[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[S. 1633 Introduced in Senate (IS)]

103d CONGRESS
  1st Session
                                S. 1633

 To consolidate under a new Federal Banking Commission the supervision 
   of all depository institutions insured under the Federal Deposit 
                 Insurance Act, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

             November 8 (legislative day, November 2), 1993

Mr. Riegle (for himself and Mr. D'Amato) introduced the following bill; 
which was read twice and referred to the Committee on Banking, Housing, 
                           and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
 To consolidate under a new Federal Banking Commission the supervision 
   of all depository institutions insured under the Federal Deposit 
                 Insurance Act, 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; TABLE OF CONTENTS.

    (a) Short Title.--This Act may be cited as the ``Regulatory 
Consolidation Act of 1993''.
    (b) Table of Contents.--The table of contents for this Act is as 
follows:

Sec. 1. Short title; table of contents.
Sec. 2. Definitions.
                  TITLE I--FEDERAL BANKING COMMISSION

Sec. 101. Establishment. 
Sec. 102. Management.
Sec. 103. Federal banking commissioners.
Sec. 104. Powers and duties of the Commission.
Sec. 105. Conforming amendment relating to transfers of functions.
Sec. 106. Designated transfer date.
Sec. 107. Timing of initial appointments.
Sec. 108. Access by the Federal Reserve Board to the Commission's 
                            records.
            TITLE II--ABOLITION OF FEDERAL BANKING AGENCIES

Sec. 201. Office of Comptroller of the Currency and position of 
                            Comptroller of the Currency abolished.
Sec. 202. Office of Thrift Supervision and position of Director of the 
                            Office of Thrift Supervision abolished.
Sec. 203. Savings provisions.
Sec. 204. References in Federal law to Federal banking agencies.
Sec. 205. Disposition of affairs.
Sec. 206. Status of employees.
Sec. 207. Transfer of property.
Sec. 208. Conforming changes in Federal Deposit Insurance Corporation 
                            Board of Directors.
Sec. 209. Comptroller's currency-related functions repealed.
Sec. 210. Federal Financial Institutions Examination Council abolished.

SEC. 2. DEFINITIONS.

    For purposes of this Act, the following definitions shall apply:
            (1) Appointed commissioner.--The term ``appointed 
        commissioner'' means a commissioner appointed by the President 
        under section 102(3).
            (2) Chairperson.--The term ``Chairperson'' means the 
        Chairperson of the Federal Banking Commission.
            (3) Commission.--The term ``Commission'' means the Federal 
        Banking Commission.
            (4) Designated transfer date.--The term ``designated 
        transfer date'' means the date designated under section 106.
            (5) Secretary.--The term ``Secretary'' means the Secretary 
        of the Treasury.
            (6) Certain other terms.--The terms ``company'', 
        ``control'' (when used with respect to an insured depository 
        institution), and ``insured depository institution'' have the 
        same meaning as in section 3 of the Federal Deposit Insurance 
        Act.

                  TITLE I--FEDERAL BANKING COMMISSION

SEC. 101. ESTABLISHMENT.

    There is established the Federal Banking Commission as an 
independent establishment in the executive branch.

SEC. 102. MANAGEMENT.

    The management of the Commission shall be vested in 5 
commissioners, including--
            (1) the Secretary of the Treasury (or the Secretary's 
        designee);
            (2) 1 member of the Board of Governors of the Federal 
        Reserve System designated as a commissioner by resolution of 
        the Board of Governors; and
            (3) 3 commissioners appointed by the President, by and with 
        the advice and consent of the Senate, from among individuals 
        who are citizens of the United States.

SEC. 103. FEDERAL BANKING COMMISSIONERS.

    (a) Political Affiliation.--Not more than 3 commissioners may be 
members of the same political party.
    (b) Chairperson and Vice Chairperson.--
            (1) Chairperson.--The President shall, by and with the 
        advice and consent of the Senate, designate 1 of the appointed 
        commissioners, at the time of that person's appointment to the 
        Commission, to serve as the Chairperson of the Commission for a 
        term of 6 years (or, in the case of any appointment under 
        subsection (c)(2), for the remainder of the commissioner's term 
        as a commissioner).
            (2) Vice chairperson.--The President shall, by and with the 
        advice and consent of the Senate, designate 1 of the appointed 
        commissioners, at the time of that person's appointment to the 
        Commission, to serve as the Vice Chairperson of the Commission 
        for a term of 6 years (or, in the case of any appointment under 
        subsection (c)(2), for the remainder of the commissioner's term 
        as a commissioner).
            (3) Acting chairperson.--The Vice Chairperson shall act as 
        Chairperson if--
                    (A) the position of Chairperson is vacant; or
                    (B) the Chairperson is absent or disabled.
    (c) Appointed Commissioners' Terms.--
            (1) 6-year term.--Except as provided in paragraphs (3) and 
        (4), each appointed commissioner shall be appointed for a term 
        of 6 years.
            (2) Unexpired terms.--Any commissioner appointed to fill a 
        vacancy occurring before the end of the term to which the 
        commissioner's predecessor was appointed shall be appointed 
        only for the remainder of the term.
            (3) Initial appointments staggered.--Of the first 
        commissioners to be appointed under section 102(3)--
                    (A) 1 shall be appointed for a term to expire 6 
                years after the designated transfer date;
                    (B) 1 shall be appointed for a term to expire 4 
                years after the designated transfer date; and
                    (C) 1 shall be appointed for a term to expire 2 
                years after the designated transfer date,
        as designated by the President at the time of the appointment.
    (d) Vacancy.--Any vacancy on the Commission shall be filled in the 
same manner in which the original appointment was made.
    (e) Employment and Other Restrictions.--
            (1) In general.--During service on the Commission, no 
        commissioner may--
                    (A) hold any office or position, or otherwise be 
                employed by, any insured depository institution or 
                company having control of an insured depository 
                institution;
                    (B) hold stock or other securities of any insured 
                depository institution or company having control of an 
                insured depository institution;
                    (C) serve as an officer, director, or employee of 
                any Federal Reserve bank or Federal home loan bank; or
                    (D) serve as an officer, director, or employee of 
                any organization other than a nonprofit organization 
                organized for charitable, educational, or other public 
                purposes.
            (2) Certification.--Upon taking office, each commissioner 
        shall file with the Commission a certification under penalty of 
        perjury that the commissioner is in compliance with paragraph 
        (1).
            (3) Appointed commissioners' post-service employment 
        restricted.--
                    (A) In general.--No appointed commissioner may hold 
                any office or position in, or otherwise be employed by, 
                any insured depository institution or company having 
                control of an insured depository institution, during 
                the 2-year period beginning on the date on which the 
                commissioner ceases to serve on the Commission.
                    (B) Exception for commissioners who serve full 
                terms.--Subparagraph (A) does not apply to any 
                commissioner who has served the full term for which 
                that commissioner was appointed.
    (f) Compensation.--
            (1) Chairperson.--Section 5313 of title 5, United States 
        Code, is amended by adding at the end the following new item:
            ``Chairperson of the Federal Banking Commission.''.
            (2) Other appointed commissioners.--Section 5314 of title 
        5, United States Code, is amended by adding at the end the 
        following new item:
            ``Presidentially appointed members of the Federal Banking 
        Commission (2).''.

SEC. 104. POWERS AND DUTIES OF THE COMMISSION.

    (a) Regulation of National Banks.--
            (1) Transfer of functions.--All functions of the 
        Comptroller of the Currency are transferred to the Commission.
            (2) Commission's authority.--The Commission shall have all 
        powers and duties that were vested in the Comptroller of the 
        Currency before the designated transfer date.
    (b) Regulation of Savings Associations and Savings and Loan Holding 
Companies.--
            (1) Transfer of functions.--All functions of the Director 
        of the Office of Thrift Supervision are transferred to the 
        Commission.
            (2) Commission's authority.--The Commission shall have all 
        powers and duties that were vested in the Director of the 
        Office of Thrift Supervision before the designated transfer 
        date.
    (c) Regulation of Member Banks, Bank Holding Companies and 
Affiliates, and Various International Banking Entities.--
            (1) Transfer of functions.--All functions of the Board of 
        Governors of the Federal Reserve System (and any Federal 
        Reserve bank) relating to the supervision and regulation of the 
        following entities are transferred to the Commission:
                    (A) Banks that are members of the Federal Reserve 
                System.
                    (B) Bank holding companies and their subsidiaries 
                and affiliates.
                    (C) Companies operating under the International 
                Banking Act of 1978 and sections 25 and 25A of the 
                Federal Reserve Act.
                    (D) Companies that are subject to supervision or 
                regulation by the Board of Governors of the Federal 
                Reserve System under any title of the Consumer Credit 
                Protection Act.
            (2) Commission's authority.--The Commission shall have all 
        powers and duties that, before the designated transfer date, 
        were vested in the Board of Governors of the Federal Reserve 
        System under the following provisions of law:
                    (A) Sections 6 (other than the 1st and 2d 
                paragraphs), 9, 19(h), 23, 23A, 23B, 24(a), 24A, 25, 
                25A, and 29, and subsections (g) and (h) of section 22, 
                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 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 
                Interlocks 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.
                    (T) The Depository Institutions Disaster Relief Act 
                of 1992.
    (d) Regulation of State Nonmember Banks.--
            (1) Transfer of functions.--
                    (A) In general.--Except as provided in subparagraph 
                (B), all functions of the Federal Deposit Insurance 
                Corporation (and its Board of Directors) relating to 
                the supervision and regulation of State nonmember banks 
                are transferred to the Commission.
                    (B)  Insurance-related functions excepted.--The 
                functions of the Federal Deposit Insurance Corporation 
                relating to insurance, conservatorship, or receivership 
                functions shall not be transferred to the Commission.
            (2) Commission's authority.--The Commission shall have all 
        powers and duties that, before the designated transfer date, 
        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, and 39, subsections (b) through (n), 
                (r), (s), (u), and (v) of section 8, subsections 
                (b)(2)(A), (c), (d), and (e) of section 10, and 
                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 
                Interlocks 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.
                    (M) The Depository Institutions Disaster Relief Act 
                of 1992.
    (e) Schools for Examiners.--All functions of the Federal Financial 
Institutions Examination Council relating to the conduct of schools for 
examiners and assistant examiners pursuant to section 1006(d) of the 
Federal Financial Institutions Examination Council Act of 1978 (12 
U.S.C. 3305(d)) are transferred to the Commission.
    (f) Effective Date.--Subsections (a) through (e) shall become 
effective on the designated transfer date.
    (g) Regulations and Orders.--In addition to any powers transferred 
to the Commission under subsections (a) through (e), the Commission may 
prescribe such regulations and issue such orders as the Commission may 
determine to be appropriate to carry out this Act and the powers and 
duties of the Commission transferred under subsections (a) through (e).

SEC. 105. CONFORMING AMENDMENT RELATING TO TRANSFERS OF FUNCTIONS.

    Effective on the designated transfer date, 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.''.

SEC. 106. DESIGNATED TRANSFER DATE.

    (a) In General.--Not later than 60 days after the date of enactment 
of this Act, the Secretary, in consultation with the Comptroller of the 
Currency, the Director of the Office of Thrift Supervision, the 
Chairman of the Board of Governors of the Federal Reserve System, and 
the Chairperson of the Federal Deposit Insurance Corporation, shall, by 
order, designate a single calendar date by which to complete the 
transfer of functions to the Commission under section 104.
    (b) Amended Designation.--The Secretary may, by order, change the 
date designated under subsection (a).
    (c) Permissible Dates.--
            (1) In general.--Except as provided in paragraph (2), any 
        date designated under this section shall be not earlier than 
        120 days nor later than 300 days after the date of enactment of 
        this Act.
            (2) Extension of time.--The Secretary may designate a date 
        that is later than 300 days after the date of enactment of this 
        Act if the Secretary transmits to the Committee on Banking, 
        Housing, and Urban Affairs of the Senate and the Committee on 
        Banking, Finance and Urban Affairs of the House of 
        Representatives a written certification that orderly 
        implementation of this Act is not feasible before the last date 
        designated under this section together with--
                    (A) an explanation of why orderly implementation of 
                this Act is not feasible before any other date 
                designated under this section;
                    (B) a description of the steps that have been taken 
                to effect an orderly implementation of this Act--
                            (i) within the period described in 
                        paragraph (1); or
                            (ii) if the Secretary has previously 
                        designated a date under this paragraph, before 
                        that date; and
                    (C) a description of the steps that will be taken 
                to effect an orderly and timely implementation of this 
                Act.
            (3) Extension limitation.--In no case shall any date 
        designated under this section be later than 450 days after the 
        date of enactment of this Act.

SEC. 107. TIMING OF INITIAL APPOINTMENTS.

    It is the sense of the Senate that--
            (1) it is highly desirable that all of the first 
        commissioners to be appointed by the President under section 
        102(3) be appointed and qualified not later than 20 days before 
        the designated transfer date; and
            (2) accordingly--
                    (A) the President should transmit those 
                commissioners' appointments to the Senate not later 
                than 90 days before the designated transfer date; and
                    (B) the Committee on Banking, Housing, and Urban 
                Affairs of the Senate should act on those appointments 
                not later than 45 days before the designated transfer 
                date.

SEC. 108. ACCESS BY THE FEDERAL RESERVE BOARD TO THE COMMISSION'S 
              RECORDS.

    For the purpose of carrying out its functions under the Federal 
Reserve Act, the Board of Governors of the Federal Reserve System shall 
have access to--
            (1) all books, accounts, records, reports, files, 
        memoranda, papers, things, property belonging to or in use by 
        the Commission; and
            (2) all reports of examination;
that relate to insured depository institutions or other depository 
institutions (as defined in section 19(b)(1)(A) of the Federal Reserve 
Act) or companies having control of insured depository institutions or 
other depository institutions; and together with related work papers 
and correspondence files, and all without any deletions.

            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 on the designated transfer date, the 
Office of the Comptroller of the Currency and the position of 
Comptroller of the Currency are abolished.
    (b) Technical and Conforming Amendments.--Effective--
            (1) on the designated transfer date--
                    (A) chapter 9 of title VII of the Revised Statutes 
                is amended by striking sections 324, 325, and 326; and
                    (B) subchapter I of chapter 3 of title 31, United 
                States Code, is amended by striking section 307; and
            (2) 90 days after the designated transfer date, section 
        5314 of title 5, United States Code, is amended by striking 
        ``Comptroller of the Currency.''.

SEC. 202. OFFICE OF THRIFT SUPERVISION AND POSITION OF DIRECTOR OF THE 
              OFFICE OF THRIFT SUPERVISION ABOLISHED.

    (a) In General.--Effective on the designated transfer date, the 
Office of Thrift Supervision and the position of Director of the Office 
of Thrift Supervision are abolished.
    (b) Technical and Conforming Amendments.--Effective--
            (1) on the designated transfer date--
                    (A) the Home Owners' Loan Act (12 U.S.C. 1461 et 
                seq.) is amended by striking section 3; and
                    (B) subchapter I of chapter 3 of title 31, United 
                States Code, is amended by striking section 309; and
            (2) 90 days after the designated transfer date, section 
        5314 of title 5, United States Code is amended by striking 
        ``Director of the Office of Thrift Supervision.''.

SEC. 203. SAVINGS PROVISIONS.

    (a) Savings Provisions Relating to the Comptroller of the 
Currency.--
            (1) Existing rights, duties, and obligations not 
        affected.--Sections 104(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, that existed 
        on the day before the designated transfer date.
            (2) Continuation of suits.--This Act shall not abate any 
        proceeding commenced by or against the Comptroller of the 
        Currency or the Office of the Comptroller of the Currency, 
        except that the Commission shall be substituted for the 
        Comptroller or the Office as a party to any such proceeding as 
        of the designated transfer date.
    (b) Savings Provisions Relating to the Director of the Office of 
Thrift Supervision.--
            (1) Existing rights, duties, and obligations not 
        affected.--Sections 104(b)(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, that existed 
        on the day before the designated transfer date.
            (2) Continuation of suits.--This Act shall not abate any 
        proceeding commenced by or against the Director of the Office 
        of Thrift Supervision or the Office of Thrift Supervision, 
        except that the Commission shall be substituted for the 
        Director or the Office as a party to any such proceeding as of 
        the designated transfer date.
    (c) Savings Provisions Relating to the Board of Governors of the 
Federal Reserve System.--
            (1) Existing rights, duties, and obligations not 
        affected.--Section 104(c)(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 
        that--
                    (A) arises under any provision of law referred to 
                in section 104(c)(1); and
                    (B) existed on the day before the date of enactment 
                of this Act.
            (2) Continuation of suits.--This Act shall not abate any 
        proceeding commenced by or against the Board of Governors of 
        the Federal Reserve System with respect to any function 
        transferred to the Commission, except that the Commission shall 
        be substituted for the Board of Governors as a party to any 
        such proceeding as of the designated transfer date.
    (d) Savings Provisions Relating to the Federal Deposit Insurance 
Corporation.--
            (1) Existing rights, duties, and obligations not 
        affected.--Section 104(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 that Corporation, or any other person, that--
                    (A) arises under any provision of law referred to 
                in section 104(d)(2); and
                    (B) existed on the day before the designated 
                transfer date.
            (2) Continuation of suits.--This Act shall not abate any 
        proceeding commenced by or against the Federal Deposit 
        Insurance Corporation or the Board of Directors of that 
        Corporation with respect to any function transferred to the 
        Commission, except that the Commission shall be substituted for 
        the Corporation or Board of Directors, as the case may be, as a 
        party to any such proceeding as of the designated transfer 
        date.
    (e) Continuation of Orders, Resolutions, Determinations, and 
Regulations.--All orders, resolutions, determinations, and regulations, 
which have been issued, made, prescribed, or allowed to become 
effective by the Comptroller of the Currency, the Director of the 
Office of Thrift Supervision, the Board of Governors of the Federal 
Reserve System, or the Federal Deposit Insurance Corporation (including 
orders, resolutions, determinations, and regulations that relate to the 
conduct of conservatorships and receiverships), or by a court of 
competent jurisdiction, in the performance of functions that are 
transferred by this Act and that are in effect on the designated 
transfer date, shall continue in effect according to the terms of those 
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 of 
Governors under any provision of law referred to in section 104(c)(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 104(d)(2) shall be deemed to be a reference to the 
Federal Banking Commission.

SEC. 205. DISPOSITION OF AFFAIRS.

    (a) In General.--During the 90-day period beginning on the 
designated transfer date, the Board of Governors of the Federal Reserve 
System, the Board of Directors of the Federal Deposit Insurance 
Corporation, the Comptroller of the Currency, and the Director of the 
Office of Thrift Supervision--
            (1) shall, solely for the purpose of winding up the affairs 
        of their respective agencies related to any functions 
        transferred to the Commission under this Act--
                    (A) manage the employees of those agencies and 
                provide for the payment of the compensation and 
                benefits of any such employee which accrue before the 
                designated transfer date; and
                    (B) manage any property of those agencies until the 
                property is transferred under section 209; and
            (2) may take any other action necessary to wind up the 
        affairs of their respective agencies relating to the 
        transferred functions.
    (b) Authority and Status of Executives.--
            (1) In general.--Notwithstanding the transfers of functions 
        under this Act, the Board of Governors of the Federal Reserve 
        System, the Board of Directors of the Federal Deposit Insurance 
        Corporation, the Comptroller of the Currency, and the Director 
        of the Office of Thrift Supervision shall, during the 90-day 
        period beginning on the designated transfer date, have any 
        authority vested in those persons before that date that is 
        necessary to carry out the requirements of this Act during that 
        period.
            (2) Other provisions.--For purposes of paragraph (1), the 
        Comptroller of the Currency and the Director of the Office of 
        Thrift Supervision shall continue--
                    (A) to be treated as officers of the United States 
                during the 90-day period referred to in paragraph (1); 
                and
                    (B) to be entitled to receive compensation during 
                that period at the same annual rate of basic pay that 
                they were receiving before the designated transfer 
                date.

SEC. 206. STATUS OF EMPLOYEES.

    (a) Status of Employees Before Transfer.--The transfer of functions 
under this Act and the abolition of the Office of the Comptroller of 
the Currency and the Office of Thrift Supervision shall not be 
construed as affecting the status of those agencies' employees as 
employees of an agency of the United States for purposes of any other 
provision of law.
    (b) Continuation of Services.--
            (1) Use of employees and property.--The Commission may use 
        the services of employees and other personnel and the property 
        of the Office of the Comptroller of the Currency, the Office of 
        Thrift Supervision, the Board of Governors of the Federal 
        Reserve System, and the Federal Deposit Insurance Corporation, 
        on a reimbursable basis, to perform functions that have been 
        transferred from those agencies for such time as is reasonable 
        to facilitate the orderly transfer of functions under this Act.
            (2) Agency services.--Any agency, department, or other 
        instrumentality of the United States, and any successor to any 
        such agency, department, or instrumentality, that was providing 
        supporting services to the Office of the Comptroller of the 
        Currency, the Office of Thrift Supervision, the Board of 
        Governors of the Federal Reserve System, or the Federal Deposit 
        Insurance Corporation, before the designated transfer date 
        shall, in connection with those transfers to the Commission--
                    (A) continue to provide those services, on a 
                reimbursable basis, until the transfer of those 
                functions is complete; and
                    (B) consult with any such agency to coordinate and 
                facilitate a prompt and orderly transition.
    (c) Transfer of Employees.--Employees of the Office of the 
Comptroller of the Currency and the Office of Thrift Supervision, and 
employees of the Board of Governors of the Federal Reserve System, and 
the Federal Deposit Insurance Corporation engaged in performing 
functions transferred to the Commission on the designated transfer 
date, shall be transferred to the Commission.
    (d) Rights of Employees.--Employees transferred under subsection 
(c) shall have the following rights:
            (1) Transfer.--Each employee shall be transferred to the 
        Commission for employment not later than 90 days after the 
        designated transfer date, and the transfer shall be deemed a 
        transfer of function for the purpose of section 3503 of title 
        5, United States Code.
            (2) Equal position.--Each transferred employee shall be 
        guaranteed a position with not less than the same status, 
        tenure, and pay as that held December 31, 1992.
            (3) 1-year preservation of permanent positions.--No 
        employee holding a permanent position shall be involuntarily 
        separated or reduced in grade or compensation for 1 year after 
        the date of transfer, except for cause.
            (4) Special appointment authority.--In the case of 
        employees occupying positions in the excepted service or the 
        Senior Executive Service, any appointment authority established 
        pursuant to law or regulations of the Office of Personnel 
        Management for filling such positions shall be transferred.
            (5) Work force reorganization.--If the Commission 
        determines, after the end of the 1-year period beginning on the 
        designated transfer date, that a reorganization of the combined 
        work force is required, that reorganization shall be deemed a 
        ``major reorganization'' for purposes of affording affected 
        employees retirement under section 8336(d)(2) or 8414(b)(1)(B) 
        of title 5, United States Code.
            (6) Employee benefit programs.--Any employee transferred to 
        the Commission may retain for 1 year after the date the 
        transfer occurs membership in any employee benefit program of 
        the transferring agency, including insurance, to which the 
        employee belongs on the designated transfer date if--
                    (A) the employee does not elect to give up the 
                benefit or membership in the program; and
                    (B) the benefit or program is continued by the 
                Commission.
        The Commission shall pay the difference in the costs between 
        the benefits which would have been provided by the agency or 
        entity and those provided by this section. If any employee 
        elects to give up membership in a health insurance program or 
        the Commission does not continue the health insurance program, 
        the employee shall be permitted to select an alternate Federal 
        health insurance program not later than 30 days after the 
        election or notice, without regard to any regularly scheduled 
        open season.
            (7) Senior executive service employees.--A transferring 
        employee in the Senior Executive Service shall be placed in a 
        comparable position at the agency or entity to which the 
        employee is transferred.
            (8) Notice of position assignments.--Transferring employees 
        shall receive notice of their position assignments not later 
        than 120 days after the effective date of their transfer.

SEC. 207. TRANSFER OF PROPERTY.

    (a) In General.--Not later than the end of the 90-day period 
beginning on the designated transfer date--
            (1) the property of the Office of the Comptroller of the 
        Currency and the Office of Thrift Supervision shall be 
        transferred to the Commission; and
            (2) any property of the Board of Governors of the Federal 
        Reserve System and the Federal Deposit Insurance Corporation 
        used in performing functions of those agencies transferred to 
        the Commission under this Act shall be transferred to the 
        Commission.
    (b) Preservation of Property.--Property transferred under this 
section shall not be altered, destroyed, or deleted before transfer 
under this section.
    (c) Property Defined.--For purposes of this section, the term 
``property'' includes all real property, books, accounts, records, 
reports, files, memoranda, paper, reports of examination, work papers 
and correspondence related to such reports, and any other information 
or materials of the agencies specified in subsection (a) on the 
designated transfer date.
    (d) Administrative Provision.--For purposes of this section, the 
Board of Governors of the Federal Reserve System and the Board of 
Directors of the Federal Deposit Insurance Corporation shall determine 
what property is used in performing functions to be transferred under 
this Act.

SEC. 208. CONFORMING CHANGES IN FEDERAL DEPOSIT INSURANCE CORPORATION 
              BOARD OF DIRECTORS.

    (a) In General.--Subparagraphs (A) and (B) of section 2(a)(1) of 
the Federal Deposit Insurance Act (12 U.S.C. 1812(a)(1)) are amended to 
read as follows:
            ``(A) 1 of whom is the Secretary of the Treasury (or the 
        Secretary's designee);
            ``(B) 1 of whom is the Chairperson of the Federal Banking 
        Commission; and''.
    (b) Vacancy.--Section 2(d)(2) of the Federal Deposit Insurance Act 
(12 U.S.C. 1812(d)(2)) is amended to read as follows:
            ``(2) Acting official may serve.--
                    ``(A) Secretary of the treasury.--In the event of a 
                vacancy in the position of the Secretary of the 
                Treasury or during the absence or disability of the 
                Secretary of the Treasury, the acting Secretary or the 
                acting Secretary's designee shall serve as a member of 
                the Board of Directors.
                    ``(B) Chairperson of the federal banking 
                commission.--In the event of a vacancy in the position 
                of Chairperson of the Federal Banking Commission or 
                during the absence or disability of the Chairperson, 
                the acting Chairperson shall serve as a member of the 
                Board of Directors.''.

SEC. 209. COMPTROLLER'S CURRENCY-RELATED FUNCTIONS REPEALED.

    (a) Obsolete Currency Provisions Repealed.--
            (1) Repeal of revised statutes provisions.--The following 
        sections of the Revised Statutes are repealed:
                    (A) Section 5203 (12 U.S.C. 87).
                    (B) Section 5206 (12 U.S.C. 88).
                    (C) Section 5196 (12 U.S.C. 89).
                    (D) Section 5158 (12 U.S.C. 102).
                    (E) Section 5159 (12 U.S.C. 101a).
                    (F) Section 5172 (12 U.S.C. 104).
                    (G) Section 5173 (12 U.S.C. 107).
                    (H) Section 5174 (12 U.S.C. 108).
                    (I) Section 5182 (12 U.S.C. 109).
                    (J) Section 5183 (12 U.S.C. 110).
                    (K) Section 5195 (12 U.S.C. 123).
                    (L) Section 5184 (12 U.S.C. 124).
                    (M) Section 5226 (12 U.S.C. 131).
                    (N) Section 5227 (12 U.S.C. 132).
                    (O) Section 5228 (12 U.S.C. 133).
                    (P) Section 5229 (12 U.S.C. 134).
                    (Q) Section 5230 (12 U.S.C. 137).
                    (R) Section 5231 (12 U.S.C. 138).
                    (S) Section 5232 (12 U.S.C. 135).
                    (T) Section 5233 (12 U.S.C. 136).
                    (U) Section 5185 (12 U.S.C. 151).
                    (V) Section 5186 (12 U.S.C. 152).
                    (W) Section 5160 (12 U.S.C. 168).
                    (X) Section 5161 (12 U.S.C. 169).
                    (Y) Section 5162 (12 U.S.C. 170).
                    (Z) Section 5163 (12 U.S.C. 171).
                    (AA) Section 5164 (12 U.S.C. 172).
                    (BB) Section 5165 (12 U.S.C. 173).
                    (CC) Section 5166 (12 U.S.C. 174).
                    (DD) Section 5167 (12 U.S.C. 175).
                    (EE) Section 5222 (12 U.S.C. 183).
                    (FF) Section 5223 (12 U.S.C. 184).
                    (GG) Section 5224 (12 U.S.C. 185).
                    (HH) Section 5225 (12 U.S.C. 186).
                    (II) Section 5237 (12 U.S.C. 195).
            (2) Currency provisions in other statutes repealed.--The 
        following provisions of law are repealed:
                    (A) Section 12 of the Act entitled ``An Act to 
                define and fix the standard of value, to maintain the 
                parity of all forms of money issued or coined by the 
                United States, to refund the public debt, and for other 
                purposes.'' and approved March 14, 1900 (12 U.S.C. 
                101).
                    (B) Section 3 of the Act entitled ``An Act to amend 
                the laws relating to the denominations, and notes by 
                national banks and to permit the issuance of notes of 
                small denominations, and for other purposes.'' and 
                approved October 5, 1917 (12 U.S.C. 103).
                    (C) The following sections of the Act entitled ``An 
                Act fixing the amount of United States notes, providing 
                for a redistribution of the national-bank currency, and 
                for other purposes.'' and approved June 20, 1874:
                            (i) Section 5 (12 U.S.C. 105).
                            (ii) Section 3 (12 U.S.C. 121).
                            (iii) Section 8 (12 U.S.C. 126).
                            (iv) Section 4 (12 U.S.C. 176).
                    (D) The following sections of the Act entitled ``An 
                Act to enable national-banking associations to extend 
                their corporate existence, and for other purposes.'' 
                and approved July 12, 1882:
                            (i) Section 8 (12 U.S.C. 177).
                            (ii) Section 9 (12 U.S.C. 178).
            (3) Other statutes repealed.--
                    (A) The Act entitled ``An Act to amend the National 
                Bank Act in providing for redemption of national bank 
                notes stolen from or lost by banks of issue.'' and 
                approved July 28, 1892 (12 U.S.C. 125) is repealed.
                    (B) The Act entitled ``An Act authorizing the 
                conversion of national gold banks.'' and approved 
                February 14, 1880 (12 U.S.C. 153) is repealed.
    (b) Federal Reserve Act and Other Laws Amended.--
            (1) Federal reserve act.--
                    (A) The 1st sentence of the 8th undesignated 
                paragraph of section 16 of the Federal Reserve Act (12 
                U.S.C. 418) is amended by striking ``the Comptroller of 
                the Currency shall, under the direction of the 
                Secretary of the Treasury,'' and inserting ``the 
                Secretary of the Treasury shall''.
                    (B) The 9th undesignated paragraph of section 16 of 
                the Federal Reserve Act (12 U.S.C. 419) is amended to 
                read as follows: ``When such notes have been prepared, 
                the notes shall be delivered to the Board of Governors 
                of the Federal Reserve System subject to the order of 
                the Secretary of the Treasury for the delivery of such 
                notes in accordance with this Act.''.
                    (C) The 10th undesignated paragraph of section 16 
                of the Federal Reserve Act (12 U.S.C. 420) is amended--
                            (i) by striking ``Comptroller of the 
                        Currency'' and inserting ``Secretary of the 
                        Treasury''; and
                            (ii) by striking ``Federal Reserve Board'' 
                        and inserting ``Board of Governors of the 
                        Federal Reserve System''.
                    (D) The 11th undesignated paragraph of section 16 
                of the Federal Reserve Act (12 U.S.C. 421) is amended 
                to read as follows: ``The Secretary of the Treasury may 
                examine the plates, dies, bed pieces, and other 
                material used in the printing of Federal Reserve notes 
                and may issue regulations relating to such 
                examinations.''.
            (2) Other laws.--
                    (A) The Act entitled ``An Act to provide for the 
                redemption of national-bank notes, Federal Reserve 
                notes, and Federal Reserve notes which cannot be 
                identified as to the bank of issue.'' and approved June 
                13, 1933, is amended--
                            (i) in the 1st section (12 U.S.C. 121a)--
                                    (I) by striking ``whenever any 
                                national-bank notes, Federal Reserve 
                                bank notes,'' and inserting ``whenever 
                                any Federal Reserve bank notes''; and
                                    (II) by striking ``, and the notes, 
                                other than Federal Reserve notes, so 
                                redeemed shall be forwarded to the 
                                Comptroller of the Currency for 
                                cancellation and destruction''; and
                            (ii) in the 2d section (12 U.S.C. 122a)--
                                    (I) by striking ``National-bank 
                                notes and''; and
                                    (II) by striking ``national-bank 
                                notes and''.
                    (B) The 1st section of the Act entitled ``An Act 
                making appropriations for sundry civil expenses of the 
                Government for the fiscal year ending June thirtieth, 
                eighteen hundred and seventy-six, and for other 
                purposes.'' and approved March 3, 1875 (12 U.S.C. 106), 
                is amended in the first paragraph that appears under 
                the heading ``National currency.'' by striking 
                ``Secretary of the Treasury: Provided, That'' and all 
                that follows through the period and inserting 
                ``Secretary of the Treasury.''.
                    (C) The Act entitled ``An Act to simplify the 
                accounts of the Treasurer of the United States, and for 
                other purposes.'' and approved October 10, 1940 (12 
                U.S.C. 177a) is amended by striking all after the 
                enacting clause and inserting the following: ``The cost 
                of transporting and redeeming outstanding national bank 
                notes and Federal Reserve bank notes as may be 
                presented to the Treasurer of the United States for 
                redemption shall be paid from the regular annual 
                appropriation for the Department of the Treasury.''.
                    (D) Section 5234 of the Revised Statutes (12 U.S.C. 
                192) is amended by striking ``has refused to pay its 
                circulating notes as therein mentioned, and''.
                    (E) Section 5236 of the Revised Statutes (12 U.S.C. 
                194) is amended by striking ``, after full provision 
                has been first made for refunding to the United States 
                any deficiency in redeeming the notes of such 
                association,''.
                    (F) Section 5238 of the Revised Statutes (12 U.S.C. 
                196) is amended by striking the first sentence.
                    (G) Section 5119(b)(2) of title 31, United States 
                Code, is amended by adding at the end the following: 
                ``The Secretary shall not be required to reissue United 
                States currency notes upon redemption.''.

SEC. 210. FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL ABOLISHED.

    (a) In General.--The Federal Financial Institutions Examination 
Council is abolished.
    (b) Conforming Amendments.--
            (1) In general.--The Federal Financial Institutions 
        Examination Council Act of 1978 is amended by striking sections 
        1002, 1004, 1005, 1007, 1008, 1009, and 1009A.
            (2) Training.--Section 1006 of the Federal Financial 
        Institutions Examination Council Act of 1978 (12 U.S.C. 3305) 
        is amended by striking subsections (a), (b), (c), (e), and (f).
            (3) Definition.--Section 1003 of the Federal Financial 
        Institutions Examination Council Act of 1978 (12 U.S.C. 3302) 
        is amended--
                    (A) by inserting ``and'' at the end of paragraph 
                (1);
                    (B) by striking paragraph (2); and
                    (C) by redesignating paragraph (3) as paragraph 
                (2).
    (c) Redesignation of Appraisal Subcommittee.--
            (1) In general.--The Appraisal Subcommittee established by 
        section 1011 of the Federal Financial Institutions Examination 
        Council Act of 1978 (12 U.S.C. 3310) shall be redesignated the 
        ``Appraisal Committee''.
            (2) Amendment to section 1011.--The first sentence of 
        section 1011 of the Federal Financial Institutions Examination 
        Council Act of 1978 (12 U.S.C. 3310) is amended to read as 
        follows: ``There shall be a committee to be known as the 
        `Appraisal Committee', which shall consist of the designees of 
        the Chairperson of the Federal Banking Commission, the 
        Chairperson of the Federal Deposit Insurance Corporation, and 
        the Chairman of the National Credit Union Administration 
        Board.''.
            (3) Amendment to section heading.--The heading of section 
        1011 of the Federal Financial Institutions Examination Council 
        Act of 1978 is amended to read as follows:

``SEC. 1011. ESTABLISHMENT OF APPRAISAL COMMITTEE.''.

    (d) References in Other Law.--Any reference in any Federal law to 
the Federal Financial Institutions Examination Council shall be deemed 
to be a reference to the Commission.
    (e) Effective Date.--This section and the amendments made by this 
section shall take effect on the designated transfer date.

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