[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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