[Congressional Record Volume 142, Number 102 (Thursday, July 11, 1996)]
[Extensions of Remarks]
[Pages E1249-E1252]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




    INTRODUCTION OF THE THRIFT CHARTER MERGER COMMISSION ACT OF 1996

                                 ______
                                 

                             HON. TOBY ROTH

                              of wisconsin

                    in the house of representatives

                        Wednesday, July 10, 1996

  Mr. ROTH. Speaker, I have introduced the bill, H.R. 3407, the Thrift 
Charter Merger Commission Act of 1996. This comprehensive bill would 
finally close the door on the costly savings-and-loan associations 
[S&Ls] cleanup. The bill would break a dangerous legislative deadlock 
over extremely complex banking and thrift issues and merge their 
charters.
  The bill's purpose is to establish a bipartisan commission to examine 
and reconcile the maze of conflicting, overlapping, and obsolete legal 
and public policy issues in the merger. The commission would make 
legislative recommedations for the merger and for reorganizing Federal 
bank regulatory agencies to conform with the merged charter. This is an 
unusual approach--patterned on the successful military base-closing 
commissions. Additionally, the commission concept is combined with 
fast-tract legislative machinery utilized for trade legislation.
  My bill provides a comprehensive mechanism for considering many 
thorny issues one by one.
  While the commission could hold public hearings, its main work would 
be walled off from incessant partisan bickering. All the commission's 
proceedings, information, and deliberations would be open--upon 
request--to the banking committee members of House and Senate.
  Here's how it would work. My bill would establish and independent 
commission of eight qualified persons representing a balance of 
interests. The commission members would be appointed by the President 
with the advice and consent of the Senate and after consultation with 
both majority and minority leaders of both House and Senate. A director 
and staff would be authorized to support the commission's work.
  The commission would be empowered to hold public hearings, obtain 
official data, and

[[Page E1250]]

procure necessary support services from executive branch agencies. 
Duties of the commission are listed in the bill in some detail, 
including preparation of an implementing bill to merge the thrift and 
banking charters.

  The commission would be directed to address at least 13 specific, 
particularly troublesome issues as follows: conversion period; form of 
bank charter; applicability to State-chartered thrifts; treatment of 
thrift powers; treatment of thrift holding companies; FICO carrying 
costs; recapitalization of the Savings Association Insurance Fund 
[SAIF]; branching; regulations; Federal Home Loan Bank membership; 
reorganization of Federal banking agencies; treatment of banking agency 
employees during and after any reorganization; and treatment of Oakar 
banks in conversion.
  Appointments to the commission would have to be made by February 15, 
1997.
  The commission's final report and a proposed implementing bill would 
have to be submitted to the President and the Congress by October 1, 
1997. After receiving comments from the President and the Congress, the 
commission would have to submit a revised final implementing bill to 
the Congress by December 1, 1997, or 30 legislative days after 
submission of the final report, whichever is later.
  Fast-track legislative rules for consideration in House and Senate 
would then take effect. No amendments would be allowed. Committees of 
jurisdiction would be given 45 days to report the bill. Failing that, 
the bill would be automatically discharged for floor action within 15 
days after leaving the committees. The bill could be brought up for 
floor consideration by a highly privileged, nondebatable motion by any 
Member.
  The commission would cease to exist 30 days after submitting the 
final text of the implementing bill.
  I wish to acknowledge the encouragement of both thrift and banking 
leaders in drafting this legislation.
  We cannot afford to continue the hazardous stalemate over who should 
help pay for the remaining S&L cleanup costs and how to recapitalize 
the S&L deposit insurance fund. My bill provides a sensible, tested, 
workable way out of the banking-thrift gridlock.
  I urge my colleagues to become cosponsors of the bill, to support its 
serious consideration, and to vote for its enactment.
  I insert a section-by-section analysis of the bill and the text of 
H.R. 3407 at this point in the Record.

        H.R. 3407--Thrift Charter Merger Commission Act of 1996


                      SECTION-BY-SECTION ANALYSIS

       Section 1: Purpose of the act is to establish a nonpartisan 
     commission to examine the legal and public policy issues in 
     merging thrift and bank charters, make legislative 
     recommendations for the merger, and to reorganize Federal 
     bank regulatory agencies to conform with the merged charter.
       Sections 2, 3, and 4: An eight-member commission of 
     qualified persons representing a balance of interests is to 
     be appointed by the President with the advice and consent of 
     the Senate and after consultation with both majority and 
     minority leaders of both House and Senate. A director and 
     staff are authorized to support the commission's work.
       Section 5: Powers of the commission are authorized, 
     including holding public hearings, obtaining official data, 
     and procuring necessary support services from the Executive 
     Branch.
       Section 6: Duties of the commission are listed, including 
     addressing 13 specific policy and technical issues and 
     preparing an implementing bill to merge the thrift and 
     banking charters. The 13 issues are: Conversion period, form 
     of bank charter, applicability to state-chartered thrifts, 
     treatment of thrift powers, treatment of thrift holding 
     companies, FICO carrying costs, recapitalization of the SAIF, 
     branching, regulations, Federal Home Loan Bank membership, 
     reorganization of federal banking agencies, treatment of 
     agency employees, and treatment of Oakar banks.
       Section 7: A final report and a proposed implementing bill 
     must be submitted to the President and the Congress by 
     October 1, 1997. After receiving comments from the President 
     and Congress, the commission must submit a revised final 
     implementing bill to the Congress by December 1, 1997, or 30 
     legislative days after submission of the final report, 
     whichever is later.
       Section 8: Fast-track legislative rules for consideration 
     in House and Senate are detailed. No amendments would be 
     allowed. Committees of jurisdiction would be given 45 days to 
     report the bill; failing that, the bill would be 
     automatically discharged for floor action within 15 days.
       Sections 9, 10, and 11: The commission would be terminated 
     30 days after the final text of the implementing bill is 
     submitted to Congress and appropriations are authorized for 
     carrying out the act.

                               H.R. 3407

         Be it enacted by the Senate and House of Representatives 
     of the United States of America in Congress assembled,

     SECTION 1. SHORT TITLE; PURPOSES.

         (a) Short Title.--This Act may be cited as the ``Thrift 
     Charter Merger Commission Act of 1996''.
         (b) Purpose.--It is the purpose of this Act to establish 
     a nonpartisan commission to--
         (1) examine the complex legal and public policies issues 
     involved in the proposed elimination of savings association 
     charters and the conversion of such institutions into banks, 
     the short- and long-term consequences of such proposed 
     actions on the financial services industry and consumers, and 
     other related issues;
         (2) make recommendations to the Congress on the most 
     efficient, fairest, and least disruptive way to achieve the 
     conversion of such institutions into banks and resolve the 
     legal, policy, and other issues relating to the holding 
     companies of such associations; and
         (3) review ways to rationalize the regulation of 
     depository institutions and reorganize the Federal banking 
     agencies.

     SEC. 2. ESTABLISHMENT.

         There is hereby established a commission to be known as 
     the ``Thrift Charter Merger Commission'' (hereafter in this 
     Act referred to as the ``Commission'').

     SEC. 3. MEMBERSHIP.

         (a) Number and Appointment.--
         (1) In general.--The Commission shall be composed of 8 
     members appointed by the President, by and with the advise 
     and consent of the Senate, from among individuals especially 
     qualified to serve on such Commission by reason of their 
     education, training, and experience.
         (2) Nomination schedule.--The President shall transmit to 
     the Senate the nominations for appointment to the Commission 
     by no later than February 15, 1997.
         (3) Consultation with congress.--In selecting individuals 
     for nomination for appointments to the Commission, the 
     President should consult with--
         (A) the Speaker of the House of Representatives 
     concerning the appointment of 2 members;
         (B) the majority leader of the Senate concerning the 
     appointment of 2 members;
         (C) the minority leader of the House of Representatives 
     concerning the appointment of 1 member; and
         (D) the minority leader of the Senate concerning the 
     appointment of 1 member.
         (4) Prohibition on appointment of federal officers or 
     employees to commission.--No officer or employee of any 
     Federal department or agency, including any member of the 
     Board of Governors of the Federal Reserve System, may be 
     appointed as a member of the Commission.
         (5) Balance of interests.--Recognizing that the 
     individuals with the experience and expertise which qualify 
     them for service on the Commission are likely to have been 
     employed by or represented depository institutions or Federal 
     banking agencies, the President, in the consultations 
     pursuant to paragraph (3) and the selection of individuals 
     for nominations for appointments to the Commission, shall 
     seek to attain a balance in the interests represented, at the 
     time of the nomination or in the past, by members of the 
     Commission.
         (b) Chairperson.--At the time the President nominates 
     individuals for appointment to the Commission, the President 
     shall designate one such individual who shall serve as 
     Chairperson of the Commission.
         (c) Terms.--Each member of the Commission shall serve for 
     the life of the Commission.
         (d) Public Meetings.--
         (1) In general.-- Each meeting of the Commission, other 
     than meetings in which classified information is to be 
     discussed, shall be open to the public.
         (2) Open to members of congress.--All the proceedings, 
     information, and deliberations of the Commission shall be 
     open, upon request, to the following:
         (A) The Chairman and the ranking minority party member of 
     the Committee on Banking, Housing, and Urban Affairs of the 
     Senate, or such other members of such committee as may be 
     designated by such Chairman or ranking minority party member.
         (B) The Chairman and the ranking minority party member of 
     the Subcommittee on Financial Institutions and Regulatory 
     Relief of the Committee on Banking, Housing, and Urban 
     Affairs of the Senate, or such other members of such 
     subcommittee as may be designated by such Chairman or ranking 
     minority party member.
         (C) The Chairman and the ranking minority party member of 
     the Committee on Banking and Financial Services of the House 
     of Representatives, or such other members of the committee as 
     may be designated by such Chairman or ranking minority party 
     member.
         (D) The Chairman and ranking minority party member of the 
     Subcommittee on Financial Institutions and Consumer Credit of 
     the Committee on Banking and Financial Services of the House 
     of Representatives, or such other members of the subcommittee 
     as may be designated by such Chairman or ranking minority 
     party member.
         (e) Vacancies.--A vacancy on the Commission shall be 
     filled in the same manner as the original appointment.
         (f) Pay and Travel Expenses.--
         (1) Pay of members of commission.--
         (A) In general.--Each member of the Commission, other 
     than the Chairperson, shall be paid at a rate equal to the 
     daily equivalent of the minimum annual rate of basic pay 
     payable for level IV of the Executive Schedule under section 
     5315 of title 5, United States Code, for each day (including 
     travel time) during which the member is engaged in the actual 
     performance of duties vested in the Commission.

[[Page E1251]]

         (B) Chairperson.--The Chairperson of the Commission shall 
     be paid for each day referred to in subparagraph (A) at a 
     rate equal to the daily equivalent of the minimum annual rate 
     of basic pay payable for level III of the Executive Schedule 
     under section 5314 of title 5, United States Code.
         (2) Travel expenses.--Members shall receive travel 
     expenses, including per diem in lieu of subsistence, in 
     accordance with sections 5702 and 5703 of title 5, United 
     States Code.
         (g) Nonapplicability of Federal Advisory Committee Act.--
     The Federal Advisory Committee Act shall not apply with 
     respect to the Commission.

     SEC. 4. DIRECTOR AND STAFF OF COMMISSION.

         (a) Director.--
         (1) Appointment.--The Commission shall have a Director 
     who shall be appointed by the Commission.
         (2) Pay.--The Director shall be paid at the rate of basic 
     pay payable for level IV of the Executive Schedule.
         (b) Staff.--
         (1) Appointment.--The Director, with the approval of the 
     Commission, may appoint and fix the pay of such additional 
     personnel as the Director considers appropriate.
         (2) Pay.--An individual appointed pursuant to paragraph 
     (1) may not receive pay in excess of the annual rate of basic 
     pay payable for level V of the Executive Schedule.
         (c) Applicability of Certain Civil Service Laws.--The 
     Director and staff of the Commission may be--
         (1) appointed without regard to the provisions of title 
     5, United States Code, governing appointments in the 
     competitive service; and
         (2) paid without regard to the provisions of chapter 51 
     and subchapter III of chapter 53 of that title relating to 
     classification and General Schedule pay rates.
         (d) Experts and Consultants.--The Commission may procure 
     temporary and intermittent services under section 3109(b) of 
     title 5, United States Code, but at rates for individuals not 
     to exceed the daily equivalent of the annual rate of basic 
     pay payable for level V of the Executive Schedule.
         (e) Staff of Federal Agencies.--
         (1) In general.--Upon request of the Director, the head 
     of any Federal department or agency may detail, on a 
     reimbursable basis, any of the personnel of that department 
     or agency to the Commission to assist it in carrying out its 
     duties under this Act.
         (2) Limit on details from banking agencies.--Not more 
     than \1/3\ of the staff of the Commission at any time may be 
     employees detailed from Federal banking agencies.

     SEC. 5. POWERS OF COMMISSION.

         (a) Hearings and Sessions.--The Commission may, for the 
     purpose of carrying out this Act, hold hearings, sit and act 
     at times and places, take testimony, and receive evidence as 
     the Commission considers appropriate.
         (b) Powers of Members and Agents.--Any member or agent of 
     the Commission may, if authorized by the Commission, take any 
     action which the Commission is authorized to take by this 
     section.
         (c) Obtaining Official Data.--
         (1) In general.--The Commission may secure directly from 
     any department or agency of the United States information 
     necessary to enable it to carry out this Act.
         (2) Transmittal by agencies.--Upon request of the 
     Chairperson of the Commission, the head of a department or 
     agency of the United States shall furnish information to the 
     Commission.
         (d) Mails.--The Commission may use the United States 
     mails in the same manner and under the same conditions as 
     other departments and agencies of the United States.
         (e) Administrative Support Services.--Upon the request of 
     the Commission, 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 Act.
         (f) Contract Authority.--The Commission may contract with 
     and compensate government and private agencies or persons for 
     the lease of space and the provision of other services, 
     without regard to section 3709 of the Revised Statutes.

     SEC. 6. DUTIES OF COMMISSION.

         (a) In General.--The Commission shall carry out the 
     purposes of this Act.
         (b) Consideration of Specific Issues.--In addition to 
     such other issues as the Commission may find appropriate to 
     review, and make recommendations with respect to, in order to 
     carry out the purposes of this Act, the Commission shall 
     consider and make recommendations with respect to the 
     following issues:
         (1) Conversion period.--The appropriate period of time 
     during which a savings association would be required to 
     convert to a bank charter or liquidate.
         (2) Form of bank charter.--The form of any bank charter 
     to which savings associations would be required to convert 
     and the bank powers which would be associated with any such 
     charter, including the feasibility of establishing a 
     community bank charter with more limited commercial banking 
     powers than full-service banks.
         (3) Applicability to state-chartered thrifts.--The manner 
     in which legislation requiring the conversion of savings 
     associations to banks would be applied to State-chartered 
     savings associations.
         (4) Treatment of thrift powers.--The treatment of powers 
     of savings associations which are not permitted for banks 
     following any conversion of a savings association to a bank.
         (5) Treatment of thrift holding companies.--The extent to 
     which the conversion of savings associations to banks should 
     require a change in the existing savings and loan holding 
     company framework, the powers of such companies (including 
     diversified savings and loan holding companies), and the 
     regulation of such companies (including consideration of the 
     most appropriate regulator for such companies) and the 
     appropriate period of time during which any such change 
     should be implemented.
         (6) FICO carrying costs.--All appropriate sources of 
     funds for paying interest on, and other costs incurred in 
     connection with the obligations issued by the Financing 
     Corporation, including the surplus funds of the Federal 
     Reserve System, net earnings of the deposit insurance funds, 
     banks, savings associations, credit unions, Government 
     corporations and other Government sponsored enterprises, 
     unexpended funds appropriated to the Resolution Trust 
     Corporation, and any other feasible source of funds.
         (7) Recapitalization of the saif.--The manner in which 
     the Savings Association Insurance Fund should be 
     recapitalized.
         (8) Branching.--The appropriate treatment, after any 
     conversion of an savings association to a bank, of branches 
     which the savings association was operating before the 
     conversion.
         (9) Regulations.--The extent to which the regulations 
     applicable to savings associations differ from regulations 
     applicable to banks, and the extent to which a transition 
     period and special transition rules may be appropriate with 
     regard to those areas where such regulations differ in 
     connection with the conversions of savings associations to 
     banks.
         (10) Federal home loan bank membership.--The manner in 
     which membership eligibility and withdrawal requirements with 
     respect to Federal home loan banks shall apply to savings 
     associations following any conversion of the associations to 
     banks and the extent to which banks should have unlimited 
     access to advances from such home loan banks.
         (11) Reorganization of federal banking agencies.--The 
     manner in which Federal banking agencies should be 
     reorganized, consolidated, or abolished.
         (12) Treatment of banking agency employees during and 
     after any reorganization.--The appropriate treatment of 
     employees of Federal banking agencies who are or would be 
     affected by any reorganization, consolidation, or abolition 
     of any Federal banking agency.
         (13) ``Oakar'' banks.--The appropriate treatment of banks 
     which have deposits insured by the Savings Association 
     Insurance Fund pursuant to section 5(d)(3) of the Federal 
     Deposit Insurance Act in connection with the conversion of 
     savings associations to banks.
         (c) Preparation of Implementing Bill.--After completing 
     consideration of the issues required to be considered by the 
     Commission, the Commission shall prepare a bill consisting 
     only of--
         (1) provisions directly related to--
         (A) the conversion of savings associations to banks;
         (B) issues directly related to such conversions 
     (including the issues specified in subsection (b)); and
         (C) other purposes of this Act;
         (2) if changes in existing laws or new statutory 
     authority is required to carry out the purposes of this Act, 
     provisions, necessary to carry out such purposes, either 
     repealing or amending existing laws or providing new 
     statutory authority; and
         (3) provisions necessary for purposes of complying with 
     section 252 of the Balanced Budget and Emergency Deficit 
     Control Act of 1985 in connection with such legislative 
     provisions.

     SEC. 7. REPORTS AND IMPLEMENTING BILL.

         (a) Interim Reports.--The Commission may submit to the 
     President and the Congress interim reports as the Commission 
     considers appropriate.
         (b) Final Report.--
         (1) Report required.--The Commission shall submit a final 
     report to the President and the Congress not later than 
     October 1, 1997.
         (2) Contents.--The final report shall contain a detailed 
     statement of the findings and conclusions of the Commission, 
     together with a final draft version of the implementing bill 
     prepared pursuant to section 6(c) and such recommendations 
     for administrative actions as the Commission considers 
     appropriate.
         (c) Final Implementing Bill.--
         (1) In general.--Before the later of December 1, 1997, or 
     30 legislative days after submitting the final report with 
     the final draft version of the implementing bill to the 
     Congress pursuant to subsection (b)(2), the Commission shall, 
     after taking into account such comments on the final draft 
     version of the implementing bill as have been transferred to 
     the Commission by any committee of the House of 
     Representatives or the Senate (which has jurisdiction over 
     legislation involving subject matters which would be affected 
     by the implementing bill), the Commission shall submit a 
     final implementing bill to the House of Representatives 
     and the Senate.
         (2) Computation of legislative days.--In computing the 
     number of legislative days

[[Page E1252]]

     for purposes of paragraph (1), there shall be excluded any 
     day on which either House of the Congress is not in session.

     SEC. 8. CONSIDERATION OF BILL IMPLEMENTING PURPOSES OF THIS 
                   ACT.

         (a) Rules of House of Representatives and Senate.--The 
     provisions of this section are enacted by the Congress--
         (1) as an exercise of the rulemaking power of the House 
     of Representatives and the Senate, respectively, and as such 
     they are deemed a part of the rules of each House, 
     respectively, but applicable only with respect to the 
     procedure to be followed in that House in the case of 
     implementing bills described in section 6(c) and they 
     supersede other rules only to the extent that they are 
     inconsistent therewith; and
         (2) with full recognition of the constitutional right of 
     either House to change the rules (so far as relating to the 
     procedure of that House) at any time, in the same manner and 
     to the same extent as in the case of any other rule of that 
     House.
         (b) Implementing Bill Defined.--For purposes of this 
     section, the term ``implementing bill'' means only a bill of 
     either House of Congress which is submitted by the Commission 
     pursuant to section 7(c) and introduced as provided in 
     subsection (c) (of this section).
         (c) Introduction and Referral.--
         (1) Introduction on day of submission.--On the day on 
     which an implementing bill is submitted to the House of 
     Representatives and the Senate by the Commission under 
     section 7(c), the implementing bill submitted shall be--
         (A) introduced (by request) in the House by the majority 
     leader of the House, for himself and the minority leader of 
     the House, or by Members of the House designated by the 
     majority leader and minority leader of the House; and
         (B) introduced (by request) in the Senate by the majority 
     leader of the Senate, for himself and the minority leader of 
     the Senate, or by Members of the Senate designated by the 
     majority leader and minority leader of the Senate.
         (2) Subsequent introduction if a house is not in 
     session.--If either House is not in session on the day on 
     which an implementing bill is submitted, the implementing 
     bill shall be introduced in that House, as provided paragraph 
     (1), on the first day after such date of submission on which 
     the House is in session.
         (3) Committee referrals.--An implementing bill introduced 
     in either House pursuant to paragraph (1) or (2) shall be 
     referred by the presiding officer of such House to the 
     appropriate committee, or, in the case of a bill containing 
     provisions within the jurisdiction of 2 or more committees, 
     jointly to such committees for consideration of those 
     provisions within their respective jurisdictions.
         (d) Amendments Prohibited.--
         (1) In general.--No amendment to an implementing bill 
     shall be in order in either the House of Representatives or 
     the Senate.
         (2) No motion to suspend application of subsection.--No 
     motion to suspend the application of this subsection shall be 
     in order in either House.
         (3) No unanimous consent requests.--A request to suspend 
     the application of this subsection by unanimous consent shall 
     not be in order in either House and it shall not be in order 
     for the presiding officer in either House to entertain any 
     such request.
         (e) Period for Committee and Floor Consideration.--
         (1) Committee consideration.--If any committee of either 
     House to which an implementing bill has been referred has not 
     reported such bill to such House as of the close of the 45th 
     day after the introduction of the bill, the committee shall 
     be automatically discharged from further consideration of the 
     bill and the bill shall be placed on the appropriate 
     calendar.
         (2) Vote on final passage.--A vote on final passage of an 
     implementing bill shall be taken in each House on or before 
     the close of the 15th day after the bill is reported by the 
     committee or committees of that House to which the bill was 
     referred, or after such committee or committees have been 
     discharged from further consideration of the bill.
         (3) Consideration by 1 house after passage of bill by 
     other house.--If, before the passage by 1 House of an 
     implementing bill of such House, the House receives the same 
     implementing bill from the other House, then--
         (A) the procedure in that House shall be the same as if 
     no implementing bill had been received from the other House; 
     but
         (B) the vote on final passage shall be on the 
     implementing bill of the other House.
         (4) Computation of legislative days.--For purposes of 
     this subsection, in computing a number of days in either 
     House, there shall be excluded any day on which that House is 
     not in session.
         (f) Procedural Rules for Floor Consideration in the 
     House.--
         (1) Highly privileged motion.--
         (A) In general.--A motion in the House of Representatives 
     to proceed to the consideration of an implementing bill shall 
     be highly privileged and not debatable.
         (B) Motion not amendable.--An amendment to the motion 
     described in subparagraph (A) shall not be in order.
         (C) No motion to reconsider.--No motion to reconsider the 
     vote by which the motion described in subparagraph (A) is 
     agreed to or disagreed to shall be in order in the House of 
     Representatives.
         (2) Debate.--
         (A) Time limit.--Debate in the House of Representatives 
     on an implementing bill shall be limited to not more than 20 
     hours, which shall be divided equally between those favoring 
     and those opposing the bill.
         (B) Nondebatable motion to further limit debate.--A 
     motion to further limit debate on an implementing bill shall 
     not be debatable.
         (3) No motion to reconsider or recommit.--It shall not be 
     in order in the House of Representatives to move to recommit 
     an implementing bill or to move to reconsider the vote by 
     which an implementing bill is agreed to or disagreed to.
         (4) Motions to postpone consideration or proceed to 
     consideration of other business nondebatable.--Motions to 
     postpone, made in the House of Representatives with respect 
     to the consideration of an implementing bill, and motions to 
     proceed to the consideration of other business, shall be 
     decided without debate.
         (5) Appeals from rulings of the chair nondebatable.--All 
     appeals from the decisions of the Chair relating to the 
     application of the Rules of the House of Representatives to 
     the procedure relating to an implementing bill shall be 
     decided without debate.
         (6) Rules of the house otherwise apply.--Except to the 
     extent specifically provided in the preceding paragraphs of 
     this subsection, consideration of an implementing bill in the 
     House of Representatives shall be governed by the Rules of 
     the House of Representatives applicable to other bills in 
     similar circumstances.
         (g) Procedural Rules for Floor Consideration in the 
     Senate.--
         (1) Privileged motion.--
         (A) In general.--A motion in the Senate to proceed to the 
     consideration of an implementing bill shall be privileged and 
     not debatable.
         (B) Motion not amendable.--An amendment to the motion 
     described in subparagraph (A) shall not be in order.
         (C) No motion to reconsider.--A motion to reconsider the 
     vote by which the motion described in subparagraph (A) is 
     agreed to or disagreed to shall not be in order in the 
     Senate.
         (2) Debate.--
         (A) Time limit generally.--Debate in the Senate on an 
     implementing bill, and all debatable motions and appeals in 
     connection with the debate on such bill, shall be limited to 
     not more than 20 hours which shall be equally divided 
     between, and controlled by, the majority leader and the 
     minority leader or their designees.
         (B) Time limit on debatable motions or appeals.--Debate 
     in the Senate on any debatable motion or appeal in connection 
     with an implementing bill shall be limited to not more than 1 
     hour, to be equally divided between, and controlled by, the 
     mover and the manager of the bill, except that in the event 
     the manager of the bill is in favor of any such motion or 
     appeal, the time in opposition thereto, shall be controlled 
     by the minority leader or his designee.
         (C) Allotment of time during consideration of debatable 
     motion or appeal.--The majority leader and the minority 
     leader may, from time under their control on the passage of 
     an implementing bill, allot additional time to any Senator 
     during the consideration of any debatable motion or appeal.
         (D) Nondebatable motion to further limit debate.--A 
     motion in the Senate to further limit debate is not 
     debatable.
         (3) No motion to recommit.--It shall not be in order in 
     the Senate to move to recommit an implementing bill.

     SEC. 9. TERMINATION.

         The Commission shall terminate 30 days after the final 
     text of the implementing bill has been submitted to the 
     Congress pursuant to section 7(c).

     SEC. 10. AUTHORIZATION OF APPROPRIATIONS.

         There are authorized to be appropriated for the fiscal 
     years 1997 and 1998 such sums as may be necessary to carry 
     out this Act.

     SEC. 11. BUDGET ACT COMPLIANCE.

         Any spending authority (as defined in subparagraphs (A) 
     and (C) of section 401(c)(2) of the Congressional Budget Act 
     of 1974) authorized by this Act shall be effective only to 
     such extent and in such amounts as are provided in 
     appropriation Acts.

                          ____________________