[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[S. 562 Introduced in Senate (IS)]







104th CONGRESS
  1st Session
                                 S. 562

 To provide for State bank representation on the Board of Directors of 
   the Federal Deposit Insurance Corporation, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             March 15, 1995

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

_______________________________________________________________________

                                 A BILL


 
 To provide for State bank representation on the Board of Directors of 
   the Federal Deposit Insurance Corporation, 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 ``State Bank Representation Act''.

SEC. 2. STATE BANK REPRESENTATION ON FDIC BOARD OF DIRECTORS.

    (a) In General.--Section 2(a)(1) of the Federal Deposit Insurance 
Act (12 U.S.C. 1812(a)(1)) is amended--
            (1) by striking ``5 members'' and inserting ``6 members'';
            (2) in subparagraph (B), by striking ``and'' at the end;
            (3) in subparagraph (C), by striking the period at the end 
        and inserting ``; and''; and
            (4) by adding at the end the following:
                    ``(D) 1 of whom shall be appointed by the 
                President, by and with the advice and consent of the 
                Senate, from among individuals serving as State bank 
                commissioners or supervisors (or the functional 
                equivalent thereof) as of the date on which the 
                appointment is made.''.
    (b) Limitation.--Section 2(b) of the Federal Deposit Insurance Act 
(12 U.S.C. 1812(b)) is amended--
            (1) in paragraph (1), by striking ``appointed members'' and 
        inserting ``members appointed pursuant to subsection 
        (a)(1)(C)''; and
            (2) in paragraph (2), by striking ``appointed members'' and 
        inserting ``members appointed pursuant to subsection 
        (a)(1)(C)''.
    (c) Terms.--Section 2(c)(1) of the Federal Deposit Insurance Act 
(12 U.S.C. 1812(c)(1)) is amended--
            (1) by striking ``Each appointed member'' and inserting the 
        following:
                    ``(A) In general.--Each member appointed pursuant 
                to subsection (a)(1)(C)''; and
            (2) by adding at the end the following:
                    ``(B) State bank representatives.--
                            ``(i) In general.--Except as provided in 
                        clause (ii), each member appointed pursuant to 
                        subsection (a)(1)(D) shall be appointed for a 
                        single term of 2 years.
                            ``(ii) Exception.--If a member appointed 
                        pursuant to subsection (a)(1)(D) ceases to be a 
                        State banking commissioner or supervisor (or 
                        functional equivalent thereof) on a date prior 
                        to the expiration of the 2-year period 
                        described in clause (i), such member's 
                        membership on the Board of Directors shall 
                        terminate on that date.''.
    (d) Vacancies.--Section 2(d)(1) of the Federal Deposit Insurance 
Act (12 U.S.C. 1812(d)(1)) is amended--
            (1) by striking ``Any vacancy'' and inserting the 
        following:
                    ``(A) In general.--Subject to the restrictions 
                contained in subparagraph (B), any vacancy''; and
            (2) by adding at the end the following:
                    ``(B) Restrictions.--
                            ``(i) Same individual.--In filling a 
                        vacancy on the Board of Directors pursuant to 
                        subsection (a)(1)(D), the President may not 
                        appoint an individual who has previously served 
                        as a member of the Board of Directors pursuant 
                        to subsection (a)(1)(D).
                            ``(ii) Same state.--In filling a vacancy on 
                        the Board of Directors pursuant to subsection 
                        (a)(1)(D) (other than a vacancy occurring under 
                        subsection (c)(1)(B)(ii)), the President may 
                        not appoint an individual who is serving as the 
                        State bank commissioner or supervisor (or 
                        functional equivalent thereof) of the same 
                        State as the member most recently appointed 
                        pursuant to subsection (a)(1)(D).''.
    (e) Noncompensation; Travel Expenses.--Section 2 of the Federal 
Deposit Insurance Act (12 U.S.C. 1812) is amended by adding at the end 
the following:
    ``(g) Personnel Matters Relating to State Bank Representatives.--
Members of the Board of Directors appointed pursuant to subsection 
(a)(1)(D)--
            ``(1) shall serve without compensation; and
            ``(2) shall be allowed travel expenses, including per diem 
        in lieu of subsistence, at rates authorized for employees of 
        agencies under subchapter I of chapter 57 of title 5, United 
        States Code, while away from their homes or regular places of 
        business in the performance of services for the Board of 
        Directors.''.
                                 <all>