[Congressional Record Volume 140, Number 47 (Tuesday, April 26, 1994)]
[Senate]
[Page S]
From the Congressional Record Online through the Government Printing Office [www.gpo.gov]


[Congressional Record: April 26, 1994]
From the Congressional Record Online via GPO Access [wais.access.gpo.gov]

 
                          AMENDMENTS SUBMITTED

                                 ______


              INTERSTATE BANKING AND BRANCHING ACT OF 1994

                                 ______


                      FEINGOLD AMENDMENT NO. 1659

  Mr. FEINGOLD proposed an amendment to the bill (S. 1963) to permit 
certain financial institutions to engage in interstate banking and 
branching; as follows:

       At the appropriate place in the bill, add the following new 
     section:

     SEC.  . GAO REPORT ON DATA COLLECTION UNDER INTERSTATE 
                   BRANCHING.

       (a) In General.--The Comptroller General shall submit to 
     the Congress, not later than 9 months after the date of 
     enactment of this Act, a report that--
       (1) examines statutory and regulatory requirements for 
     insured depository institutions to collect and report deposit 
     and lending data; and
       (2) determines what modifications to such requirements are 
     needed, so that implementing the interstate branching 
     provisions contained in this Act results in no material loss 
     of information important to regulatory or congressional 
     oversight of insured depository institutions.
       (b) Consultation.--The Comptroller General, in preparing 
     the report required by this section, shall consult with 
     individuals representing the appropriate Federal banking 
     agencies, insured depository institutions, consumers, 
     community groups, and other interested parties.
       (c) Definitions.--For purposes of this section, the terms 
     ``appropriate Federal banking agency'' and ``insured 
     depository institution'' have the same meanings as in section 
     3 of the Federal Deposit Insurance Act.
                                 ______


                     METZENBAUM AMENDMENT NO. 1660

  Mr. METZENBAUM proposed an amendment to the bill S. 1963, supra; as 
follows:

       On page 26, after line 18, insert the following new title:

            TITLE II--BANK AND THRIFT STATUTE OF LIMITATIONS

     SEC. 201. SHORT TITLE.

       This title may be cited as the ``Bank and Thrift Statute of 
     Limitations Clarification Act of 1994''.

     SEC. 202. AMENDMENT TO FEDERAL DEPOSIT INSURANCE ACT.

       Section 11(d)(14)(B)(i) of the Federal Deposit Insurance 
     Act (12 U.S.C. 1821 (d)(14)(B)(i) is amended by inserting 
     after ``receiver'' the following: ``, regardless of whether 
     the claim may have been barred under any otherwise applicable 
     statute of limitation at the date of such appointment, unless 
     such claim was barred more than 5 years before the date of 
     such appointment''.

     SEC. 203. APPLICABILITY.

       The amendment made by section 202 shall apply to all 
     actions pending or brought by the Federal Deposit Insurance 
     Corporation and the Resolution Trust Corporation as 
     conservator or receiver on or after August 9, 1989.
       On page 1, between lines 2 and 3 insert the following:

             ``TITLE I--INTERSTATE BANKING AND BRANCHING''.

       Redesignate sections 1 through 7 of the bill as sections 
     101 through 107, respectively.
       On page 1, line 4, strike ``Act'' and insert ``title''.
                                 ______


                 RIEGLE (AND OTHERS) AMENDMENT NO. 1661

  Mr. RIEGLE (for himself, Mr. D'Amato, Mr. Graham, Mr. Roth, Mr. 
Feingold, Mr. Kerrey, Mr. Simpson, and Mr. Campbell) proposed an 
amendment to the bill S. 1963, supra; as follows:

       On page 6, strike lines 10 through 12, and insert the 
     following:
       ``(A) Combinations authorized.--Beginning on June 1, 1997, 
     a bank having''.
       On page 11, line 6, insert ``and prior to June 1, 1997,'' 
     that applies''.
       On page 11, lines 17 and 18, strike ``Laws enacted 
     subsequent to authorization date.--'' and insert ``Effect of 
     state election.--''.
       Beginning with page 11, line 25, strike ``during the 2-year 
     period beginning on the date of enactment of this 
     subsection'' and insert ``prior to June 1, 1997''.
       On page 12, strike lines 19 through 23 and insert the 
     following:
       ``performance beyond June 1, 1997.
       ``(8) Combinations after June 1, 1997.--A State described 
     in para--''.
                                 ______


                    MOSELEY-BRAUN AMENDMENT NO. 1662

  Mr. RIEGLE (for Ms. Moseley-Braun) proposed an amendment to the bill 
S. 1963, supra; as follows:

       On page 1, between lines 1 and 2, insert the following:
             ``TITLE I--INTERSTATE BANKING AND BRANCHING''.
       Redesignate sections 1 through 7 of the bill as sections 
     101 through 107, respectively.
       On page 26, after line 18, add the following new title:
                      TITLE II--FINANCIAL SERVICES

     SEC. 201. SHORT TITLE.

       This title may be cited at the ``National Commission on 
     Financial Services Act''.

     SEC. 202. ESTABLISHMENT OF NATIONAL COMMISSION ON FINANCIAL 
                   SERVICES.

       (a) Establishment.--There is established a commission to be 
     known as the ``National Commission on Financial Services'' 
     (hereafter in this title referred to as the ``Commission'').
       (b) Membership of the Commission.--
       (1) Composition.--The Commission shall be composed of 7 
     voting members and 3 nonvoting members appointed as follows:
       (A) Three voting members and 1 nonvoting member to be 
     appointed by the President.
       (B) Two voting members and 1 nonvoting member to be 
     appointed jointly by the Majority Leader of the Senate and 
     the Speaker of the House of Representatives.
       (C) Two voting members and 1 nonvoting member appointed 
     jointly by the Minority Leader of the Senate and the Minority 
     Leader of the House of Representatives.
       (2) Qualifications.--
       (A) Voting members.--
       (i) In general.--Voting members appointed pursuant to 
     paragraph (1) shall be appointed from among individuals who 
     are users of the financial services system, and shall include 
     representatives of business, agriculture, and consumers.
       (ii) Prohibition.--No voting member of the Commission shall 
     be an employee of the Federal Government or any State 
     government.
       (B) Nonvoting members.--Nonvoting members appointed 
     pursuant to paragraph (1) shall be appointed from among 
     individuals who are experts in finance or in the financial 
     services system.
       (3) Appointment.--The appointment of the members of the 
     Commission shall be made not later than June 30, 1994.
       (4) Terms.--Members shall be appointed for the life of the 
     Commission.
       (5) Vacancies.--A vacancy in the Commission shall not 
     affect the powers of the Commission and shall be filled in 
     the same manner in which the original appointment was made.
       (6) Chairperson.--The President shall designate 1 of the 
     voting members of the Commission to serve as the chairperson 
     of the Commission (hereafter in this title referred to as the 
     ``Chairperson'').
       (7) Initial meeting.--Not later than 30 days after the date 
     on which all members of the Commission have been appointed, 
     the Commission shall hold its first meeting.
       (8) Meetings.--The Commission shall meet at the call of the 
     Chairperson.
       (9) Quorum.--A majority of the members of the Commission 
     shall constitute a quorum, but a lesser number of members may 
     hold hearings.

     SEC. 203. DUTIES OF THE COMMISSION.

       (a) Study.--
       (1) In general.--The Commission shall, after consultation 
     in accordance with paragraph (3), conduct a study of all 
     matters relating to the strengths and weaknesses of the 
     United States financial services system in meeting the needs 
     of users of the system, including all laws, regulations, and 
     policies that govern part or all of the financial services 
     industry or that affect the ability of the financial services 
     industry to effectively and efficiently meet the needs of--
       (A) the United States economy;
       (B) individual consumers and households;
       (C) communities;
       (D) agriculture;
       (E) small-, medium-, and large-sized businesses (including 
     the need for debt, equity, and other financial needs);
       (F) governmental and nonprofit entities; and
       (G) exporters and other users of international financial 
     services.
       (2) Matters studied.--The study required under paragraph 
     (1) shall include consideration of--
       (A) the changes underway in the national and international 
     economies and the financial services industry, and the impact 
     of such changes on the ability of the financial services 
     system to efficiently meet the needs of the United States 
     economy and the users of the system during the next 10 years 
     and beyond;
       (B) the adequacy of the existing framework of Federal and 
     State laws and regulations, and the extent to which Federal 
     laws and regulations, in an efficient and cost-effective 
     manner--
       (i) achieve consumer protection objectives;
       (ii) promote competition and prevent anticompetitive acts 
     and practices or undue concentration;
       (iii) ensure that the financial services are delivered in a 
     nondiscriminatory and cost-efficient manner; and
       (iv) ensure access to the financial services system for all 
     potential users of the system, regardless of where such users 
     are located; and
       (C) the extent to which the Federal regulatory structure 
     impacts the achievement of the objectives in subparagraph 
     (B).
       (3) Consultation.--Consultation in accordance with this 
     paragraph means consultation with--
       (A) the Board of Governors of the Federal Reserve System;
       (B) the Director of the Office of Thrift Supervision;
       (C) the Chairperson of the Federal Deposit Insurance 
     Corporation;
       (D) the Comptroller of the Currency;
       (E) the Secretary of the Treasury;
       (F) the Secretary of the Department of Housing and Urban 
     Development;
       (G) the Securities Exchange Commission;
       (H) the Commodities Futures Trading Commission;
       (I) the Director of the Congressional Budget Office; and
       (J) the Comptroller General of the United States.
       (b) Recommendations.--Based on the results of the study 
     conducted under subsection (a), the Commission shall develop 
     specific recommendations for changes in laws and regulations 
     to improve the operation of the United States financial 
     services system, including needed changes in the Federal 
     legislative and regulatory policies and in the Federal 
     regulatory structure that would enhance--
       (1) the ability of the financial services system, or any 
     part thereof, to respond to the needs of all potential users 
     of the system;
       (2) the systemic safety of the financial services system;
       (3) the cost of financial services to users of the system;
       (4) the competitiveness of the various providers of 
     financial services;
       (5) how funds are allocated to the financial services 
     system; and
       (6) how funds are allocated by the financial services 
     system to users of the system or to specific categories of 
     users.
       (c) Report.--Not later than March 31, 1995, the Commission 
     shall submit to the President, the Speaker of the House of 
     Representatives, and the President pro tempore of the Senate 
     a report describing the activities of the Commission, 
     including the study conducted under subsection (a) and any 
     recommendations developed under subsection (b).

     SEC. 204. POWERS OF THE COMMISSION.

       (a) Hearings.--The Commission may hold such hearings, sit 
     and act at such times and places, take such testimony, and 
     receive such evidence as the Commission considers advisable 
     to carry out this section.
       (b) Obtaining Official Data.--The Commission may secure 
     directly from any Federal department or agency such 
     information (other than information required by any statute 
     of the United States to be kept confidential by such 
     department or agency) as the Commission considers necessary 
     to carry out its duties under this section. Upon the request 
     of the Chairperson, the head of that department or agency 
     shall furnish such nonconfidential information to the 
     Commission.
       (c) Postal Services.--The Commission may use the United 
     States mails in the same manner and under the same conditions 
     as other departments and agencies of the Federal Government.

     SEC. 205. COMMISSION PERSONNEL MATTERS.

       (a) Compensation of Members.--Each member of the Commission 
     who is not an officer or employee of the Federal Government 
     shall be compensated at a rate equal to the daily equivalent 
     of the annual rate of basic pay prescribed for level IV of 
     the Executive Schedule under section 5315 of title 5, United 
     States Code, for each day (including travel time) during 
     which such member is engaged in the performance of the duties 
     of the Commission. All members of the Commission who are 
     officers or employees of the United States shall serve 
     without compensation in addition to that received for their 
     services as officers or employees of the United States.
       (b) Travel Expenses.--The members of the Commission 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 Commission.
       (c) Staff.--
       (1) In general.--The Chairperson may, without regard to the 
     civil service laws and regulations, appoint and terminate an 
     executive director and not more than 2 additional 
     professional staff members to enable the Commission to 
     perform its duties. The employment of an executive director 
     shall be subject to confirmation by the Commission.
       (2) Compensation.--The Chairperson may fix the compensation 
     of the executive director and other personnel without regard 
     to the provisions of chapter 51 and subchapter III of chapter 
     53 of title 5, United States Code, relating to the 
     classification of positions and General Schedule pay rates, 
     except that the rate of pay for the executive director and 
     other personnel may not exceed the rate payable for level V 
     of the Executive Schedule under section 5316 of title 5, 
     United States Code.
       (d) Detail of Federal Employees.--Upon the request of the 
     Chairperson, any Federal Government employee may be detailed 
     to the Commission without reimbursement, and such detail 
     shall be without interruption or loss of civil service status 
     or privilege.
       (e) Procurement of Temporary and Intermittent Services.--
     The Chairperson may procure temporary and intermittent 
     services under section 3109(b) of title 5, United States 
     Code, at rates for individuals which do not exceed the daily 
     equivalent of the annual rate of basic pay prescribed for 
     level V of the Executive Schedule under section 5316 of title 
     5, United States Code.
       (f) Administrative Support Services.--Upon the request of 
     the Chairperson, the Administrator of General Services shall 
     provide to the Commission, on a reimbursable basis, the 
     administrative support services necessary for the Commission 
     to carry out its responsibilities under this section.

     SEC. 206. TERMINATION OF COMMISSION.

       The Commission shall terminate 30 days after the date of 
     submission of the report required under section 203(c). All 
     records and papers of the Commission shall thereupon be 
     delivered by the Administrator of General Services for 
     deposit in the National Archives.

     SEC. 207. AUTHORIZATION OF APPROPRIATIONS.

       (a) In General.--There are authorized to be appropriated 
     such sums as may be necessary to carry out this Act.
       (b) Availability.--Any sums appropriated under the 
     authorization contained in this section shall remain 
     available, without fiscal year limitation, until expended.
                                 ______


                        PRYOR AMENDMENT NO. 1663

  Mr. RIEGLE (for Mr. Pryor (proposed an amendment to the bill S. 1963, 
supra; as follows:

       At the appropriate place, insert the following new section:

     SEC.  . MAXIMUM INTEREST RATE ON CERTAIN FmHA LOANS.

       (a) In General.--Section 307(a) of the Consolidated Farm 
     and Rural Development Act (7 U.S.C. 1927(a)) is amended--
       (1) in paragraph (3)(A), by striking ``Except'' and 
     inserting ``Notwithstanding the provisions of the 
     constitution or laws of any State limiting the rate or amount 
     of interest that may be charged, taken, received, or 
     reserved, except''; and
       (2) in paragraph (5)--
       (A) by striking ``(5) The'' and inserting ``(5)(A) Except 
     as provided in subparagraph (B), the''; and
       (B) by adding at the end the following new subparagraph:
       ``(B) In the case of a loan made under section 310B as a 
     guaranteed loan, subparagraph (A) shall apply notwithstanding 
     the provisions of the constitution or laws of any State 
     limiting the rate or amount of interest that may be charged, 
     taken, received, or reserved.''.
       (b) Effective Dates.--
       (1) In general.--Except as provided in paragraphs (2) and 
     (3), the amendments made by subsection (a) shall apply to a 
     loan made, insured, or guaranteed under the Consolidated Farm 
     and Rural Development Act (7 U.S.C. 1921 et seq.) in a State 
     on or after the date of enactment of this Act.
       (2) State option.--Except as provided in paragraph (3), the 
     amendments made by subsection (a) shall not apply to a loan 
     made, insured, or guaranteed under the Consolidated Farm and 
     Rural Development Act in a State after the date (that occurs 
     during the 3-year period beginning on the date of enactment 
     of this Act) on which the State adopts a law or certifies 
     that the voters of the State have voted in favor of a 
     provision of the constitution or law of the State that states 
     that the State does not want the amendments made by 
     subsection (a) to apply with respect to loans made, insured, 
     or guaranteed under such Act in the State.
       (3) Transitional period.--In any case in which a State 
     takes an action described in paragraph (2), the amendments 
     made by subsection (a) shall continue to apply to a loan 
     made, insured, or guaranteed under the Consolidated Farm and 
     Rural Development Act in the State after the date the action 
     was taken pursuant to a commitment for the loan that was 
     entered into during the period beginning on the date of 
     enactment of this Act, and ending on the date on which the 
     State takes the action.
                                 ______


               DASCHLE (AND PRESSLER) AMENDMENT NO. 1664

  Mr. RIEGLE (for Mr. Daschle for himself, and Mr. Pressler) proposed 
an amendment to the bill S. 1963, supra; as follows:

       At the appropriate place in the bill, insert the following 
     new section:

     SEC.  . MOUNT RUSHMORE COMMEMORATIVE COIN ACT.

       (a) Distribution of Surcharges.--Section 8 of the Mount 
     Rushmore Commemorative Coin Act (104 Stat. 314; 31 U.S.C. 
     5112 note) is amended by striking paragraphs (1) and (2) and 
     inserting the following:
       ``(1) the first $18,750,000 shall be paid during fiscal 
     year 1994 by the Secretary to the Society to assist the 
     Society's efforts to improve, enlarge, and renovate the Mount 
     Rushmore National Memorial; and
       ``(2) the remainder shall be returned to the Federal 
     Treasury for purposes of reducing the national debt.''.
       (b) Retroactive Effect.--If, prior to the enactment of this 
     Act, any amount of surcharges have been received by the 
     Secretary of the Treasury and paid into the United States 
     Treasury pursuant to section 8(1) of the Mount Rushmore 
     Commemorative Coin Act, as in effect prior to the enactment 
     of this Act, that amount shall be paid out of the Treasury to 
     the extent necessary to comply with section 8(1) of the Mount 
     Rushmore Commemorative Coin Act, as in effect after the 
     enactment of this Act. Amounts paid pursuant to the preceding 
     sentence shall be out of funds not otherwise appropriated.
       (c) Numismatic Operating Profits.--Nothing in this section 
     shall be construed to affect the Secretary of the Treasury's 
     right to derive operating profits from numismatic programs 
     for use in supporting the United States Mint's numismatic 
     operations and programs or to allow the distribution of 
     operating profits from the Numismatic Public Enterprise Fund 
     to a recipient organization under any numismatic program.
                                 ______


                D'AMATO (AND OTHERS) AMENDMENT NO. 1665

  Mr. D'AMATO (for himself, Mr. Riegle, and Mr. Sasser) proposed an 
amendment to the bill S. 1963, supra; as follows:

       On page 26, after line 18, add the following new section:

     SEC. 8. SENSE OF THE SENATE CONCERNING MULTILATERAL EXPORT 
                   CONTROLS.

       (a) Findings.--The Senate finds that--
       (1) the United States and its allies have agreed that as of 
     March 31, 1994, the Coordinating Committee (hereafter 
     referred to as ``COCOM''), the multilateral body that 
     controlled strategic exports to the former Soviet Union and 
     other Communist States, ceased to exist;
       (2) no successor has yet been established to replace the 
     COCOM;
       (3) threats to United States security are posed by rogue 
     regimes that support terrorism as a matter of national 
     policy;
       (4) a critical element of the United States proposal for a 
     successor to COCOM is that supplier nations agree on a list 
     of militarily critical products and technologies that would 
     be denied to a handful of rogue regimes;
       (5) some allies of the United States oppose this principle 
     and instead propose that such controls be left to ``national 
     discretion'', effectively replacing multilateral export 
     controls with a loose collection of unilateral export control 
     policies which would be adverse for United States security 
     and economic interests;
       (6) multilateral controls are needed to thwart efforts of 
     Iran, Iraq, North Korea, Libya, and other rogue regimes, to 
     acquire arms and sensitive dual-use goods and technologies 
     that could contribute to their efforts to build weapons of 
     mass destruction; and
       (7) the United States would be forced to make the difficult 
     choice of choosing between unilateral export controls under 
     the Export Administration Act of 1979, which would put 
     American companies at a competitive disadvantage worldwide, 
     or allowing exports that could seriously harm the national 
     security interests of the United States.
       (b) Sense of the Senate.--It is the sense of the Senate 
     that--
       (1) the President should work to achieve a clearly defined 
     and enforceable agreement with allies of the United States 
     which establishes a multilateral export control system for 
     the proliferation of products and technologies to rogue 
     regimes that would jeopardize the national security of the 
     United States; and
       (2) the President should persuade allies of the United 
     States to promote mutual security interests by preventing 
     rogue regimes from obtaining militarily critical products and 
     technologies.
                                 ______


                RIEGLE (AND D'AMATO) AMENDMENT NO. 1666

  Mr. RIEGLE (for himself and Mr. D'Amato) proposed an amendment to the 
bill S. 1963, supra; as follows:

       On page 4, line 17, add the following after the period: ``A 
     State law in effect on the date of enactment of the 
     Interstate Banking and Branching Act of 1994 that permits 
     bank holding companies from only a limited number of States 
     to acquire banks in existence for a specified length of time, 
     in that State, shall be interpreted, under State and Federal 
     law, as permitting bank holding companies from any State, to 
     acquire a bank in that State, under the terms and conditions 
     of such State law.''

                          ____________________