[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3841 Engrossed Amendment Senate (EAS)]

103d CONGRESS

  2d Session

                               H. R. 3841

_______________________________________________________________________

                               AMENDMENT
  
  
  
  
  
  
  
  
  
  

                  In the Senate of the United States,

                            April 26 (legislative day, April 11), 1994.
      Resolved, That the bill from the House of Representatives (H.R. 
3841) entitled ``An Act to amend the Bank Holding Company Act of 1956, 
the Revised Statutes of the United States, and the Federal Deposit 
Insurance Act to provide for interstate banking and branching'', do 
pass with the following

                               AMENDMENT:

            Strike out all after the enacting clause and insert:

               TITLE I--INTERSTATE BANKING AND BRANCHING

SEC. 101. SHORT TITLE.

    This title may be cited as the ``Interstate Banking and Branching 
Act of 1994''.

SEC. 102. INTERSTATE BANKING.

    (a) In General.--Section 3(d) of the Bank Holding Company Act of 
1956 (12 U.S.C. 1842(d)) is amended to read as follows:
    ``(d) State Boundaries.--
            ``(1) Approvals authorized.--
                    ``(A) Acquisition of existing banks.--The Board may 
                approve an application under this section to permit a 
                bank holding company that is adequately capitalized and 
                adequately managed to acquire control of, or all or 
                substantially all of the assets of, an existing bank 
                located outside of the home State of such bank holding 
                company.
                    ``(B) Existing banks.--For purposes of this 
                subsection, a bank that does not open for business and 
                that has been chartered solely for the purpose of 
                acquiring control of, or all or substantially all of 
                the assets of, an existing bank shall be deemed to have 
                been in existence for the same period of time as the 
                bank to be acquired.
                    ``(C) Community reinvestment compliance.--In 
                determining whether to approve an application under 
                subparagraph (A), the Board shall consider the 
                applicant's record of compliance with applicable 
                Federal and State community reinvestment laws.
                    ``(D) State law.--Subject to paragraphs (2), (4), 
                and (6), a transaction approved under subparagraph (A) 
                may occur without regard to whether such transaction is 
                permitted under the law of the State in which the bank 
                to be acquired is located.
            ``(2) Concentration and other limits.--The Board may not 
        approve an application under paragraph (1)(A) if--
                    ``(A) the applicant controls, or upon completion of 
                the acquisition would control, more than 10 percent of 
                the total deposits held by insured depository 
                institutions in the United States, as determined under 
                regulations of the Board;
                    ``(B) the applicant controls, or upon completion of 
                the acquisition would control, 25 percent or more of 
                the total deposits held by insured depository 
                institutions in the State in which the bank to be 
                acquired is located, as determined under regulations of 
                the Board, except that the State bank supervisor may 
                waive the applicability of this clause on a case-by-
                case basis if such waiver does not have the effect of 
                discriminating against out-of-State banks, out-of-State 
                bank holding companies, or subsidiaries thereof; or
                    ``(C) the acquisition would result in the applicant 
                directly or indirectly controlling a bank that has been 
                in existence for a shorter period of time, if any, than 
                is prescribed by the law of the State in which such 
                bank is located in effect on the date on which the 
                application is filed with the Board, only if such State 
                law--
                            ``(i) does not prescribe a period of more 
                        than 5 years; and
                            ``(ii) does not have the effect of 
                        discriminating among out-of-State banks, out-
                        of-State bank holding companies, or 
                        subsidiaries thereof. A State law in effect on 
                        the date of enactment of the Interstate Banking 
                        and Branching Act of 1994 that permits bank 
                        holding companies from only a limited number of 
                        States to acquire banks in existence for a 
                        specified length of time in that State, shall 
                        be interpreted, under State and Federal law, as 
                        permitting bank holding companies from any 
                        State, to acquire a bank in that State, under 
                        the terms and conditions of such State law.
            ``(3) Exception.--The Board may approve an application 
        under paragraph (1)(A), notwithstanding any provision of 
        paragraph (2), if such application involves the acquisition of 
        one or more banks in default or in danger of default or with 
        respect to which the Federal Deposit Insurance Corporation 
        provides assistance under section 13(c) of the Federal Deposit 
        Insurance Act.
            ``(4) No effect on antitrust laws.--Nothing in this 
        subsection affects Federal or State antitrust laws that do not 
        have the effect of discriminating against out-of-State banks, 
        out-of-State bank holding companies, or subsidiaries thereof.
            ``(5) No effect on state tax authority.--No provision of 
        this Act shall be construed as affecting the authority of any 
        State or political subdivision of any State to adopt, apply, 
        and administer any tax or method of taxation to any bank, bank 
        holding company, or foreign bank or to any affiliate of any 
        bank, bank holding company, or foreign bank to the extent that 
        such tax or tax method is otherwise permissible by or under the 
        Constitution of the United States or other Federal law.
            ``(6) Affect on state contingency laws.--Nothing in this 
        subsection affects the applicability of a State law that makes 
        an acquisition of a bank contingent upon a requirement to hold 
        a portion of such bank's assets available for call by a State-
        sponsored housing entity established pursuant to State law, 
        if--
            ``(A) the State law does not have the effect of 
        discriminating against out-of-State banks, out-of-State bank 
        holding companies, or subsidiaries thereof;
            ``(B) that State law was in effect as of the date of 
        enactment of the Interstate Banking and Branching Act of 1994;
            ``(C) the Federal Deposit Insurance Corporation has not 
        determined that compliance with such State law would result in 
        an unacceptable risk to the appropriate deposit insurance fund; 
        and
            ``(D) the appropriate Federal banking agency for such 
        institution has not found that compliance with such State law 
        would place the institution in an unsafe or unsound 
        condition.''.
    (b) Technical and Conforming Amendments.--Section 2 of the Bank 
Holding Company Act of 1956 (12 U.S.C. 1841) is amended by adding at 
the end the following new subsections:
    ``(n) Incorporated Definitions.--For purposes of this Act, the 
terms `insured depository institution', `appropriate Federal banking 
agency', `in default', `in danger of default', and `State bank 
supervisor' have the same meanings as in section 3 of the Federal 
Deposit Insurance Act.
    ``(o) Other Definitions.--For purposes of this Act--
            ``(1) the `home State' of a bank holding company is the 
        State in which the total deposits of its banking subsidiaries 
        were largest on July 1, 1966, or the date on which such company 
        became a bank holding company, whichever is later;
            ``(2) the `home State' of a bank is--
                    ``(A) in the case of a State bank, the State in 
                which it was chartered; and
                    ``(B) in the case of a national bank, in the State 
                in which its main office is located; and
            ``(3) a bank holding company is `adequately capitalized' if 
        it meets or exceeds all applicable Federal regulatory capital 
        standards.''.
    (c) Effective Date.--This section and the amendments made by this 
section shall become effective 1 year after the date of enactment of 
this Act.

SEC. 103. CONVERSION OF BANKS TO BRANCHES.

    (a) In General.--Section 3 of the Bank Holding Company Act of 1956 
(12 U.S.C. 1842) is amended by adding at the end the following new 
subsection:
    ``(h) Interstate Combinations.--
            ``(1) In general.--
                    ``(A) Combinations authorized.--Beginning on June 
                1, 1997, a bank holding company having subsidiary banks 
                located in more than 1 State may combine 2 or more of 
                such banks into a single, resulting bank by means of a 
                merger, consolidation, or other transaction approved by 
                the appropriate Federal banking agency.
                    ``(B) Continued operations.--A resulting bank may, 
                subject to the approval of the appropriate Federal 
                banking agency, retain and operate as branches the main 
                offices and any branches which, immediately prior to 
                the transaction, were being operated by any combined 
                bank or the resulting bank.
                    ``(C) Surrender of charter after combination.--On 
                the date on which a combination authorized by this 
                paragraph becomes effective, the charters of the 
                combined banks shall be surrendered to the regulatory 
                authority that issued the charters.
            ``(2) Applicability.--A combination under paragraph (1) may 
        only be effected in the case of a merger, consolidation, or 
        other transaction that is undertaken by a bank holding company 
        that is adequately capitalized and adequately managed.
            ``(3) Activities of the resulting bank.--
                    ``(A) Additional branches.--Following any 
                combination effected under paragraph (1), the resulting 
                bank may establish, acquire, or operate additional 
                branches at any location where the resulting bank or a 
                combined bank could have established, acquired, or 
                operated a branch under the applicable Federal or State 
                law as if it had not been a party to such combination.
                    ``(B) Intrastate branching.--Except as expressly 
                provided in this subsection, nothing in this subsection 
                shall be deemed to amend, repeal, or preempt, either 
                expressly or by implication, any Federal or State law 
                relating to the establishment, acquisition, or 
                operation of intrastate branches by national or State 
                banks.
                    ``(C) Conditions.--Prior to granting approval to 
                effect a combination under paragraph (1), the 
                appropriate Federal banking agency shall consider each 
                bank's rating under the Community Reinvestment Act of 
                1977 and the comments of the appropriate State bank 
                regulatory authorities regarding each bank's compliance 
                with applicable State community reinvestment laws.
                    ``(D) Imposition of shares tax by host states.--If 
                any branch of an out-of-State bank established pursuant 
                to paragraph (1) or subparagraph (A) of this paragraph 
                continues in operation, a proportionate amount of the 
                value of the shares of the out-of-State bank may be 
                subject to any bank shares tax levied or imposed by any 
                host State or political subdivision thereof that 
                imposes such tax based upon a method adopted by the 
                host State, which could include allocation and 
                apportionment.
            ``(4) Activities of branches.--A State bank that 
        establishes one or more branches in accordance with paragraph 
        (1) or paragraph (3)(A) may not conduct any activity at any 
        branch located in a host State that is not permitted for banks 
        chartered by such host State.
            ``(5) Applicable law.--
                    ``(A) In general.--
                            ``(i) National bank branches.--Any branch 
                        of a national bank that is established as the 
                        result of a combination in accordance with 
                        paragraph (1) or paragraph (3)(A) shall be 
                        subject to the laws of the host State, 
                        including those that govern intrastate 
                        branching, consumer protection, fair lending, 
                        and community reinvestment, as if it were a 
                        branch of a national bank having its main 
                        office in that State.
                            ``(ii) State bank branches.--Any branch of 
                        a State bank that is established as the result 
                        of a combination in accordance with paragraph 
                        (1) or paragraph (3)(A) shall be subject to the 
                        laws of the host State, including those that 
                        govern intrastate branching, consumer 
                        protection, fair lending, and community 
                        reinvestment, as if it were a branch of a bank 
                        chartered under the laws of such State.
                    ``(B) Filing requirement.--A host State may require 
                any bank located in another State that wishes to 
                establish a branch within the host State as a result of 
                a combination authorized by paragraph (1) to comply 
                with filing requirements that--
                            ``(i) are not discriminatory in effect; and
                            ``(ii) are similar in their effect to and 
                        are subject to similar sanctions as those that 
                        are imposed on a corporation having its main 
                        office in another State that is not engaged in 
                        the business of banking and that seeks to 
                        engage in business in the host State.
            ``(6) State election to prohibit interstate combinations.--
                    ``(A) In general.--Paragraph (1) does not apply to 
                a bank holding company located in a State that has 
                enacted a law after the date of enactment of this 
                subsection and prior to June 1, 1997, that applies 
                equally to all out-of-State banks, and that expressly 
                prohibits interstate combinations involving a bank 
                located in the State, as authorized under paragraph 
                (1).
                    ``(B) Effect of prohibition.--A bank located in a 
                State that has in effect a prohibition described in 
                subparagraph (A) may not be combined, and shall have no 
                authority to be combined under paragraph (1), with a 
                bank located outside of that State.
                    ``(C) Effect of state election.--A law enacted by a 
                State pursuant to subparagraph (A) or paragraph (8) 
                shall have no effect on combinations that were approved 
                prior to the effective date or the date of enactment of 
                such law, whichever is later.
            ``(7) State election to permit interstate combinations.--A 
        combination under paragraph (1) may be undertaken prior to June 
        1, 1997, if each of the States in which 1 or more banks that 
        are to be combined into a single, resulting bank is located has 
        in effect on the date on which the combination is approved a 
        law that applies equally to all out-of-State banks and that 
        expressly permits interstate combinations by national and 
        State-chartered banks. A State described in the preceding 
        sentence may impose conditions on the branch of the resulting 
        bank located in that State if--
                    ``(A) the conditions do not have the effect of 
                discriminating against out-of-State banks, out-of-State 
                bank holding companies, or subsidiaries thereof (other 
                than on the basis of a reciprocal treatment 
                requirement);
                    ``(B) the imposition of the conditions is not 
                preempted by Federal law; and
                    ``(C) the conditions do not apply or require 
                performance beyond June 1, 1997.
            ``(8) Combinations after june 1, 1997.--A State described 
        in paragraphs (6) or (7) may elect at any later time to permit 
        or withdraw permission for interstate combinations authorized 
        under paragraph (1) if such State enacts a law that applies 
        equally to all out-of-State banks and that expressly permits 
        (or withdraws permission for, as the case may be) interstate 
        combinations by all national and State banks.
            ``(9) Limitations.--Nothing in this subsection--
                    ``(A) affects Federal or State antitrust laws that 
                do not have the effect of discriminating against out-
                of-State banks, out-of-State bank holding companies, or 
                subsidiaries thereof; or
                    ``(B) affects section 5197 of the Revised Statutes 
                or section 27 of the Federal Deposit Insurance Act.
            ``(10) Reservation of certain rights to states.--Nothing in 
        this subsection limits in any way the right of a State to--
                    ``(A) determine the authority of State banks 
                chartered in that State to acquire, establish, and 
                maintain branches; or
                    ``(B) supervise, regulate, and examine State banks 
                chartered by that State.
            ``(11) No effect on state tax authority.--No provision of 
        this Act shall be construed as affecting the authority of any 
        State or political subdivision of any State to adopt, apply, 
        and administer any tax or method of taxation to any bank, bank 
        holding company, or foreign bank or to any affiliate of any 
        bank, bank holding company, or foreign bank to the extent that 
        such tax or tax method is otherwise permissible by or under the 
        Constitution of the United States or other Federal law.
            ``(12) Definitions.--For purposes of this subsection--
                    ``(A) the term `combined bank' means any bank 
                participating in a combination under paragraph (1), 
                other than the resulting bank;
                    ``(B) the term `host State' means the State in 
                which a bank establishes or maintains a branch other 
                than the State in which the bank is located and engaged 
                in the business of banking;
                    ``(C) a bank shall be deemed to be `located'--
                            ``(i) in the case of a State bank, in the 
                        State in which it was chartered; and
                            ``(ii) in the case of a national bank, in 
                        the State in which its main office is located;
                    ``(D) the term `resulting bank' means a banking 
                subsidiary of a bank holding company that has resulted 
                from a transaction effected under paragraph (1) 
                involving the combination of 2 or more subsidiary banks 
                of the bank holding company located in 2 or more 
                States; and
                    ``(E) the term `State bank' has the same meaning as 
                in section 3 of the Federal Deposit Insurance Act.''.
    (b) Conforming Amendment to the National Bank Act.--Section 5155(c) 
of the Revised Statutes (12 U.S.C. 36(c)) is amended in the first 
sentence, by striking ``A national banking association'' and inserting 
``Except as provided in section 3(h) of the Bank Holding Company Act of 
1956, a national banking association''.

SEC. 104. AMENDMENTS TO FEDERAL DEPOSIT INSURANCE ACT AND THE ACT 
              ENTITLED ``AN ACT TO PROVIDE FOR THE CONSOLIDATION OF 
              NATIONAL BANKING ASSOCIATIONS''.

    (a) Federal Deposit Insurance Act Amendments.--Section 18(d) of the 
Federal Deposit Insurance Act (12 U.S.C. 1828(d)) is amended by adding 
at the end the following new paragraphs:
            ``(3) Coordination of examination authority.--
                    ``(A) In general.--The appropriate State official 
                of a host State may examine a branch operated in such 
                State of a bank chartered by a State other than that 
                host State that resulted from a combination effected 
                under section 3(h) of the Bank Holding Company Act of 
                1956--
                            ``(i) for the purpose of determining 
                        compliance with host State laws, including 
                        those that govern banking, taxation, community 
                        reinvestment, fair lending, consumer 
                        protection, and permissible activities; and
                            ``(ii) to ensure that the activities of the 
                        branch are not conducted in an unsafe or 
                        unsound manner.
                    ``(B) Enforcement.--In the event that the State 
                bank supervisor of the host State determines that there 
                is a violation of the law of the host State concerning 
                the activities being conducted by a branch described in 
                subparagraph (A), the State bank supervisor of the host 
                State may undertake such enforcement actions and 
                proceedings as would be permitted under the law of the 
                host State as if the branch were a bank chartered by 
                that host State.
                    ``(C) Cooperative agreement.--The State bank 
                supervisors from 2 or more States may enter into 
                cooperative agreements to facilitate State regulatory 
                supervision of State-chartered banks, including 
                cooperative agreements relating to the coordination of 
                examinations and joint participation in examinations.
                    ``(D) Federal regulatory authority.--Nothing in 
                this subsection limits in any way the authority of the 
                appropriate Federal banking agency to examine or to 
                take any enforcement actions or proceedings against any 
                bank or branch of a bank for which the agency is the 
                appropriate Federal banking agency.
                    ``(E) Review of interstate agreements.--If the 
                appropriate Federal banking agency determines that the 
                States have reached an agreement under subparagraph (C) 
                that adequately protects the deposit insurance funds, 
                the appropriate Federal banking agency may defer to 
                State examinations of branches operated in the host 
                State by out-of-State banks.
            ``(4) No effect on state tax authority.--No provision of 
        this Act shall be construed as affecting the authority of any 
        State or political subdivision of any State to adopt, apply, 
        and administer any tax or method of taxation to any bank, bank 
        holding company, or foreign bank or to any affiliate of any 
        bank, bank holding company, or foreign bank to the extent that 
        such tax or tax method is otherwise permissible by or under the 
        Constitution of the United States or other Federal law.''.
    (b) National Banking Associations.--The Act entitled ``An Act to 
provide for the consolidation of national banking associations'', 
approved November 7, 1918 (12 U.S.C. 215 et seq.) is amended--
            (1) in the first sentence of subsection (a) of the first 
        section, by inserting ``, or in any State in which a bank is 
        authorized to engage in an interstate consolidation pursuant to 
        section 3(h) of the Bank Holding Company Act of 1956,'' after 
        ``located in the same State'';
            (2) by inserting before the period at the end of subsection 
        (d) of the first section ``, except that the applicability of 
        State law to an interstate consolidation undertaken in 
        accordance with section 3(h) of the Bank Holding Company Act of 
        1956 is determined in accordance with the provisions of that 
        section'';
            (3) by adding at the end of the first section the following 
        new subsection:
    ``(h) An interstate consolidation--
            ``(1) shall be undertaken under this section pursuant to 
        the procedures, restrictions, and requirements--
                    ``(A) set forth in section 3(h) of the Bank Holding 
                Company Act of 1956 as if such interstate consolidation 
                were a combination under that section; and
                    ``(B) set forth in this section, to the extent that 
                such procedures, restrictions, and requirements are not 
                inconsistent with those of section 3(h) of the Bank 
                Holding Company Act of 1956; and
            ``(2) involving banks that are not affiliated (as such term 
        is defined in section 2 of the Bank Holding Company Act of 
        1956) shall meet the requirements of section 3(d) of the Bank 
        Holding Company Act of 1956, as determined by the Comptroller 
        of the Currency, as if such consolidation were an acquisition 
        under that section 3(d).'';
            (4) in the first sentence of section 2(a)--
                    (A) by striking ``under an agreement not 
                inconsistent with this Act,''; and
                    (B) by inserting ``or within any State in which a 
                bank is authorized to engage in an interstate merger 
                pursuant to section 3(h) of the Bank Holding Company 
                Act of 1956,'' after ``located within the same 
                State,'';
            (5) in the sixth sentence of section 2(d) by inserting 
        before the period ``, except that the applicability of State 
        law to a merger undertaken in accordance with section 3(h) of 
        the Bank Holding Company Act of 1956 is determined in 
        accordance with the provisions of that section'';
            (6) in section 2, by adding at the end the following new 
        subsection:
    ``(h)(1) An interstate merger--
                    ``(A) shall be undertaken under this section 
                pursuant to the procedures, restrictions, and 
                requirements--
                            ``(i) set forth in section 3(h) of the Bank 
                        Holding Company Act of 1956 as if such merger 
                        were a combination under that section; and
                            ``(ii) set forth in this section, to the 
                        extent that such procedures, restrictions, and 
                        requirements are not inconsistent with those of 
                        section 3(h) of the Bank Holding Company Act of 
                        1956; and
                    ``(B) involving banks that are not affiliated (as 
                such term is defined in section 2 of the Bank Holding 
                Company Act of 1956) shall meet the requirements of 
                section 3(d) of the Bank Holding Company Act of 1956, 
                as determined by the Comptroller of the Currency, as if 
                such merger were an acquisition under that section 
                3(d).
            ``(2) Paragraph (1) shall apply to a State member bank 
        involved in an interstate merger on the same terms and 
        conditions and subject to the same procedures, restrictions, 
        and requirements as are applicable to the consolidation of 
        branches by a national banking association involved in an 
        interstate merger.''; and
            (7) in paragraph (4) of section 3, by inserting ``or within 
        any State in which a bank is authorized to engage in an 
        interstate consolidation, merger, or other transaction pursuant 
        to section 3(h) of the Bank Holding Company Act of 1956,'' 
        after ``within the same State,''.

SEC. 105. ACQUISITION OF INTERSTATE BRANCHES BY NATIONAL AND STATE 
              BANKS.

    (a) Acquisition of Interstate Branches by State Banks.--Section 
18(d) of the Federal Deposit Insurance Act (12 U.S.C. 1828(d)) is 
amended by adding at the end the following new paragraphs:
            ``(4) Interstate branching by state banks.--
                    ``(A) In general.--Beginning on the date of 
                enactment of this paragraph, notwithstanding any other 
                provision of law, a host State may, expressly by 
                statute and not merely by implication, permit all out-
                of-State banks to acquire or establish a branch in the 
                host State on a basis that does not have the effect of 
                discriminating against out-of-State banks, out-of-State 
                bank holding companies, or subsidiaries thereof. A 
                branch established under this paragraph shall be 
                operated in accordance with the procedures, 
                restrictions, and requirements set forth in section 
                3(h) of the Bank Holding Company Act of 1956, and the 
                provisions of that section shall apply to the branch as 
                if the branch resulted from a combination effected in 
                accordance with paragraph (1) of that section 3(h).
                    ``(B) FDIC approval.--A State nonmember bank may 
                acquire, establish, and operate a branch under this 
                paragraph only if the bank is adequately capitalized 
                and adequately managed and with the prior consent of 
                the Corporation.
            ``(5) Definitions.--For purposes of this subsection--
                    ``(A) the term `host State' means a State in which 
                a bank acquires, establishes, or maintains a branch, 
                other than the State in which the bank is located and 
                engaged in the business of banking;
                    ``(B) a bank shall be deemed to be `located'--
                            ``(i) in the case of a State bank, in the 
                        State in which it was chartered; and
                            ``(ii) in the case of a national bank, in 
                        the State in which its main office is located; 
                        and
                    ``(C) the term `adequately capitalized' has the 
                same meaning as in section 38.''.
    (b) Interstate Branching by National Banks.--Section 5155 of the 
Revised Statutes (12 U.S.C. 36) is amended--
            (1) by redesignating subsections (d) through (h) as 
        subsections (e) through (i), respectively; and
            (2) by inserting after subsection (c) the following new 
        subsection:
    ``(d) Interstate Branching by National Banks.--
            ``(1) Approvals authorized.--Notwithstanding any other 
        provision of law, the Comptroller of the Currency may approve 
        an application under this subsection for a national bank that 
        is adequately capitalized and adequately managed to acquire or 
        establish a branch in a host State if the host State expressly 
        permits, pursuant to section 18(d)(4) of the Federal Deposit 
        Insurance Act, all out-of-State banks to establish such 
        branches. Each such branch shall be operated in accordance with 
        the procedures, restrictions, and requirements set forth in 
        section 3(h) of the Bank Holding Company Act of 1956, and the 
        provisions of that section shall apply to the branch as if the 
        branch resulted from a combination effected in accordance with 
        paragraph (1) of that section 3(h).
            ``(2) Definitions.--For purposes of this subsection--
                    ``(A) the term `host State' means the State in 
                which a national bank establishes a branch under 
                paragraph (1); and
                    ``(B) the term `adequately capitalized' has the 
                same meaning as in section 38 of the Federal Deposit 
                Insurance Act.''.

SEC. 106. COMMUNITY REINVESTMENT ACT EVALUATION OF BANKS WITH 
              INTERSTATE BRANCHES.

    (a) In General.--Section 807 of the Community Reinvestment Act of 
1977 (12 U.S.C. 2906) is amended by adding at the end the following new 
subsections:
    ``(d) Institutions With Interstate Branches.--
            ``(1) State-by-state evaluation.--In the case of a 
        regulated financial institution that maintains domestic 
        branches in 2 or more States, the appropriate Federal financial 
        supervisory agency shall prepare--
                    ``(A) a written evaluation of the entire 
                institution's record of performance under this title, 
                as required by subsections (a), (b), and (c); and
                    ``(B) for each State in which the institution 
                maintains 1 or more domestic branches, a separate 
                written evaluation of the institution's record of 
                performance within such State under this title, as 
                required by subsections (a), (b), and (c).
            ``(2) Multistate metropolitan areas.--In the case of a 
        regulated financial institution that maintains domestic 
        branches in 2 or more States within a multistate metropolitan 
        area, the appropriate Federal financial supervisory agency 
        shall prepare a separate written evaluation of the 
        institution's record of performance within such metropolitan 
        area under this title, as required by subsections (a), (b), and 
        (c). If the agency prepares a written evaluation pursuant to 
        this paragraph, the scope of the written evaluation required 
        under paragraph (1)(B) shall be adjusted accordingly.
            ``(3) Content of state level evaluation.--A written 
        evaluation prepared pursuant to paragraph (1)(B) shall--
                    ``(A) present the information required by 
                subparagraphs (A) and (B) of subsection (b)(1) 
                separately for each metropolitan area in which the 
                institution maintains 1 or more domestic branch offices 
                and separately for the remainder of the nonmetropolitan 
                area of the State if the institution maintains 1 or 
                more domestic branch offices in such nonmetropolitan 
                area; and
                    ``(B) describe how the Federal financial 
                supervisory agency has performed the examination of the 
                institution, including a list of the individual 
                branches examined.
    ``(e) Definitions.--For purposes of this section the following 
definitions shall apply:
            ``(1) Domestic branch.--The term `domestic branch' means 
        any branch office or other facility of a regulated financial 
        institution that accepts deposits, located in any State.
            ``(2) Metropolitan area.--The term `metropolitan area' 
        means any primary metropolitan statistical area, metropolitan 
        statistical area, or consolidated metropolitan statistical 
        area, as defined by the Director of the Office of Management 
        and Budget, with a population of 250,000 or more, and any other 
        area identified by the appropriate Federal financial 
        supervisory agency.
            ``(3) State.--The term `State' has the same meaning as in 
        section 3 of the Federal Deposit Insurance Act.''.
    (b) Separate Presentation.--Section 807(b)(1) of the Community 
Reinvestment Act of 1977 (12 U.S.C. 2906(b)(1)) is amended--
            (1) by redesignating subparagraphs (A) through (C) as 
        clauses (i) through (iii), respectively;
            (2) by striking ``The public'' and inserting the following:
                    ``(A) Contents of written evaluation.--The 
                public''; and
            (3) by adding at the end the following new subparagraph:
                    ``(B) Metropolitan area distinctions.--The 
                information required by clauses (i) and (ii) of 
                subparagraph (A) shall be presented separately for each 
                metropolitan area in which a regulated depository 
                institution maintains one or more domestic branch 
                offices.''.

SEC. 107. FLEXIBILITY IN CHOOSING BOARDS OF DIRECTORS.

    Section 5146 of the Revised Statutes (12 U.S.C. 72) is amended in 
the first sentence by striking ``two-thirds'' and inserting ``a 
majority''.

SEC. 108. GAO REPORT ON DATA COLLECTION UNDER INTERSTATE BRANCHING.

    (a) In General.--The Comptroller General shall submit to the 
Congress, not later than 9 months after the date of enactment of this 
Act, a report that--
            (1) examines statutory and regulatory requirements for 
        insured depository institutions to collect and report deposit 
        and lending data; and
            (2) determines what modifications to such requirements are 
        needed, so that implementing the interstate branching 
        provisions contained in this Act results in no material loss of 
        information important to regulatory or congressional oversight 
        of insured depository institutions.
    (b) Consultation.--The Comptroller General, in preparing the report 
required by this section, shall consult with individuals representing 
the appropriate Federal banking agencies, insured depository 
institutions, consumers, community groups, and other interested 
parties.
    (c) Definitions.--For purposes of this section, the terms 
``appropriate Federal banking agency'' and ``insured depository 
institution'' have the same meanings as in section 3 of the Federal 
Deposit Insurance Act.

SEC. 109. MAXIMUM INTEREST RATE ON CERTAIN FmHA LOANS.

    (a) In General.--Section 307(a) of the Consolidated Farm and Rural 
Development Act (7 U.S.C. 1927(a)) is amended--
            (1) in paragraph (3)(A), by striking ``Except'' and 
        inserting ``Notwithstanding the provisions of the constitution 
        or laws of any State limiting the rate or amount of interest 
        that may be charged, taken, received, or reserved, except''; 
        and
            (2) in paragraph (5)--
                    (A) by striking ``(5) The'' and inserting ``(5)(A) 
                Except as provided in subparagraph (B), the''; and
                    (B) by adding at the end the following new 
                subparagraph:
    ``(B) In the case of a loan made under section 310B as a guaranteed 
loan, subparagraph (A) shall apply notwithstanding the provisions of 
the constitution or laws of any State limiting the rate or amount of 
interest that may be charged, taken, received, or reserved.''.
    (b) Effective Dates.--
            (1) In general.--Except as provided in paragraphs (2) and 
        (3), the amendments made by subsection (a) shall apply to a 
        loan made, insured, or guaranteed under the Consolidated Farm 
        and Rural Development Act (7 U.S.C. 1921 et seq.) in a State on 
        or after the date of enactment of this Act.
            (2) State option.--Except as provided in paragraph (3), the 
        amendments made by subsection (a) shall not apply to a loan 
        made, insured, or guaranteed under the Consolidated Farm and 
        Rural Development Act in a State after the date (that occurs 
        during the 3-year period beginning on the date of enactment of 
        this Act) on which the State adopts a law or certifies that the 
        voters of the State have voted in favor of a provision of the 
        constitution or law of the State that states that the State 
        does not want the amendments made by subsection (a) to apply 
        with respect to loans made, insured, or guaranteed under such 
        Act in the State.
            (3) Transitional period.--In any case in which a State 
        takes an action described in paragraph (2), the amendments made 
        by subsection (a) shall continue to apply to a loan made, 
        insured, or guaranteed under the Consolidated Farm and Rural 
        Development Act in the State after the date the action was 
        taken pursuant to a commitment for the loan that was entered 
        into during the period beginning on the date of enactment of 
        this Act, and ending on the date on which the State takes the 
        action.

            TITLE II--BANK AND THRIFT STATUTE OF LIMITATIONS

SEC. 201. SHORT TITLE.

    This title may be cited as the ``Bank and Thrift Statute of 
Limitations Clarification Act of 1994''.

SEC. 202. AMENDMENT TO FEDERAL DEPOSIT INSURANCE ACT.

    Section 11(d)(14)(B)(i) of the Federal Deposit Insurance Act (12 
U.S.C. 1821(d)(14)(B)(i)) is amended by inserting after ``receiver'' 
the following: ``, regardless of whether the claim may have been barred 
under any otherwise applicable statute of limitation at the date of 
such appointment, unless such claim was barred more than 5 years before 
the date of such appointment''.

SEC. 203. APPLICABILITY.

    The amendment made by section 202 shall apply to all actions 
pending or brought by the Federal Deposit Insurance Corporation and the 
Resolution Trust Corporation as conservator or receiver on or after 
August 9, 1989.

                     TITLE III--FINANCIAL SERVICES

SEC. 301. SHORT TITLE.

    This title may be cited at the ``National Commission on Financial 
Services Act''.

SEC. 302. ESTABLISHMENT OF NATIONAL COMMISSION ON FINANCIAL SERVICES.

    (a) Establishment.--There is established a commission to be known 
as the ``National Commission on Financial Services'' (hereafter in this 
title referred to as the ``Commission'').
    (b) Membership of the Commission.--
            (1) Composition.--The Commission shall be composed of 7 
        voting members and 3 nonvoting members appointed as follows:
                    (A) Three voting members and 1 nonvoting member to 
                be appointed by the President.
                    (B) Two voting members and 1 nonvoting member to be 
                appointed jointly by the Majority Leader of the Senate 
                and the Speaker of the House of Representatives.
                    (C) Two voting members and 1 nonvoting member 
                appointed jointly by the Minority Leader of the Senate 
                and the Minority Leader of the House of 
                Representatives.
            (2) Qualifications.--
                    (A) Voting members.--
                            (i) In general.--Voting members appointed 
                        pursuant to paragraph (1) shall be appointed 
                        from among individuals who are users of the 
                        financial services system, and shall include 
                        representatives of business, agriculture, and 
                        consumers.
                            (ii) Prohibition.--No voting member of the 
                        Commission shall be an employee of the Federal 
                        Government or any State government.
                    (B) Nonvoting members.--Nonvoting members appointed 
                pursuant to paragraph (1) shall be appointed from among 
                individuals who are experts in finance or in the 
                financial services system.
            (3) Appointment.--The appointment of the members of the 
        Commission shall be made not later than June 30, 1994.
            (4) Terms.--Members shall be appointed for the life of the 
        Commission.
            (5) Vacancies.--A vacancy in the Commission shall not 
        affect the powers of the Commission and shall be filled in the 
        same manner in which the original appointment was made.
            (6) Chairperson.--The President shall designate 1 of the 
        voting members of the Commission to serve as the chairperson of 
        the Commission (hereafter in this title referred to as the 
        ``Chairperson'').
            (7) Initial meeting.--Not later than 30 days after the date 
        on which all members of the Commission have been appointed, the 
        Commission shall hold its first meeting.
            (8) Meetings.--The Commission shall meet at the call of the 
        Chairperson.
            (9) Quorum.--A majority of the members of the Commission 
        shall constitute a quorum, but a lesser number of members may 
        hold hearings.

SEC. 303. DUTIES OF THE COMMISSION.

    (a) Study.--
            (1) In general.--The Commission shall, after consultation 
        in accordance with paragraph (3), conduct a study of all 
        matters relating to the strengths and weaknesses of the United 
        States financial services system in meeting the needs of users 
        of the system, including all laws, regulations, and policies 
        that govern part or all of the financial services industry or 
        that affect the ability of the financial services industry to 
        effectively and efficiently meet the needs of--
                    (A) the United States economy;
                    (B) individual consumers and households;
                    (C) communities;
                    (D) agriculture;
                    (E) small-, medium-, and large-sized businesses 
                (including the need for debt, equity, and other 
                financial needs);
                    (F) governmental and nonprofit entities; and
                    (G) exporters and other users of international 
                financial services.
            (2) Matters studied.--The study required under paragraph 
        (1) shall include consideration of--
                    (A) the changes underway in the national and 
                international economies and the financial services 
                industry, and the impact of such changes on the ability 
                of the financial services system to efficiently meet 
                the needs of the United States economy and the users of 
                the system during the next 10 years and beyond;
                    (B) the adequacy of the existing framework of 
                Federal and State laws and regulations, and the extent 
                to which Federal laws and regulations, in an efficient 
                and cost-effective manner--
                            (i) achieve consumer protection objectives;
                            (ii) promote competition and prevent 
                        anticompetitive acts and practices or undue 
                        concentration;
                            (iii) ensure that the financial services 
                        are delivered in a nondiscriminatory and cost-
                        efficient manner; and
                            (iv) ensure access to the financial 
                        services system for all potential users of the 
                        system, regardless of where such users are 
                        located; and
                    (C) the extent to which the Federal regulatory 
                structure impacts the achievement of the objectives in 
                subparagraph (B).
            (3) Consultation.--Consultation in accordance with this 
        paragraph means consultation with--
                    (A) the Board of Governors of the Federal Reserve 
                System;
                    (B) the Director of the Office of Thrift 
                Supervision;
                    (C) the Chairperson of the Federal Deposit 
                Insurance Corporation;
                    (D) the Comptroller of the Currency;
                    (E) the Secretary of the Treasury;
                    (F) the Secretary of the Department of Housing and 
                Urban Development;
                    (G) the Securities Exchange Commission;
                    (H) the Commodities Futures Trading Commission;
                    (I) the Director of the Congressional Budget 
                Office; and
                    (J) the Comptroller General of the United States.
    (b) Recommendations.--Based on the results of the study conducted 
under subsection (a), the Commission shall develop specific 
recommendations for changes in laws and regulations to improve the 
operation of the United States financial services system, including 
needed changes in the Federal legislative and regulatory policies and 
in the Federal regulatory structure that would enhance--
            (1) the ability of the financial services system, or any 
        part thereof, to respond to the needs of all potential users of 
        the system;
            (2) the systemic safety of the financial services system;
            (3) the cost of financial services to users of the system;
            (4) the competitiveness of the various providers of 
        financial services;
            (5) how funds are allocated to the financial services 
        system; and
            (6) how funds are allocated by the financial services 
        system to users of the system or to specific categories of 
        users.
    (c) Report.--Not later than March 31, 1995, the Commission shall 
submit to the President, the Speaker of the House of Representatives, 
and the President pro tempore of the Senate a report describing the 
activities of the Commission, including the study conducted under 
subsection (a) and any recommendations developed under subsection (b).

SEC. 304. POWERS OF THE COMMISSION.

    (a) Hearings.--The Commission may hold such hearings, sit and act 
at such times and places, take such testimony, and receive such 
evidence as the Commission considers advisable to carry out this 
section.
    (b) Obtaining Official Data.--The Commission may secure directly 
from any Federal department or agency such information (other than 
information required by any statute of the United States to be kept 
confidential by such department or agency) as the Commission considers 
necessary to carry out its duties under this section. Upon the request 
of the Chairperson, the head of that department or agency shall furnish 
such nonconfidential information to the Commission.
    (c) Postal Services.--The Commission may use the United States 
mails in the same manner and under the same conditions as other 
departments and agencies of the Federal Government.

SEC. 305. COMMISSION PERSONNEL MATTERS.

    (a) Compensation of Members.--Each member of the Commission who is 
not an officer or employee of the Federal Government shall be 
compensated at a rate equal to the daily equivalent of the annual rate 
of basic pay prescribed for level IV of the Executive Schedule under 
section 5315 of title 5, United States Code, for each day (including 
travel time) during which such member is engaged in the performance of 
the duties of the Commission. All members of the Commission who are 
officers or employees of the United States shall serve without 
compensation in addition to that received for their services as 
officers or employees of the United States.
    (b) Travel Expenses.--The members of the Commission 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 the performance of services for the 
Commission.
    (c) Staff.--
            (1) In general.--The Chairperson may, without regard to the 
        civil service laws and regulations, appoint and terminate an 
        executive director and not more than 2 additional professional 
        staff members to enable the Commission to perform its duties. 
        The employment of an executive director shall be subject to 
        confirmation by the Commission.
            (2) Compensation.--The Chairperson may fix the compensation 
        of the executive director and other personnel without regard to 
        the provisions of chapter 51 and subchapter III of chapter 53 
        of title 5, United States Code, relating to the classification 
        of positions and General Schedule pay rates, except that the 
        rate of pay for the executive director and other personnel may 
        not exceed the rate payable for level V of the Executive 
        Schedule under section 5316 of title 5, United States Code.
    (d) Detail of Federal Employees.--Upon the request of the 
Chairperson, any Federal Government employee may be detailed to the 
Commission without reimbursement, and such detail shall be without 
interruption or loss of civil service status or privilege.
    (e) Procurement of Temporary and Intermittent Services.--The 
Chairperson may procure temporary and intermittent services under 
section 3109(b) of title 5, United States Code, at rates for 
individuals which do not exceed the daily equivalent of the annual rate 
of basic pay prescribed for level V of the Executive Schedule under 
section 5316 of title 5, United States Code.
    (f) Administrative Support Services.--Upon the request of the 
Chairperson, the Administrator of General Services shall provide to the 
Commission, on a reimbursable basis, the administrative support 
services necessary for the Commission to carry out its responsibilities 
under this section.

SEC. 306. TERMINATION OF COMMISSION.

    The Commission shall terminate 30 days after the date of submission 
of the report required under section 303(c). All records and papers of 
the Commission shall thereupon be delivered by the Administrator of 
General Services for deposit in the National Archives.

SEC. 307. AUTHORIZATION OF APPROPRIATIONS.

    (a) In General.--There are authorized to be appropriated such sums 
as may be necessary to carry out this Act.
    (b) Availability.--Any sums appropriated under the authorization 
contained in this section shall remain available, without fiscal year 
limitation, until expended.

                      TITLE IV--GENERAL PROVISIONS

SEC. 401. MOUNT RUSHMORE COMMEMORATIVE COIN ACT.

    (a) Distribution of Surcharges.--Section 8 of the Mount Rushmore 
Commemorative Coin Act (104 Stat. 314; 31 U.S.C. 5112 note) is amended 
by striking paragraphs (1) and (2) and inserting the following:
            ``(1) the first $18,750,000 shall be paid during fiscal 
        year 1994 by the Secretary to the Society to assist the 
        Society's efforts to improve, enlarge, and renovate the Mount 
        Rushmore National Memorial; and
            ``(2) the remainder shall be returned to the Federal 
        Treasury for purposes of reducing the national debt.''.
    (b) Retroactive Effect.--If, prior to the enactment of this Act, 
any amount of surcharges have been received by the Secretary of the 
Treasury and paid into the United States Treasury pursuant to section 
8(1) of the Mount Rushmore Commemorative Coin Act, as in effect prior 
to the enactment of this Act, that amount shall be paid out of the 
Treasury to the extent necessary to comply with section 8(1) of the 
Mount Rushmore Commemorative Coin Act, as in effect after the enactment 
of this Act. Amounts paid pursuant to the preceding sentence shall be 
out of funds not otherwise appropriated.
    (c) Numismatic Operating Profits.--Nothing in this section shall be 
construed to affect the Secretary of the Treasury's right to derive 
operating profits from numismatic programs for use in 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. 402. SENSE OF THE SENATE CONCERNING MULTILATERAL EXPORT CONTROLS.

    (a) Findings.--The Senate finds that--
            (1) the United States and its allies have agreed that as of 
        March 31, 1994, the Coordinating Committee (hereafter referred 
        to as ``COCOM''), the multilateral body that controlled 
        strategic exports to the former Soviet Union and other 
        Communist States, ceased to exist;
            (2) no successor has yet been established to replace the 
        COCOM;
            (3) threats to United States security are posed by rogue 
        regimes that support terrorism as a matter of national policy;
            (4) a critical element of the United States proposal for a 
        successor to COCOM is that supplier nations agree on a list of 
        militarily critical products and technologies that would be 
        denied to a handful of rogue regimes;
            (5) some allies of the United States oppose this principle 
        and instead propose that such controls be left to ``national 
        discretion'', effectively replacing multilateral export 
        controls with a loose collection of unilateral export control 
        policies which would be adverse for United States security and 
        economic interests;
            (6) multilateral controls are needed to thwart efforts of 
        Iran, Iraq, North Korea, Libya, and other rogue regimes, to 
        acquire arms and sensitive dual-use goods and technologies that 
        could contribute to their efforts to build weapons of mass 
        destruction; and
            (7) the United States would be forced to make the difficult 
        choice of choosing between unilateral export controls under the 
        Export Administration Act of 1979, which would put American 
        companies at a competitive disadvantage worldwide, or allowing 
        exports that could seriously harm the national security 
        interests of the United States.
    (b) Sense of the Senate.--It is the sense of the Senate that--
            (1) the President should work to achieve a clearly defined 
        and enforceable agreement with allies of the United States 
        which establishes a multilateral export control system for the 
        proliferation of products and technologies to rogue regimes 
        that would jeopardize the national security of the United 
        States; and
            (2) the President should persuade allies of the United 
        States to promote mutual security interests by preventing rogue 
        regimes from obtaining militarily critical products and 
        technologies.

            Attest:






                                                             Secretary.

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