[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3526 Introduced in House (IH)]







110th CONGRESS
  1st Session
                                H. R. 3526

    To include all banking agencies within the existing regulatory 
   authority under the Federal Trade Commission Act with respect to 
            depository institutions, and for other purposes.


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                    IN THE HOUSE OF REPRESENTATIVES

                           September 14, 2007

  Mr. Frank of Massachusetts introduced the following bill; which was 
referred to the Committee on Financial Services, and in addition to the 
   Committee on Energy and Commerce, 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 include all banking agencies within the existing regulatory 
   authority under the Federal Trade Commission Act with respect to 
            depository institutions, 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. INCLUSION OF ALL BANKING AGENCIES.

    (a) In General.--The second sentence of section 18(f)(1) of the 
Federal Trade Commission Act (15 U.S.C. 57a(f)(1)) is amended--
            (1) by striking ``The Board of Governors of the Federal 
        Reserve System (with respect to banks) and the Federal Home 
        Loan Bank Board (with respect to savings and loan institutions 
        described in paragraph (3))'' and inserting ``Each Federal 
        banking agency (with respect to depository institutions)''; and
            (2) by inserting ``, which shall be prescribed jointly by 
        such agencies to the extent practicable,'' after ``shall 
        prescribe regulations''.
    (b) Technical and Conforming Amendments.--Section 18(f) of the 
Federal Trade Commission Act (15 U.S.C. 57a(f)(1)) is amended--
            (1) in the first sentence of paragraph (1)--
                    (A) by striking ``banks or savings and loan 
                institutions described in paragraph (3), each agency 
                specified in paragraph (2) or (3)'' and inserting 
                ``depository institutions, the Federal banking agencies 
                and the National Credit Union Administration Board'';
            (2) in the third sentence of paragraph (1)--
                    (A) by striking ``each such Board'' and inserting 
                ``each such banking agency and the National Credit 
                Union Administration Board'';
                    (B) by striking ``banks or savings and loan 
                institutions described in paragraph (3)'' each place 
                such term appears and inserting ``depository 
                institutions''; and
                    (C) by striking ``with respect to banks, savings 
                and loan institutions'' and inserting ``with respect to 
                depository institutions'';
            (3) by adding at the end of paragraph (1) the following new 
        sentence: ``For purposes of this subsection, the terms `Federal 
        banking agency' and `depository institution' have the same 
        meaning as in section 3 of the Federal Deposit Insurance 
        Act.'';
            (4) in paragraph (3), by inserting ``by the Director of the 
        Office of Thrift Supervision'' before the period at the end;
            (5) in paragraph (4), by inserting ``by the National Credit 
        Union Administration'' before the period at the end; and
            (6) in paragraph (6), by striking ``the Board of Governors 
        of the Federal Reserve System'' and inserting ``any Federal 
        banking agency or the National Credit Union Administration 
        Board''.
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