[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[S. 1963 Placed on Calendar Senate (PCS)]

                                                       Calendar No. 393

103d CONGRESS

  2d Session

                                S. 1963

                          [Report No. 103-240]

_______________________________________________________________________

                                 A BILL

   To permit certain financial institutions to engage in interstate 
                         banking and branching.

_______________________________________________________________________

             March 23 (legislative day, February 22), 1994

                 Read twice and placed on the calendar





                                                       Calendar No. 393
103d CONGRESS
  2d Session
                                S. 1963

                          [Report No. 103-240]

   To permit certain financial institutions to engage in interstate 
                         banking and branching.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

             March 23 (legislative day, February 22), 1994

 Mr. Riegle, from the Committee on Banking, Housing, and Urban Affairs, 
 reported the following original bill; which was read twice and placed 
                            on the calendar

_______________________________________________________________________

                                 A BILL


 
   To permit certain financial institutions to engage in interstate 
                         banking and branching.

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

SECTION 1. SHORT TITLE.

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

SEC. 2. 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) and 
                (3), 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.
            ``(3) 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.
            ``(4) Adequate capitalization.--For purposes of this 
        subsection, a bank holding company is `adequately capitalized' 
        if it meets or exceeds all applicable Federal regulatory 
        capital standards.''.
    (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', 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; and
            ``(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.''.
    (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. 3. 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 2 years 
                after the date of enactment of this subsection, 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.--In 
                order to assure that an out-of-State bank contributes a 
                fair share to a host State's revenues, 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 based upon an allocation 
                of net income, capital or net worth, and other factors 
                employed in computing such value pursuant to an 
                allocation method adopted by the host State's taxing 
                authorities pursuant to State law, if such method does 
                not have the effect of discriminating against out-of-
                State banks, out-of-State bank holding companies, or 
                subsidiaries thereof.
            ``(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 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) Laws enacted subsequent to authorization 
                date.--A law enacted by a State pursuant to 
                subparagraph (A) 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 during the 2-
        year period beginning on the date of enactment of this 
        subsection, 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 the end of the 2-year period 
                beginning on the date of enactment of this subsection.
            ``(8) Combinations after the expiration of 2-year period.--
        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) 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. 4. 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 paragraph:
            ``(3) Coordination of examination authority.--
                    ``(A) In general.--A State bank supervisor 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 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 failed to reach an agreement under 
                subparagraph (C), or that such an agreement fails to 
                adequately protect the deposit insurance funds, the 
                appropriate Federal banking agency shall not defer to 
                State examinations of branches operated in the host 
                State by out-of-State banks.''.
    (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 
        involved in an interstate combination authorized by section 
        3(h) of the Bank Holding Company Act of 1956 is located,'' 
        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 combination 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) The procedures, restrictions, and requirements set forth in 
this section apply to interstate combinations undertaken pursuant to 
and in accordance with section 3(h) of the Bank Holding Company Act of 
1956 to the extent that the procedures, restrictions, and requirements 
of this section are not inconsistent with that section 3(h).'';
            (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 in any State in which a bank 
                involved in an interstate combination authorized by 
                section 3(h) of the Bank Holding Company Act of 1956 is 
                located,'' 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 the transaction undertaken pursuant to 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) The procedures, restrictions, and requirements set forth 
in this section apply to interstate mergers undertaken pursuant to and 
in accordance with section 3(h) of the Bank Holding Company Act of 1956 
to the extent that the procedures, restrictions, and requirements of 
this section are not inconsistent with that section 3(h).
    ``(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 involved in an interstate combination 
        authorized by section 3(h) of the Bank Holding Company Act of 
        1956 is located,'' after ``within the same State,''.

SEC. 5. 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 approval 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; and
                    ``(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.''.
    (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. 6. 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. 7. 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''.