II 110th CONGRESS 1st Session S. 2397 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.

1.

Short title

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

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).