[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[S. 2397 Introduced in Senate (IS)]







110th CONGRESS
  1st Session
                                S. 2397

 To amend the Financial Institutions Reform, Recovery, and Enforcement 
 Act of 1989 to preserve and expand minority depository institutions, 
                        and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           November 16, 2007

 Mr. Menendez introduced the following bill; which was read twice and 
    referred to the Committee on Banking, Housing, and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
 To amend the Financial Institutions Reform, Recovery, and Enforcement 
 Act of 1989 to preserve and expand minority 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. SHORT TITLE.

    This Act may be cited as the ``Preserving and Expanding Minority 
Depository Institutions Act''.

SEC. 2. PRESERVING AND EXPANDING MINORITY DEPOSITORY INSTITUTIONS.

    (a) In General.--Section 308(a) of the Financial Institutions 
Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 1463 note) is 
amended by inserting ``, the Chairman of the Board of Governors of the 
Federal Reserve System, the Comptroller of the Currency,'' after 
``Supervision''.
    (b) Report.--Section 308 of the Financial Institutions Reform, 
Recovery, and Enforcement Act of 1989 (12 U.S.C. 1463 note) is amended 
by adding at the end the following new subsection:
    ``(c) Reports.--The Secretary of the Treasury, the Chairman of the 
Board of Governors of the Federal Reserve System, the Comptroller of 
the Currency, the Director of the Office of Thrift Supervision, and the 
Chairperson of the Federal Deposit Insurance Corporation shall each 
submit an annual report to Congress containing a description of actions 
taken to carry out this section.''.
    (c) Technical and Conforming Amendments.--Effective upon the date 
of enactment of this Act, section 3(g) of the Home Owners' Loan Act (12 
U.S.C. 1462a(g)) is amended--
            (1) by striking ``include'' and all that follows through 
        ``any changes'' and inserting ``include a description of any 
        changes'';
            (2) in paragraph (1), by striking ``; and'' and inserting a 
        period; and
            (3) by striking paragraph (2).
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