
SUITS.—No action or
other proceeding commenced by or against the Fed-
eral Deposit Insurance Corporation or the Board of
Directors of such Corporation with respect to any
function transferred to the Federal Banking Com-
mission shall abate by reason of the enactment of
this Act, except that the Federal Banking Commis-
sion may be substituted for the Corporation or
Board of Directors, as the case may be, as a party
to any such action or proceeding.
(e) CONTINUATION OF ORDERS, RESOLUTIONS, DE-
TERMINATIONS, AND REGULATIONS.—All orders, resolu-
tions, determinations, and regulations, which—
(1) have been issued, made, prescribed, or al-
lowed to become effective by the Director of the Of-
fice of Thrift Supervision, the Comptroller of the
Currency, the Federal Deposit Insurance Corpora-
tion, or the Board of Governors of the Federal Re-
serve System (including orders, resolutions, deter-
minations, and regulations which relate to the con-
duct of conservatorships and receiverships), or by a
court of competent jurisdiction, in the performance
of functions which are transferred by this Act; and
(2) are in effect on the date this Act takes ef-
fect (or become effective after such date pursuant to
the terms of the order, resolution, determination or
regulation, as in effect on such date),
shall continue in effect according to the terms of such or-
ders, resolutions, determinations, and regulations and
shall be enforceable by or against the Federal Banking
Commission until modified, terminated, set aside, or su-
perseded in accordance with applicable law by the Com-
mission, by any court of competent jurisdiction, or by
operation of law.
SEC. 204. REFERENCES IN FEDERAL LAW TO FEDERAL
BANKING AGENCIES.
(a) COMPTROLLER OF THE CURRENCY AND DIREC-
TOR OF THE OFFICE OF THRIFT SUPERVISION.—Any ref-
erence in any Federal law to the Comptroller of the Cur-
rency, the Office of the Comptroller of the Currency, the
Director of the Office of Thrift Supervision, or the Office
of Thrift Supervision shall be deemed to be a reference
to the Federal Banking Commission.
(b) BOARD OF GOVERNORS OF THE FEDERAL RE-
SERVE SYSTEM.—Any reference in any Federal law to the
Board of Governors of the Federal Reserve System in
connection with any function of the Board under any
provision of law referred to in section 103(b)(2) shall be
deemed to be a reference to the Federal Banking
Commission.
(c) FEDERAL DEPOSIT INSURANCE CORPORATION.—
Any reference in any Federal law to the Federal Deposit
Insurance Corporation or the Board of Directors of such
Corporation in connection with any function of the Cor-
poration or Board of Directors under any provision of law
referred to in section 103(d)(2) shall be deemed to be a
reference to the Federal Banking Commission.
SEC. 205. REPORTS ON TRANSITION.
(a) IN GENERAL.—The Commission shall submit
written reports to the Congress at the end of each 6-month
period beginning after the date of the enactment of this
Act during the 2-year period beginning on such date on
the progress being made in the consolidation of the deposi-
tory institution regulatory functions within the Commis-
sion and the transition from a multi-agency regulatory
structure to a single commission structure.
(b) RECOMMENDATIONS FOR ADDITIONAL LEGISLA-
TION.—Reports submitted under subsection (a) shall con-
tain such recommendations for additional legislative action
as the Commission may determine to be appropriate.
SEC. 206. TRANSITION COMMISSION.
(a) ESTABLISHMENT.—
(1) IN
GENERAL.—In order to facilitate the
transition from a multi-agency structure to a unitary
regulatory structure and the integration of the func-
tions of the Federal Banking Commission with the
least possible disruption of ongoing banking agency
regulatory functions of the predecessor agencies, the
President—
(A) may establish a transition commission
consisting of 5 individuals appointed under sec-
tion 3347 of title 5, United States Code, in the
manner provided under subparagraph (B) to
carry out the purposes of this Act during the 2-
year period beginning on the date of the enact-
ment of this Act; and
(B) shall treat any vacancy on the transi-
tion commission established under subpara-
graph (A) as an absence within the meaning of
section 3347 of title 5, United States Code, for
the purpose of filling such vacancy in the man-
ner provided in such section.
(2) POWERS AND DUTIES.—The transition com-
mission established in accordance with paragraph
(1) shall have the same powers and duties as the
Federal Banking Commission to carry out the func-
tions of the Commission during the 2-year period be-
ginning on the date of the enactment of this Act.
(b) ADMINISTRATORS OF ABOLISHED AGENCIES AU-
THORIZED FOR DETAIL UNDER SUBSECTION (A) OR SEC-
TION 3347.—Notwithstanding the fact that the positions
of Comptroller of the Currency and Director of the Office
of Thrift Supervision are abolished under this Act, the in-
dividuals who were serving in such positions on the day
before the date of the enactment of this Act, shall be eligi-
ble to be detailed in the manner provided in section 3347
of title 5, United States Code, to the transition commis-
sion established under subsection (a) or to fill on a tem-
porary basis any position treated as a vacancy under sub-
section (c)(2).
(c) APPLICATION OF TIME LIMITATIONS.—
(1) IN
GENERAL.—Section 3348 of title 5,
United States Code, shall not apply to an transition
commission established under subsection (a).
(2) LIMITATION
ON
DETAIL
AFTER
NOMINA-
TIONS TO COMMISSION.—Paragraph (1) shall cease
to apply with respect to the transition commission
after any nomination by the President of any mem-
ber of the Federal Banking Commission, including
the Chairperson or Vice Chairperson, is submitted to
the Senate, except that any vacancy on the Federal
Banking Commission after such nomination is sub-
mitted and before such Commission first meets with
a quorum present may be treated as a vacancy for
purposes of section 3347 of title 5, United States
Code, subject to section 3348 of such title.
Æ
HR 1214 SC——2
HR 1214 SC——3