[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3407 Introduced in House (IH)]


104th CONGRESS
  2d Session
                                H. R. 3407

   To establish the Thrift Charter Merger Commission, and for other 
                               purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 7, 1996

   Mr. Roth introduced the following bill; which was referred to the 
  Committee on Banking and Financial Services, and in addition to the 
 Committee on Rules, for a period to be subsequently determined by the 
  Speaker, in each case for consideration of such provisions as fall 
           within the jurisdiction of the committee concerned

_______________________________________________________________________

                                 A BILL


 
   To establish the Thrift Charter Merger Commission, and for other 
                               purposes.

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

SECTION 1. SHORT TITLE; PURPOSES.

    (a) Short Title.--This Act may be cited as the ``Thrift Charter 
Merger Commission Act of 1996''.
    (b) Purpose.--It is the purpose of this Act to establish a 
nonpartisan commission to--
            (1) examine the complex legal and public policies issues 
        involved in the proposed elimination of savings association 
        charters and the conversion of such institutions into banks, 
        the short- and long-term consequences of such proposed actions 
        on the financial services industry and consumers, and other 
        related issues;
            (2) make recommendations to the Congress on the most 
        efficient, fairest, and least disruptive way to achieve the 
        conversion of such institutions into banks and resolve the 
        legal, policy, and other issues relating to the holding 
        companies of such associations; and
            (3) review ways to rationalize the regulation of depository 
        institutions and reorganize the Federal banking agencies.

SEC. 2. ESTABLISHMENT.

    There is hereby established a commission to be known as the 
``Thrift Charter Merger Commission'' (hereafter in this Act referred to 
as the ``Commission'').

SEC. 3. MEMBERSHIP.

    (a) Number and Appointment.--
            (1) In general.--The Commission shall be composed of 8 
        members appointed by the President, by and with the advise and 
        consent of the Senate, from among individuals especially 
        qualified to serve on such Commission by reason of their 
        education, training, and experience.
            (2) Nomination schedule.--The President shall transmit to 
        the Senate the nominations for appointment to the Commission by 
        no later than February 15, 1997.
            (3) Consultation with congress.--In selecting individuals 
        for nomination for appointments to the Commission, the 
        President should consult with--
                    (A) the Speaker of the House of Representatives 
                concerning the appointment of 2 members;
                    (B) the majority leader of the Senate concerning 
                the appointment of 2 members;
                    (C) the minority leader of the House of 
                Representatives concerning the appointment of 1 member; 
                and
                    (D) the minority leader of the Senate concerning 
                the appointment of 1 member.
            (4) Prohibition on appointment of federal officers or 
        employees to commission.--No officer or employee of any Federal 
        department or agency, including any member of the Board of 
        Governors of the Federal Reserve System, may be appointed as a 
        member of the Commission.
            (5) Balance of interests.--Recognizing that the individuals 
        with the experience and expertise which qualify them for 
        service on the Commission are likely to have been employed by 
        or represented depository institutions or Federal banking 
        agencies, the President, in the consultations pursuant to 
        paragraph (3) and the selection of individuals for nominations 
        for appointments to the Commission, shall seek to attain a 
        balance in the interests represented, at the time of the 
        nomination or in the past, by members of the Commission.
    (b) Chairperson.--At the time the President nominates individuals 
for appointment to the Commission, the President shall designate one 
such individual who shall serve as Chairperson of the Commission.
    (c) Terms.--Each member of the Commission shall serve for the life 
of the Commission.
    (d) Public Meetings.--
            (1) In general.-- Each meeting of the Commission, other 
        than meetings in which classified information is to be 
        discussed, shall be open to the public.
            (2) Open to members of congress.--All the proceedings, 
        information, and deliberations of the Commission shall be open, 
        upon request, to the following:
                    (A) The Chairman and the ranking minority party 
                member of the Committee on Banking, Housing, and Urban 
                Affairs of the Senate, or such other members of such 
                committee as may be designated by such Chairman or 
                ranking minority party member.
                    (B) The Chairman and the ranking minority party 
                member of the Subcommittee on Financial Institutions 
                and Regulatory Relief of the Committee on Banking, 
                Housing, and Urban Affairs of the Senate, or such other 
                members of such subcommittee as may be designated by 
                such Chairman or ranking minority party member.
                    (C) The Chairman and the ranking minority party 
                member of the Committee on Banking and Financial 
                Services of the House of Representatives, or such other 
                members of the committee as may be designated by such 
                Chairman or ranking minority party member.
                    (D) The Chairman and ranking minority party member 
                of the Subcommittee on Financial Institutions and 
                Consumer Credit of the Committee on Banking and 
                Financial Services of the House of Representatives, or 
                such other members of the subcommittee as may be 
                designated by such Chairman or ranking minority party 
                member.
    (e) Vacancies.--A vacancy on the Commission shall be filled in the 
same manner as the original appointment.
    (f) Pay and Travel Expenses.--
            (1) Pay of members of commission.--
                    (A) In general.--Each member of the Commission, 
                other than the Chairperson, shall be paid at a rate 
                equal to the daily equivalent of the minimum annual 
                rate of basic pay payable for level IV of the Executive 
                Schedule under section 5315 of title 5, United States 
                Code, for each day (including travel time) during which 
                the member is engaged in the actual performance of 
                duties vested in the Commission.
                    (B) Chairperson.--The Chairperson of the Commission 
                shall be paid for each day referred to in subparagraph 
                (A) at a rate equal to the daily equivalent of the 
                minimum annual rate of basic pay payable for level III 
                of the Executive Schedule under section 5314 of title 
                5, United States Code.
            (2) Travel expenses.--Members shall receive travel 
        expenses, including per diem in lieu of subsistence, in 
        accordance with sections 5702 and 5703 of title 5, United 
        States Code.
    (g) Nonapplicability of Federal Advisory Committee Act.--The 
Federal Advisory Committee Act shall not apply with respect to the 
Commission.

SEC. 4. DIRECTOR AND STAFF OF COMMISSION.

    (a) Director.--
            (1) Appointment.--The Commission shall have a Director who 
        shall be appointed by the Commission.
            (2) Pay.--The Director shall be paid at the rate of basic 
        pay payable for level IV of the Executive Schedule.
    (b) Staff.--
            (1) Appointment.--The Director, with the approval of the 
        Commission, may appoint and fix the pay of such additional 
        personnel as the Director considers appropriate.
            (2) Pay.--An individual appointed pursuant to paragraph (1) 
        may not receive pay in excess of the annual rate of basic pay 
        payable for level V of the Executive Schedule.
    (c) Applicability of Certain Civil Service Laws.--The Director and 
staff of the Commission may be--
            (1) appointed without regard to the provisions of title 5, 
        United States Code, governing appointments in the competitive 
        service; and
            (2) paid without regard to the provisions of chapter 51 and 
        subchapter III of chapter 53 of that title relating to 
        classification and General Schedule pay rates.
    (d) Experts and Consultants.--The Commission may procure temporary 
and intermittent services under section 3109(b) of title 5, United 
States Code, but at rates for individuals not to exceed the daily 
equivalent of the annual rate of basic pay payable for level V of the 
Executive Schedule.
    (e) Staff of Federal Agencies.--
            (1) In general.--Upon request of the Director, the head of 
        any Federal department or agency may detail, on a reimbursable 
        basis, any of the personnel of that department or agency to the 
        Commission to assist it in carrying out its duties under this 
        Act.
            (2) Limit on details from banking agencies.--Not more than 
        \1/3\ of the staff of the Commission at any time may be 
        employees detailed from Federal banking agencies.

SEC. 5. POWERS OF COMMISSION.

    (a) Hearings and Sessions.--The Commission may, for the purpose of 
carrying out this Act, hold hearings, sit and act at times and places, 
take testimony, and receive evidence as the Commission considers 
appropriate.
    (b) Powers of Members and Agents.--Any member or agent of the 
Commission may, if authorized by the Commission, take any action which 
the Commission is authorized to take by this section.
    (c) Obtaining Official Data.--
            (1) In general.--The Commission may secure directly from 
        any department or agency of the United States information 
        necessary to enable it to carry out this Act.
            (2) Transmittal by agencies.--Upon request of the 
        Chairperson of the Commission, the head of a department or 
        agency of the United States shall furnish information to the 
        Commission.
    (d) Mails.--The Commission may use the United States mails in the 
same manner and under the same conditions as other departments and 
agencies of the United States.
    (e) Administrative Support Services.--Upon the request of the 
Commission, 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 Act.
    (f) Contract Authority.--The Commission may contract with and 
compensate government and private agencies or persons for the lease of 
space and the provision of other services, without regard to section 
3709 of the Revised Statutes.

SEC. 6. DUTIES OF COMMISSION.

    (a) In General.--The Commission shall carry out the purposes of 
this Act.
    (b) Consideration of Specific Issues.--In addition to such other 
issues as the Commission may find appropriate to review, and make 
recommendations with respect to, in order to carry out the purposes of 
this Act, the Commission shall consider and make recommendations with 
respect to the following issues:
            (1) Conversion period.--The appropriate period of time 
        during which a savings association would be required to convert 
        to a bank charter or liquidate.
            (2) Form of bank charter.--The form of any bank charter to 
        which savings associations would be required to convert and the 
        bank powers which would be associated with any such charter, 
        including the feasibility of establishing a community bank 
        charter with more limited commercial banking powers than full-
        service banks.
            (3) Applicability to state-chartered thrifts.--The manner 
        in which legislation requiring the conversion of savings 
        associations to banks would be applied to State-chartered 
        savings associations.
            (4) Treatment of thrift powers.--The treatment of powers of 
        savings associations which are not permitted for banks 
        following any conversion of a savings association to a bank.
            (5) Treatment of thrift holding companies.--The extent to 
        which the conversion of savings associations to banks should 
        require a change in the existing savings and loan holding 
        company framework, the powers of such companies (including 
        diversified savings and loan holding companies), and the 
        regulation of such companies (including consideration of the 
        most appropriate regulator for such companies) and the 
        appropriate period of time during which any such change should 
        be implemented.
            (6) FICO carrying costs.--All appropriate sources of funds 
        for paying interest on, and other costs incurred in connection 
        with the obligations issued by the Financing Corporation, 
        including the surplus funds of the Federal Reserve System, net 
        earnings of the deposit insurance funds, banks, savings 
        associations, credit unions, Government corporations and other 
        Government sponsored enterprises, unexpended funds appropriated 
        to the Resolution Trust Corporation, and any other feasible 
        source of funds.
            (7) Recapitalization of the saif.--The manner in which the 
        Savings Association Insurance Fund should be recapitalized.
            (8) Branching.--The appropriate treatment, after any 
        conversion of an savings association to a bank, of branches 
        which the savings association was operating before the 
        conversion.
            (9) Regulations.--The extent to which the regulations 
        applicable to savings associations differ from regulations 
        applicable to banks, and the extent to which a transition 
        period and special transition rules may be appropriate with 
        regard to those areas where such regulations differ in 
        connection with the conversions of savings associations to 
        banks.
            (10) Federal home loan bank membership.--The manner in 
        which membership eligibility and withdrawal requirements with 
        respect to Federal home loan banks shall apply to savings 
        associations following any conversion of the associations to 
        banks and the extent to which banks should have unlimited 
        access to advances from such home loan banks.
            (11) Reorganization of federal banking agencies.--The 
        manner in which Federal banking agencies should be reorganized, 
        consolidated, or abolished.
            (12) Treatment of banking agency employees during and after 
        any reorganization.--The appropriate treatment of employees of 
        Federal banking agencies who are or would be affected by any 
        reorganization, consolidation, or abolition of any Federal 
        banking agency.
            (13) ``Oakar'' banks.--The appropriate treatment of banks 
        which have deposits insured by the Savings Association 
        Insurance Fund pursuant to section 5(d)(3) of the Federal 
        Deposit Insurance Act in connection with the conversion of 
        savings associations to banks.
    (c) Preparation of Implementing Bill.--After completing 
consideration of the issues required to be considered by the 
Commission, the Commission shall prepare a bill consisting only of--
            (1) provisions directly related to--
                    (A) the conversion of savings associations to 
                banks;
                    (B) issues directly related to such conversions 
                (including the issues specified in subsection (b)); and
                    (C) other purposes of this Act;
            (2) if changes in existing laws or new statutory authority 
        is required to carry out the purposes of this Act, provisions, 
        necessary to carry out such purposes, either repealing or 
        amending existing laws or providing new statutory authority; 
        and
            (3) provisions necessary for purposes of complying with 
        section 252 of the Balanced Budget and Emergency Deficit 
        Control Act of 1985 in connection with such legislative 
        provisions.

SEC. 7. REPORTS AND IMPLEMENTING BILL.

    (a) Interim Reports.--The Commission may submit to the President 
and the Congress interim reports as the Commission considers 
appropriate.
    (b) Final Report.--
            (1) Report required.--The Commission shall submit a final 
        report to the President and the Congress not later than October 
        1, 1997.
            (2) Contents.--The final report shall contain a detailed 
        statement of the findings and conclusions of the Commission, 
        together with a final draft version of the implementing bill 
        prepared pursuant to section 6(c) and such recommendations for 
        administrative actions as the Commission considers appropriate.
    (c) Final Implementing Bill.--
            (1) In general.--Before the later of December 1, 1997, or 
        30 legislative days after submitting the final report with the 
        final draft version of the implementing bill to the Congress 
        pursuant to subsection (b)(2), the Commission shall, after 
        taking into account such comments on the final draft version of 
        the implementing bill as have been transferred to the 
        Commission by any committee of the House of Representatives or 
        the Senate (which has jurisdiction over legislation involving 
        subject matters which would be affected by the implementing 
bill), the Commission shall submit a final implementing bill to the 
House of Representatives and the Senate.
            (2) Computation of legislative days.--In computing the 
        number of legislative days for purposes of paragraph (1), there 
        shall be excluded any day on which either House of the Congress 
        is not in session.

SEC. 8. CONSIDERATION OF BILL IMPLEMENTING PURPOSES OF THIS ACT.

    (a) Rules of House of Representatives and Senate.--The provisions 
of this section are enacted by the Congress--
            (1) as an exercise of the rulemaking power of the House of 
        Representatives and the Senate, respectively, and as such they 
        are deemed a part of the rules of each House, respectively, but 
        applicable only with respect to the procedure to be followed in 
        that House in the case of implementing bills described in 
        section 6(c) and they supersede other rules only to the extent 
        that they are inconsistent therewith; and
            (2) with full recognition of the constitutional right of 
        either House to change the rules (so far as relating to the 
        procedure of that House) at any time, in the same manner and to 
        the same extent as in the case of any other rule of that House.
    (b) Implementing Bill Defined.--For purposes of this section, the 
term ``implementing bill'' means only a bill of either House of 
Congress which is submitted by the Commission pursuant to section 7(c) 
and introduced as provided in subsection (c) (of this section).
    (c) Introduction and Referral.--
            (1) Introduction on day of submission.--On the day on which 
        an implementing bill is submitted to the House of 
        Representatives and the Senate by the Commission under section 
        7(c), the implementing bill submitted shall be--
                    (A) introduced (by request) in the House by the 
                majority leader of the House, for himself and the 
                minority leader of the House, or by Members of the 
                House designated by the majority leader and minority 
                leader of the House; and
                    (B) introduced (by request) in the Senate by the 
                majority leader of the Senate, for himself and the 
                minority leader of the Senate, or by Members of the 
                Senate designated by the majority leader and minority 
                leader of the Senate.
            (2) Subsequent introduction if a house is not in session.--
        If either House is not in session on the day on which an 
        implementing bill is submitted, the implementing bill shall be 
        introduced in that House, as provided paragraph (1), on the 
        first day after such date of submission on which the House is 
        in session.
            (3) Committee referrals.--An implementing bill introduced 
        in either House pursuant to paragraph (1) or (2) shall be 
        referred by the presiding officer of such House to the 
        appropriate committee, or, in the case of a bill containing 
        provisions within the jurisdiction of 2 or more committees, 
        jointly to such committees for consideration of those 
        provisions within their respective jurisdictions.
    (d) Amendments Prohibited.--
            (1) In general.--No amendment to an implementing bill shall 
        be in order in either the House of Representatives or the 
        Senate.
            (2) No motion to suspend application of subsection.--No 
        motion to suspend the application of this subsection shall be 
        in order in either House.
            (3) No unanimous consent requests.--A request to suspend 
        the application of this subsection by unanimous consent shall 
        not be in order in either House and it shall not be in order 
        for the presiding officer in either House to entertain any such 
        request.
    (e) Period for Committee and Floor Consideration.--
            (1) Committee consideration.--If any committee of either 
        House to which an implementing bill has been referred has not 
        reported such bill to such House as of the close of the 45th 
        day after the introduction of the bill, the committee shall be 
        automatically discharged from further consideration of the bill 
        and the bill shall be placed on the appropriate calendar.
            (2) Vote on final passage.--A vote on final passage of an 
        implementing bill shall be taken in each House on or before the 
        close of the 15th day after the bill is reported by the 
        committee or committees of that House to which the bill was 
        referred, or after such committee or committees have been 
        discharged from further consideration of the bill.
            (3) Consideration by 1 house after passage of bill by other 
        house.--If, before the passage by 1 House of an implementing 
        bill of such House, the House receives the same implementing 
        bill from the other House, then--
                    (A) the procedure in that House shall be the same 
                as if no implementing bill had been received from the 
                other House; but
                    (B) the vote on final passage shall be on the 
                implementing bill of the other House.
            (4) Computation of legislative days.--For purposes of this 
        subsection, in computing a number of days in either House, 
        there shall be excluded any day on which that House is not in 
        session.
    (f) Procedural Rules for Floor Consideration in the House.--
            (1) Highly privileged motion.--
                    (A) In general.--A motion in the House of 
                Representatives to proceed to the consideration of an 
                implementing bill shall be highly privileged and not 
                debatable.
                    (B) Motion not amendable.--An amendment to the 
                motion described in subparagraph (A) shall not be in 
                order.
                    (C) No motion to reconsider.--No motion to 
                reconsider the vote by which the motion described in 
                subparagraph (A) is agreed to or disagreed to shall be 
                in order in the House of Representatives.
            (2) Debate.--
                    (A) Time limit.--Debate in the House of 
                Representatives on an implementing bill shall be 
                limited to not more than 20 hours, which shall be 
                divided equally between those favoring and those 
                opposing the bill.
                    (B) Nondebatable motion to further limit debate.--A 
                motion to further limit debate on an implementing bill 
                shall not be debatable.
            (3) No motion to reconsider or recommit.--It shall not be 
        in order in the House of Representatives to move to recommit an 
        implementing bill or to move to reconsider the vote by which an 
        implementing bill is agreed to or disagreed to.
            (4) Motions to postpone consideration or proceed to 
        consideration of other business nondebatable.--Motions to 
        postpone, made in the House of Representatives with respect to 
        the consideration of an implementing bill, and motions to 
        proceed to the consideration of other business, shall be 
        decided without debate.
            (5) Appeals from rulings of the chair nondebatable.--All 
        appeals from the decisions of the Chair relating to the 
        application of the Rules of the House of Representatives to the 
        procedure relating to an implementing bill shall be decided 
        without debate.
            (6) Rules of the house otherwise apply.--Except to the 
        extent specifically provided in the preceding paragraphs of 
        this subsection, consideration of an implementing bill in the 
        House of Representatives shall be governed by the Rules of the 
        House of Representatives applicable to other bills in similar 
        circumstances.
    (g) Procedural Rules for Floor Consideration in the Senate.--
            (1) Privileged motion.--
                    (A) In general.--A motion in the Senate to proceed 
                to the consideration of an implementing bill shall be 
                privileged and not debatable.
                    (B) Motion not amendable.--An amendment to the 
                motion described in subparagraph (A) shall not be in 
                order.
                    (C) No motion to reconsider.--A motion to 
                reconsider the vote by which the motion described in 
                subparagraph (A) is agreed to or disagreed to shall not 
                be in order in the Senate.
            (2) Debate.--
                    (A) Time limit generally.--Debate in the Senate on 
                an implementing bill, and all debatable motions and 
                appeals in connection with the debate on such bill, 
                shall be limited to not more than 20 hours which shall 
                be equally divided between, and controlled by, the 
                majority leader and the minority leader or their 
                designees.
                    (B) Time limit on debatable motions or appeals.--
                Debate in the Senate on any debatable motion or appeal 
                in connection with an implementing bill shall be 
                limited to not more than 1 hour, to be equally divided 
                between, and controlled by, the mover and the manager 
                of the bill, except that in the event the manager of 
                the bill is in favor of any such motion or appeal, the 
                time in opposition thereto, shall be controlled by the 
                minority leader or his designee.
                    (C) Allotment of time during consideration of 
                debatable motion or appeal.--The majority leader and 
                the minority leader may, from time under their control 
                on the passage of an implementing bill, allot 
                additional time to any Senator during the consideration 
                of any debatable motion or appeal.
                    (D) Nondebatable motion to further limit debate.--A 
                motion in the Senate to further limit debate is not 
                debatable.
            (3) No motion to recommit.--It shall not be in order in the 
        Senate to move to recommit an implementing bill.

SEC. 9. TERMINATION.

    The Commission shall terminate 30 days after the final text of the 
implementing bill has been submitted to the Congress pursuant to 
section 7(c).

SEC. 10. AUTHORIZATION OF APPROPRIATIONS.

    There are authorized to be appropriated for the fiscal years 1997 
and 1998 such sums as may be necessary to carry out this Act.

SEC. 11. BUDGET ACT COMPLIANCE.

    Any spending authority (as defined in subparagraphs (A) and (C) of 
section 401(c)(2) of the Congressional Budget Act of 1974) authorized 
by this Act shall be effective only to such extent and in such amounts 
as are provided in appropriation Acts.
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