[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1214 Introduced in House (IH)]

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. Velazquez, 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 associations by a 
    single Federal independent regulatory commission, and for other 
                               purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Regulatory Consolidation 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 Commission (hereafter in this title 
referred to as the ``Commission'') 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 paragraph (1)(D) may be members of 
        the same political party.
            (3) Public representative.--At least 1 member of the 
        Commission appointed under paragraph (1)(D) shall be appointed 
        from among individuals who are representatives of organizations 
        which have more than a 2-year history of representing consumer 
        or community interests on banking services, 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 Commission, 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 subsection (a)(1)(D) shall be 
        appointed for a term of 5 years.
            (2) Interim appointments.--Any member appointed 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 depository 
        institutions.--No member of the Commission 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 depository 
                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 requirements 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 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 Comptroller of the 
        Currency under the following provisions of law to the extent 
        such provisions 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 redemption 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 associations 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 associations.'' 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 Protection 
                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 Management 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 Examination 
                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, Recovery, 
                and Enforcement Act of 1989.
                    (W) The Federal Deposit Insurance Corporation 
                Improvement Act of 1991.
    (b) Regulation of Member Banks, Bank Holding Companies and 
Affiliates, and Various International 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 Reserve System;
                    (B) the supervision and regulation of bank holding 
                companies and any subsidiary or affiliate of a bank 
                holding company which is not a depository institution;
                    (C) the supervision and regulation of companies 
                operating under section 25 or 25A of the Federal 
                Reserve Act or the International Banking 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 Reserve System under the following provisions of 
        law to the extent such provisions apply to banks or other 
        companies described in any subparagraph of paragraph (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 National Banking 
                Act of 1933.
                    (F) The Federal Deposit Insurance Act.
                    (G) Any title of the Consumer Credit Protection 
                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 Management 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 Corporation 
                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 Supervision 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 Protection 
                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 Management Interlock 
                Act.
                    (H) The Bank Service Corporation Act.
                    (I) The Federal Financial Institutions Examination 
                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 Corporation 
                Improvement Act of 1991.
                    (O) The Resolution Trust Corporation Refinancing, 
                Restructuring, and Improvement Act of 1991.
    (d) Regulation of State Nonmember Banks.--
            (1) Transfer to commission.--All functions of the Federal 
        Deposit Insurance Corporation relating 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 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 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, subsections (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 Protection 
                Act.
                    (C) The Depository Institution Management Interlock 
                Act.
                    (D) The Federal Financial Institutions Examination 
                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, Recovery, 
                and Enforcement Act of 1989.
                    (K) The Community Reinvestment Act of 1977.
                    (L) The Federal Deposit Insurance Corporation 
                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 
        reinvestment laws.
            (2) Consumer examiner.--The term ``consumer examiner'' 
        means an examiner who specializes in assessing compliance with 
        all applicable laws and regulations relating to consumer 
        protection and credit availability, including community 
        reinvestment laws.
    (c) Consumer Examinations.--
            (1) Frequency.--The Consumer Division shall conduct a 
        separate on-site examination of each insured 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, including community reinvestment laws.
            (2) Conducted by consumer examiners.--In general, consumer 
        examinations shall be conducted 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 examinations;
            (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 applicable laws and regulations 
        relating to consumer protection 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 reinvestment 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 reinvestment laws, including recommendations to 
        improve efficiency and cost-effectiveness in the regulatory 
        compliance process and eliminate duplicative reporting 
        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 relating to consumer protection, 
        including community reinvestment laws, and other rights of 
        consumers of financial services; and
            (8) prepare an annual report regarding the activities of 
        the Consumer Division which shall be submitted to the Congress 
        separately from the annual report submitted by the Commission.

SEC. 105. TECHNICAL AND CONFORMING AMENDMENTS RELATING TO TRANSFERS OF 
              FUNCTIONS.

    (a) Appropriate Federal Banking Agency Redefined.--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 redesignating 
        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 SUPERVISION 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 subsections (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 Comptroller of the 
Currency.--
            (1) Existing rights, duties, and obligations not 
        affected.--Sections 103(a)(1) and 201 shall not affect the 
        validity of any right, duty, or obligation of the United 
        States, the Comptroller of the Currency, the Office of the 
        Comptroller of the Currency, or any other person, which--
                    (A) arises under or pursuant to any provision 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 obligations 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 provision 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 
        Federal 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 Director of the Office of 
Thrift Supervision.--
            (1) Existing rights, duties, and obligations not 
        affected.--Sections 103(c)(1) and 202 shall not affect the 
        validity of any right, duty, or obligation 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 provision 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 Director of the Office of Thrift 
        Supervision or the Office 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 Federal Deposit Insurance 
Corporation.--
            (1) Existing rights, duties, and obligations 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 Corporation, or any other person, which--
                    (A) arises under or pursuant to any provision 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 Federal Deposit Insurance 
        Corporation or the Board of Directors of such Corporation with 
        respect to any function transferred to the Federal Banking 
        Commission shall abate by reason of the enactment of this Act, 
        except that the Federal Banking Commission 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, Determinations, and 
Regulations.--All orders, resolutions, determinations, and regulations, 
which--
            (1) have been issued, made, prescribed, or allowed to 
        become effective by the Director of the Office of Thrift 
        Supervision, the Comptroller of the Currency, the Federal 
        Deposit Insurance Corporation, or the Board of Governors of the 
        Federal Reserve System (including orders, resolutions, 
        determinations, and regulations which relate to the conduct 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 effect (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 orders, 
resolutions, determinations, and regulations and shall be enforceable 
by or against the Federal Banking Commission until modified, 
terminated, set aside, or superseded in accordance with applicable law 
by the Commission, 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 Director of the Office of 
Thrift Supervision.--Any reference in any Federal law to the 
Comptroller of the Currency, 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 Reserve 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 
Corporation 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 depository 
institution regulatory functions within the Commission and the 
transition from a multi-agency regulatory structure to a single 
commission structure.
    (b) Recommendations for Additional Legislation.--Reports submitted 
under subsection (a) shall contain 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 functions 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 section 
                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 enactment of this Act; and
                    (B) shall treat any vacancy on the transition 
                commission established under subparagraph (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 manner provided in such section.
            (2) Powers and duties.--The transition commission 
        established in accordance with paragraph (1) shall have the 
        same powers and duties as the Federal Banking Commission to 
        carry out the functions of the Commission during the 2-year 
        period beginning on the date of the enactment of this Act.
    (b) Administrators of Abolished Agencies Authorized for Detail 
Under Subsection (a) or Section 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 individuals who 
were serving in such positions on the day before the date of the 
enactment of this Act, shall be eligible to be detailed in the manner 
provided in section 3347 of title 5, United States Code, to the 
transition commission established under subsection (a) or to fill on a 
temporary basis any position treated as a vacancy under subsection 
(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 nominations to commission.--
        Paragraph (1) shall cease to apply with respect to the 
        transition commission after any nomination by the President of 
        any member 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 submitted 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.

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