[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3976 Introduced in House (IH)]







104th CONGRESS
  2d Session
                                H. R. 3976

To amend the Federal Credit Union Act and the Federal Deposit Insurance 
    Act to prohibit removal of members of the National Credit Union 
Administration Board and the Board of Directors of the Federal Deposit 
    Insurance Corporation except for cause, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             August 2, 1996

    Mr. Bachus (for himself, Mr. Barr, Mr. McCollum, and Mr. Leach) 
 introduced the following bill; which was referred to the Committee on 
                     Banking and Financial Services

_______________________________________________________________________

                                 A BILL


 
To amend the Federal Credit Union Act and the Federal Deposit Insurance 
    Act to prohibit removal of members of the National Credit Union 
Administration Board and the Board of Directors of the Federal Deposit 
    Insurance Corporation except for cause, 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.

    This Act may be cited as the ``Financial Regulator Independence 
Protection Act''.

SEC. 2. REMOVAL ONLY FOR CAUSE.

    (a) National Credit Union Administration Board.--Section 102(c) of 
the Federal Credit Union Act (12 U.S.C. 1752a(c)) is amended--
            (1) in the 1st sentence, by striking ``six years,'' and 
        inserting ``6 years, unless sooner removed for cause by the 
        President,''; and
            (2) in the 3d sentence--
                    (A) by striking ``may continue'' and inserting 
                ``shall continue''; and
                    (B) by striking ``has qualified'' and inserting 
                ``is appointed and has qualified''.
    (b) Federal Deposit Insurance Corporation.--Section 2(c) of the 
Federal Deposit Insurance Act (12 U.S.C. 1812(c)) is amended--
            (1) in paragraph (1), by inserting ``, unless sooner 
        removed for cause by the President'' before the period at the 
        end; and
            (2) in paragraph (3), by striking ``may continue'' and 
        inserting ``shall continue''.
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