[Congressional Record Volume 156, Number 63 (Friday, April 30, 2010)]
[Senate]
[Pages S3007-S3014]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                           TEXT OF AMENDMENTS

  SA 3752. Mrs. MURRAY submitted an amendment intended to be proposed 
to amendment SA 3739 proposed by Mr. Reid (for Mr. Dodd (for himself 
and Mrs. Lincoln)) to the bill S. 3217, to promote the financial 
stability of the United States by improving accountability and 
transparency in the financial system, to end ``too big to fail,'' to 
protect the American taxpayer by ending bailouts, to protect consumers 
from abusive financial services practices, and for other purposes; 
which was ordered to lie on the table; as follows:

       On page 329, strike line 15 and all that follows through 
     page 333, line 24, and insert the following:
       (a) Funding of Office of the Comptroller of the Currency.--
     Chapter 4 of title LXII of the Revised Statutes is amended by 
     inserting after section 5240 (12 U.S.C. 481, 482) the 
     following:
       ``Sec. 5240A.  The Comptroller of the Currency may collect 
     an assessment, fee, or other charge from any entity described 
     in section 3(q)(1) of the Federal Deposit Insurance Act (12 
     U.S.C. 1813(q)(1)), as the Comptroller determines is 
     necessary or appropriate to carry out the responsibilities of 
     the Office of the Comptroller of the Currency. The 
     Comptroller of the Currency also may collect an assessment, 
     fee, or other charge from any entity, the activities of which 
     are supervised by the Comptroller of the Currency under 
     section 6 of the Bank Holding Company Act of 1956, as the 
     Comptroller determines is necessary or appropriate to carry 
     out the responsibilities of the Office of the Comptroller of 
     the Currency in connection with such activities. In 
     establishing the amount of an assessment, fee, or charge 
     collected from an entity under this section, the

[[Page S3008]]

     Comptroller of the Currency may take into account the nature 
     and scope of the activities of the entity, the amount and 
     type of assets that the entity holds, the financial and 
     managerial condition of the entity, and any other factor, as 
     the Comptroller of the Currency determines is appropriate. 
     Funds derived from any assessment, fee, or charge collected 
     or payment made pursuant to this section may be deposited by 
     the Comptroller of the Currency in accordance with the 
     provisions of section 5234. Such funds shall not be construed 
     to be Government funds or appropriated monies, and shall not 
     be subject to apportionment for purposes of chapter 15 of 
     title 31, United States Code, or any other provision of law. 
     The authority of the Comptroller of the Currency under this 
     section shall be in addition to the authority under section 
     5240.
       ``The Comptroller of the Currency shall have sole authority 
     to determine the manner in which the obligations of the 
     Office of the Comptroller of the Currency shall be incurred 
     and its disbursements and expenses allowed and paid, in 
     accordance with this section.''.
                                 ______
                                 
  SA 3753. Mrs. MURRAY submitted an amendment intended to be proposed 
to amendment SA 3739 proposed by Mr. Reid (for Mr. Dodd (for himself 
and Mrs. Lincoln)) to the bill S. 3217, to promote the financial 
stability of the United States by improving accountability and 
transparency in the financial system, to end ``too big to fail,'' to 
protect the American taxpayer by ending bailouts, to protect consumers 
from abusive financial services practices, and for other purposes; 
which was ordered to lie on the table; as follows:

       On page 372, between lines 2 and 3, insert the following:

     SEC. 343. NATIONWIDE DEPOSIT CAP FOR MERGER TRANSACTIONS AND 
                   ACQUISITIONS.

       (a) Amendments to the Bank Holding Company Act of 1956.--
       (1) Concentration limit for bank holding companies.--
     Section 3(d) of the Bank Holding Company Act of 1956 (12 
     U.S.C. 1842(d)) is amended--
       (A) in paragraph (2), by striking ``paragraph (1)(A)'' each 
     place that term appears and inserting ``subsection (a)''; and
       (B) by adding at the end the following:
       ``(3) Bank defined.--For purposes of this subsection, the 
     term `bank' means an insured depository institution.''.
       (b) Amendments to the Federal Deposit Insurance Act.--
       (1) In general.--Section 18(c) of the Federal Deposit 
     Insurance Act (12 U.S.C. 1828(c)) is amended--
       (A) by redesignating paragraph (12) as paragraph (13); and
       (B) by inserting after paragraph (11) the following:
       ``(12) Nationwide deposit cap.--The responsible agency may 
     not approve an application for a merger transaction if the 
     resulting insured depository institution (including all 
     insured depository institutions which are affiliates of the 
     resulting insured depository institution), upon consummation 
     of the transaction, would control more than 10 percent of the 
     total amount of deposits of insured depository institutions 
     in the United States.''.
       (2) Parallel requirement.--Section 44(b)(2)(A) of the 
     Federal Deposit Insurance Act (12 U.S.C. 1831u(b)(2)(A)) is 
     amended to read as follows:
       ``(A) Nationwide concentration limits.--The responsible 
     agency may not approve an application for an interstate 
     merger transaction involving 2 or more insured depository 
     institutions if the resulting insured depository institution 
     (including all insured depository institutions which are 
     affiliates of such institution), upon consummation of the 
     transaction would control more than 10 percent of the total 
     amount of deposits of insured depository institutions in the 
     United States.''.
       (c) Amendments to the Home Owners' Loan Act.--Section 
     10(e)(2) of the Home Owners' Loan Act (12 U.S.C. 467a(e)(2)) 
     is amended--
       (1) in subparagraph (C), by striking ``or'' at the end; and
       (2) in subparagraph (D), by striking the period at the end 
     and inserting ``, or''; and
       (3) by adding at the end the following:
       ``(E) in the case of an application involving an 
     acquisition of an insured depository institution, if the 
     company (including all insured depository institutions which 
     are affiliates of the applicant) controls, or upon 
     consummation of the acquisition for which such application is 
     filed would control, more than 10 percent of the total amount 
     of deposits of insured depository institutions in the United 
     States.''.
                                 ______
                                 
  SA 3754. Mrs. MURRAY submitted an amendment intended to be proposed 
to amendment SA 3739 proposed by Mr. Reid (for Mr. Dodd (for himself 
and Mrs. Lincoln)) to the bill S. 3217, to promote the financial 
stability of the United States by improving accountability and 
transparency in the financial system, to end ``too big to fail,'' to 
protect the American taxpayer by ending bailouts, to protect consumers 
from abusive financial services practices, and for other purposes; 
which was ordered to lie on the table; as follows:

       On page 23, strike lines 6 through 12 and insert the 
     following:
       (2) Nonvoting members.--Nonvoting members, who shall serve 
     in an advisory capacity, and shall not be excluded from any 
     of the proceedings, meetings, discussions, and deliberations 
     of the Council, shall consist of--
       (A) the Director of the Office of Financial Research;
       (B) a State insurance commissioner, to be designated by a 
     selection process determined by the State insurance 
     commissioners, and who shall serve for not longer than a 
     single term of 2 years, beginning on the date on which that 
     State insurance commissioner is selected;
       (C) a State banking supervisor, to be designated by a 
     selection process determined by the State bank supervisors, 
     and who shall serve for not longer than a single term of 2 
     years, beginning on the date on which that State banking 
     supervisor is selected; and
       (D) a State securities commissioner (or an officer 
     performing like functions), to be designated by a selection 
     process determined by such State securities commissioners, 
     and who shall serve for not longer than a single term of 2 
     years, beginning on the date on which that State securities 
     commissioner is selected.
                                 ______
                                 
  SA 3755. Ms. SNOWE submitted an amendment intended to be proposed to 
amendment SA 3739 proposed by Mr. Reid (for Mr. Dodd (for himself and 
Mrs. Lincoln)) to the bill S. 3217, to promote the financial stability 
of the United States by improving accountability and transparency in 
the financial system, to end ``too big to fail,'' to protect the 
American taxpayer by ending bailouts, to protect consumers from abusive 
financial services practices, and for other purposes; which was ordered 
to lie on the table; as follows:

       Strike section 1071.
                                 ______
                                 
  SA 3756. Ms. SNOWE submitted an amendment intended to be proposed to 
amendment SA 3739 proposed by Mr. Reid (for Mr. Dodd (for himself and 
Mrs. Lincoln)) to the bill S. 3217, to promote the financial stability 
of the United States by improving accountability and transparency in 
the financial system, to end ``too big to fail,'' to protect the 
American taxpayer by ending bailouts, to protect consumers from abusive 
financial services practices, and for other purposes; which was ordered 
to lie on the table; as follows:

       On page 1273, beginning on line 24, strike ``that is not 
     engaged significantly in offering or providing consumer 
     financial products or services.'' and insert the following: 
     ``that does not derive more than 50 percent of its revenues 
     from the sale of nonfinancial goods and services on credit, 
     as determined by reference to the gross receipts in the prior 
     calendar year of that merchant, retailer, or seller. For the 
     first year in which a business is in operation, the Bureau 
     shall determine which business types are likely to derive 50 
     percent or less of their revenue from the sale of goods and 
     services on credit, and presumptively exempt them from 
     regulation.''.
                                 ______
                                 
  SA 3757. Ms. SNOWE submitted an amendment intended to be proposed to 
amendment SA 3739 proposed by Mr. Reid (for Mr. Dodd (for himself and 
Mrs. Lincoln)) to the bill S. 3217, to promote the financial stability 
of the United States by improving accountability and transparency in 
the financial system, to end ``too big to fail,'' to protect the 
American taxpayer by ending bailouts, to protect consumers from abusive 
financial services practices, and for other purposes; which was ordered 
to lie on the table; as follows:

       At the end of section 1031, add the following:
       (f) Consideration of Seasonal Income.--The rules of the 
     Bureau under this section shall provide, with respect to an 
     extension of credit secured by residential real estate or a 
     dwelling, if documented income of the borrower, including 
     income from a small business, is a repayment source for an 
     extension of credit secured by residential real estate or a 
     dwelling, the creditor may consider the seasonality and 
     irregularity of such income in the underwriting of and 
     scheduling of payments for such credit.
                                 ______
                                 
  SA 3758. Mr. ROCKEFELLER (for himself, Mrs. Hutchison, Mr. Dorgan, 
and Mr. Pryor) submitted an amendment intended to be proposed to 
amendment SA 3739 proposed by Mr. Reid (for Mr. Dodd (for himself and 
Mrs. Lincoln)) to the bill S. 3217, to promote the financial stability 
of the United States by improving accountability and transparency in 
the financial system, to end ``too big to fail,'' to protect the 
American taxpayer by ending bailouts, to protect consumers

[[Page S3009]]

from abusive financial services practices, and for other purposes; 
which was ordered to lie on the table; as follows:

       On page 1237, line 6, strike ``law,'' and insert ``law 
     (other than section 1024(g) of this title),''.
       On page 1254, line 15, strike ``To'' and insert ``Except as 
     provided in paragraph (3), to''.
       On page 1255, line 10, strike ``(a)(1)(A),'' and insert 
     ``(a)(1),''.
       On page 1256, line 25, strike ``law,'' and insert ``law 
     (other than subsection (g)),''.
       On page 1257, after line 25, insert the following:
       (g) Preservation of Federal Trade Commission Authority.--
       (1) In general.--No provision of this title shall be 
     construed as modifying, limiting, or otherwise affecting the 
     authority of the Federal Trade Commission under the Federal 
     Trade Commission Act or any other law, other than an 
     enumerated consumer law.
       (2) Certain enforcement actions.--The Federal Trade 
     Commission may enforce, under the Federal Trade Commission 
     Act, a rule with respect to an unfair, deceptive, or abusive 
     act or practice issued by the Bureau as to a person subject 
     to the Federal Trade Commission's jurisdiction under that 
     Act, and a violation of such a rule shall be treated as a 
     violation of a rule issued under section 18 of that Act (15 
     U.S.C. 57a) with respect to unfair or deceptive acts or 
     practices. The Bureau may enforce, under subtitle E, a rule 
     with respect to an unfair or deceptive act or practice issued 
     by the Federal Trade Commission as to a covered person.
       On page 1375, beginning with line 7, strike through line 5 
     on page 1376 and insert the following:
       (5) Federal trade commission.--
       (A) Transfer of functions.--The Federal Trade Commission's 
     authority under an enumerated consumer law to conduct a 
     rulemaking, issue official guidelines, or conduct a study or 
     issue a report mandated by such law, shall be transferred to 
     the Bureau on the designated transfer date. Nothing in this 
     title shall be construed to require a mandatory transfer of 
     any employee of the Federal Trade Commission to the Bureau.
       (B) Federal trade commission authority.--The Bureau shall 
     have all powers and duties respecting rulemaking, issuing 
     guidelines, conducting mandated studies, and issuing mandated 
     reports contained within the enumerated consumer laws that 
     were vested in the Federal Trade Commission relating to 
     consumer financial protection functions on the day before the 
     designated transfer date.
       On page 1462, line 5, after ``agency'' insert ``(other than 
     the Bureau of Consumer Financial Protection)''.
       On page 1464, line 10, after ``agency'' insert ``(other 
     than the Bureau of Consumer Financial Protection)''.
       On page 1472, line 4, after ``agency'' insert ``(other than 
     the Bureau of Consumer Financial Protection)''.
       On page 1477, strike lines 15 through 21 and insert the 
     following:
       ``(e) Regulatory Authority.--
       ``(1) Bureau of consumer financial protection.--The Bureau 
     shall prescribe such regulations as are necessary to carry 
     out the purposes of this Act. Except as provided in paragraph 
     (2), the regulations prescribed by the Bureau under this 
     subsection shall apply to any person that is subject to this 
     Act, notwithstanding the enforcement authorities granted to 
     other agencies under this section.
       ``(2) Federal trade commission.--The Federal Trade 
     Commission shall issue regulations to implement sections 
     615(e) and 628 of this Act with respect to entities within 
     its authority under section 621 of this Act. The regulations 
     issued by the Bureau under paragraph (1) shall not apply to 
     those entities.''; and
       On page 1482, line 1, after ``agency'' insert ``(other than 
     the Bureau of Consumer Financial Protection)''.
       On page 1485, line 24, strike ``and'' after the semicolon.
       On page 1486, line 2, insert ``and'' after the semicolon.
       On page 1486, between lines 2 and 3, insert the following:
       (C) by adding at the end the following: ``Notwithstanding 
     the preceding sentence, only the Federal Trade Commission 
     shall prescribe regulations to implement section 501(b) with 
     respect to entities subject to Federal Trade Commission 
     enforcement under section 505(a).''.
       On page 1500, line 23, strike the closing quotation marks, 
     the semicolon, and ``and''.
       On page 1500, between lines 23 and 24, insert the 
     following:
       ``(3) Subject to subtitle B of the Consumer Financial 
     Protection Act of 2010, the Federal Trade Commission shall 
     enforce the rules issued under paragraph (1) in the same 
     manner, by the same means, and with the same jurisdiction as 
     though all applicable terms and provisions of the Federal 
     Trade Commission Act were incorporated into and made part of 
     this section.''; and
       On page 1516, line 1, after ``agency'' insert ``(other than 
     the Bureau of Consumer Financial Protection)''.
                                 ______
                                 
  SA 3759. Mrs. HUTCHISON (for herself, Ms. Klobuchar, Mr. Johanns, Mr. 
Corker, Mr. Vitter, Mr. Bond, Mr. Shelby, Mr. Crapo, Mr. Brown of 
Massachusetts, and Mr. Bennett) submitted an amendment intended to be 
proposed to amendment SA 3739 proposed by Mr. Reid (for Mr. Dodd (for 
himself and Mrs. Lincoln)) to the bill S. 3217, to promote the 
financial stability of the United States by improving accountability 
and transparency in the financial system, to end ``too big to fail,'' 
to protect the American taxpayer by ending bailouts, to protect 
consumers from abusive financial services practices, and for other 
purposes; which was ordered to lie on the table; as follows:

       On page 299, strike line 3 and all that follows through 
     page 367, line 19, and insert the following:

     SEC. 312. POWERS AND DUTIES TRANSFERRED.

       (a) Effective Date.--This section, and the amendments made 
     by this section, shall take effect on the transfer date.
       (b) Functions of the Office of Thrift Supervision.--
       (1) Savings and loan holding company functions 
     transferred.--There are transferred to the Board of Governors 
     all functions of the Office of Thrift Supervision and the 
     Director of the Office of Thrift Supervision (including the 
     authority to issue orders) relating to--
       (A) the supervision of--
       (i) any savings and loan holding company; and
       (ii) any subsidiary (other than a depository institution) 
     of a savings and loan holding company; and
       (B) all rulemaking authority of the Office of Thrift 
     Supervision and the Director of the Office of Thrift 
     Supervision relating to savings and loan holding companies.
       (2) All other functions transferred.--
       (A) Board of governors.--All rulemaking authority of the 
     Office of Thrift Supervision and the Director of the Office 
     of Thrift Supervision under section 11 of the Home Owners' 
     Loan Act (12 U.S.C. 1468) relating to transactions with 
     affiliates and extensions of credit to executive officers, 
     directors, and principal shareholders and under section 5(q) 
     of such Act relating to tying arrangements is transferred to 
     the Board of Governors.
       (B) Comptroller of the currency.--Except as provided in 
     paragraph (1) and subparagraph (A), there are transferred to 
     the Comptroller of the Currency all functions of the Office 
     of Thrift Supervision and the Director of the Office of 
     Thrift Supervision relating to Federal savings associations.
       (C) Corporation.--Except as provided in paragraph (1) and 
     subparagraph (A), all functions of the Office of Thrift 
     Supervision and the Director of the Office of Thrift 
     Supervision relating to State savings associations are 
     transferred to the Corporation.
       (D) Comptroller of the currency and the corporation.--
     Except as provided in paragraph (1) and subparagraph (A), all 
     rulemaking authority of the Office of Thrift Supervision and 
     the Director of the Office of Thrift Supervision relating to 
     savings associations is transferred to the Office of the 
     Comptroller of the Currency.
       (c) Conforming Amendments.--
       (1) Federal deposit insurance act.--Section 3(q) of the 
     Federal Deposit Insurance Act (12 U.S.C. 1813(q)) is amended 
     by striking paragraphs (1) through (4) and inserting the 
     following:
       ``(1) the Office of the Comptroller of the Currency, in the 
     case of--
       ``(A) any national banking association;
       ``(B) any Federal branch or agency of a foreign bank; and
       ``(C) any Federal savings association;
       ``(2) the Federal Deposit Insurance Corporation, in the 
     case of--
       ``(A) any insured State nonmember bank;
       ``(B) any foreign bank having an insured branch; and
       ``(C) any State savings association;
       ``(3) the Board of Governors of the Federal Reserve System, 
     in the case of--
       ``(A) any State member bank;
       ``(B) any branch or agency of a foreign bank with respect 
     to any provision of the Federal Reserve Act which is made 
     applicable under the International Banking Act of 1978;
       ``(C) any foreign bank which does not operate an insured 
     branch;
       ``(D) any agency or commercial lending company other than a 
     Federal agency;
       ``(E) supervisory or regulatory proceedings arising from 
     the authority given to the Board of Governors under section 
     7(c)(1) of the International Banking Act of 1978, including 
     such proceedings under the Financial Institutions Supervisory 
     Act of 1966;
       ``(F) any bank holding company and any subsidiary (other 
     than a depository institution) of a bank holding company; and
       ``(G) any savings and loan holding company and any 
     subsidiary (other than a depository institution) of a savings 
     and loan holding company.''.
       (2) Federal deposit insurance act.--
       (A) Application.--Section 8(b)(3) of the Federal Deposit 
     Insurance Act (12 U.S.C. 1818(b)(3)) is amended to read as 
     follows:
       ``(3) Application to Bank Holding Companies, Savings and 
     Loan Holding Companies, and Edge and Agreement 
     Corporations.--
       ``(A) Application.--This subsection, subsections (c) 
     through (s) and subsection (u) of this section, and section 
     50 shall apply to--
       ``(i) any bank holding company, and any subsidiary (other 
     than a bank) of a bank holding company, as those terms are 
     defined in section 2 of the Bank Holding Company Act of 1956 
     (12 U.S.C. 1841), as if such company or subsidiary was an 
     insured depository

[[Page S3010]]

     institution for which the appropriate Federal banking agency 
     for the bank holding company was the appropriate Federal 
     banking agency;
       ``(ii) any savings and loan holding company, and any 
     subsidiary (other than a depository institution) of a savings 
     and loan holding company, as those terms are defined in 
     section 10 of the Home Owners' Loan Act (12 U.S.C. 1467a), as 
     if such company or subsidiary was an insured depository 
     institution for which the appropriate Federal banking agency 
     for the savings and loan holding company was the appropriate 
     Federal banking agency; and
       ``(iii) any organization organized and operated under 
     section 25A of the Federal Reserve Act (12 U.S.C. 611 et 
     seq.) or operating under section 25 of the Federal Reserve 
     Act (12 U.S.C. 601 et seq.) and any noninsured State member 
     bank, as if such organization or bank was a bank holding 
     company.
       ``(B) Rules of construction.--
       ``(i) Effect on other authority.--Nothing in this paragraph 
     may be construed to alter or affect the authority of an 
     appropriate Federal banking agency to initiate enforcement 
     proceedings, issue directives, or take other remedial action 
     under any other provision of law.
       ``(ii) Holding companies.--Nothing in this paragraph or 
     subsection (c) may be construed as authorizing any Federal 
     banking agency other than the appropriate Federal banking 
     agency for a bank holding company or a savings and loan 
     holding company to initiate enforcement proceedings, issue 
     directives, or take other remedial action against a bank 
     holding company, a savings and loan holding company, or any 
     subsidiary thereof (other than a depository institution).''.
       (B) Conforming amendment.--Section 8(b)(9) of the Federal 
     Deposit Insurance Act (12 U.S.C. 1818(b)(9)) is amended to 
     read as follows:
       ``(9) [Reserved].''.
       (d) Consumer Protection.--Nothing in this section may be 
     construed to limit or otherwise affect the transfer of powers 
     under title X.

     SEC. 313. ABOLISHMENT.

       Effective 90 days after the transfer date, the Office of 
     Thrift Supervision and the position of Director of the Office 
     of Thrift Supervision are abolished.

     SEC. 314. AMENDMENTS TO THE REVISED STATUTES.

       (a) Amendment to Section 324.--Section 324 of the Revised 
     Statutes of the United States (12 U.S.C. 1) is amended to 
     read as follows:

     ``SEC. 324. COMPTROLLER OF THE CURRENCY.

       ``(a) Office of the Comptroller of the Currency 
     Established.--There is established in the Department of the 
     Treasury a bureau to be known as the `Office of the 
     Comptroller of the Currency' which is charged with assuring 
     the safety and soundness of, and compliance with laws and 
     regulations, fair access to financial services, and fair 
     treatment of customers by, the institutions and other persons 
     subject to its jurisdiction.
       ``(b) Comptroller of the Currency.--
       ``(1) In general.--The chief officer of the Office of the 
     Comptroller of the Currency shall be known as the Comptroller 
     of the Currency. The Comptroller of the Currency shall 
     perform the duties of the Comptroller of the Currency under 
     the general direction of the Secretary of the Treasury. The 
     Secretary of the Treasury may not delay or prevent the 
     issuance of any rule or the promulgation of any regulation by 
     the Comptroller of the Currency, and may not intervene in any 
     matter or proceeding before the Comptroller of the Currency 
     (including agency enforcement actions), unless otherwise 
     specifically provided by law.
       ``(2) Additional authority.--The Comptroller of the 
     Currency shall have the same authority with respect to 
     functions transferred to the Comptroller of the Currency 
     under the Enhancing Financial Institution Safety and 
     Soundness Act of 2010 (including matters that were within the 
     jurisdiction of the Director of the Office of Thrift 
     Supervision or the Office of Thrift Supervision on the day 
     before the transfer date under that Act) as was vested in the 
     Director of the Office of Thrift Supervision on the transfer 
     date under that Act.''.
       (b) Amendment to Section 329.--Section 329 of the Revised 
     Statutes of the United States (12 U.S.C. 11) is amended by 
     inserting before the period at the end the following: ``or 
     any Federal savings association''.
       (c) Effective Date.--This section, and the amendments made 
     by this section, shall take effect on the transfer date.

     SEC. 315. FEDERAL INFORMATION POLICY.

       Section 3502(5) of title 44, United States Code, is amended 
     by inserting ``Office of the Comptroller of the Currency,'' 
     after ``the Securities and Exchange Commission,''.

     SEC. 316. SAVINGS PROVISIONS.

       (a) Office of Thrift Supervision.--
       (1) Existing rights, duties, and obligations not 
     affected.--Sections 312(b) and 313 shall not affect the 
     validity of any right, duty, or obligation of the United 
     States, the Director of the Office of Thrift Supervision, the 
     Office of Thrift Supervision, or any other person, that 
     existed on the day before the transfer date.
       (2) Continuation of suits.--This title shall not abate any 
     action or proceeding commenced by or against the Director of 
     the Office of Thrift Supervision or the Office of Thrift 
     Supervision before the transfer date, except that, for any 
     action or proceeding arising out of a function of the 
     Director of the Office of Thrift Supervision or the Office of 
     Thrift Supervision that is transferred to the Comptroller of 
     the Currency, the Office of the Comptroller of the Currency, 
     the Chairperson of the Corporation, the Corporation, the 
     Chairman of the Board of Governors, or the Board of Governors 
     by this subtitle, the Comptroller of the Currency, the Office 
     of the Comptroller of the Currency, the Chairperson of the 
     Corporation, the Corporation, the Chairman of the Board of 
     Governors, or the Board of Governors shall be substituted for 
     the Director of the Office of Thrift Supervision or the 
     Office of Thrift Supervision, as appropriate, as a party to 
     the action or proceeding as of the transfer date.
       (b) Continuation of Existing Orders, Resolutions, 
     Determinations, Agreements, Regulations, and Other 
     Materials.--All orders, resolutions, determinations, 
     agreements, regulations, interpretative rules, other 
     interpretations, guidelines, procedures, and other advisory 
     materials that have been issued, made, prescribed, or allowed 
     to become effective by the Office of Thrift Supervision, or 
     by a court of competent jurisdiction, in the performance of 
     functions of the Office of Thrift Supervision that are 
     transferred by this subtitle and that are in effect on the 
     day before the transfer date, shall continue in effect 
     according to the terms of those materials, and shall be 
     enforceable by or against the Office of the Comptroller of 
     the Currency, the Corporation, or the Board of Governors, as 
     appropriate, until modified, terminated, set aside, or 
     superseded in accordance with applicable law by the Office of 
     the Comptroller of the Currency, the Corporation, or the 
     Board of Governors, as appropriate, by any court of competent 
     jurisdiction, or by operation of law.
       (c) Identification of Regulations Continued.--
       (1) By the office of the comptroller of the currency.--Not 
     later than the transfer date, the Office of the Comptroller 
     of the Currency shall--
       (A) in consultation with the Corporation, identify the 
     regulations continued under subsection (b) that will be 
     enforced by the Office of the Comptroller of the Currency; 
     and
       (B) publish a list of such regulations in the Federal 
     Register.
       (2) By the corporation.--Not later than the transfer date, 
     the Corporation shall--
       (A) in consultation with the Office of the Comptroller of 
     the Currency, identify the regulations continued under 
     subsection (b) that will be enforced by the Corporation; and
       (B) publish a list of such regulations in the Federal 
     Register.
       (3) By the board of governors.--Not later than the transfer 
     date, the Board of Governors shall--
       (A) in consultation with the Office of the Comptroller of 
     the Currency and the Corporation, identify the regulations 
     continued under subsection (b) that will be enforced by the 
     Board of Governors; and
       (B) publish a list of such regulations in the Federal 
     Register.
       (d) Status of Regulations Proposed or Not Yet Effective.--
       (1) Proposed regulations.--Any proposed regulation of the 
     Office of Thrift Supervision that the Office of Thrift 
     Supervision, in performing functions transferred by this 
     subtitle, has proposed before the transfer date, but has not 
     published as a final regulation before that date, shall be 
     deemed to be a proposed regulation of the Office of the 
     Comptroller of the Currency or the Board of Governors, as 
     appropriate, according to its terms.
       (2) Regulations not yet effective.--Any interim or final 
     regulation of the Office of Thrift Supervision that the 
     Office of Thrift Supervision, in performing functions 
     transferred by this subtitle, has published before the 
     transfer date, but which has not become effective before that 
     date, shall become effective as a regulation of the Office of 
     the Comptroller of the Currency or the Board of Governors, as 
     appropriate, according to its terms.

     SEC. 317. REFERENCES IN FEDERAL LAW TO FEDERAL BANKING 
                   AGENCIES.

       Except as provided in section 312(d)(2), on and after the 
     transfer date, any reference in Federal law to the Director 
     of the Office of Thrift Supervision or the Office of Thrift 
     Supervision, in connection with any function of the Director 
     of the Office of Thrift Supervision or the Office of Thrift 
     Supervision transferred under section 312(b) or any other 
     provision of this subtitle, shall be deemed to be a reference 
     to the Comptroller of the Currency, the Office of the 
     Comptroller of the Currency, the Chairperson of the 
     Corporation, the Corporation, the Chairman of the Board of 
     Governors, or the Board of Governors, as appropriate.

     SEC. 318. FUNDING.

       (a) Funding of Office of the Comptroller of the Currency.--
     Chapter 4 of title LXII of the Revised Statutes is amended by 
     inserting after section 5240 (12 U.S.C. 481, 482) the 
     following:
       ``Sec. 5240A.  The Comptroller of the Currency may collect 
     an assessment, fee, or other charge from any entity described 
     in section 3(q)(1) of the Federal Deposit Insurance Act (12 
     U.S.C. 1813(q)(1)), as the Comptroller determines is 
     necessary or appropriate to carry out the responsibilities of 
     the Office of the Comptroller of the Currency. In 
     establishing the amount of an assessment,

[[Page S3011]]

     fee, or charge collected from an entity under this section, 
     the Comptroller of the Currency may take into account the 
     funds transferred to the Office of the Comptroller of the 
     Currency under this section, the nature and scope of the 
     activities of the entity, the amount and type of assets that 
     the entity holds, the financial and managerial condition of 
     the entity, and any other factor, as the Comptroller of the 
     Currency determines is appropriate. Funds derived from any 
     assessment, fee, or charge collected or payment made pursuant 
     to this section may be deposited by the Comptroller of the 
     Currency in accordance with the provisions of section 5234. 
     Such funds shall not be construed to be Government funds or 
     appropriated monies, and shall not be subject to 
     apportionment for purposes of chapter 15 of title 31, United 
     States Code, or any other provision of law. The authority of 
     the Comptroller of the Currency under this section shall be 
     in addition to the authority under section 5240.
       ``The Comptroller of the Currency shall have sole authority 
     to determine the manner in which the obligations of the 
     Office of the Comptroller of the Currency shall be incurred 
     and its disbursements and expenses allowed and paid, in 
     accordance with this section.''.
       (b) Funding of Board of Governors.--Section 11 of the 
     Federal Reserve Act (12 U.S.C. 248) is amended by adding at 
     the end the following:
       ``(s) Assessments, Fees, and Other Charges for Certain 
     Companies.--
       ``(1) In general.--The Board shall collect a total amount 
     of assessments, fees, or other charges from the companies 
     described in paragraph (2) that is equal to the total 
     expenses the Board estimates are necessary or appropriate to 
     carry out the responsibilities of the Board with respect to 
     such companies.
       ``(2) Companies.--The companies described in this paragraph 
     are--
       ``(A) all bank holding companies having total consolidated 
     assets of $50,000,000,000 or more;
       ``(B) all savings and loan holding companies having total 
     consolidated assets of $50,000,000,000 or more; and
       ``(C) all nonbank financial companies supervised by the 
     Board under section 113 of the Restoring American Financial 
     Stability Act of 2010.''.
       (c) Corporation Examination Fees.--Section 10(e) of the 
     Federal Deposit Insurance Act (12 U.S.C. 1820(e)) is amended 
     by striking paragraph (1) and inserting the following:
       ``(1) Regular and special examinations of depository 
     institutions.--The cost of conducting any regular examination 
     or special examination of any depository institution under 
     subsection (b)(2), (b)(3), or (d) or of any entity described 
     in section 3(q)(2) may be assessed by the Corporation against 
     the institution or entity to meet the expenses of the 
     Corporation in carrying out such examinations, or as the 
     Corporation determines is necessary or appropriate to carry 
     out the responsibilities of the Corporation.''.
       (d) Effective Date.--This section, and the amendments made 
     by this section, shall take effect on the transfer date.

     SEC. 319. CONTRACTING AND LEASING AUTHORITY.

       Notwithstanding the Federal Property and Administrative 
     Services Act of 1949 (41 U.S.C. 251 et seq.) or any other 
     provision of law, the Office of the Comptroller of the 
     Currency may--
       (1) enter into and perform contracts, execute instruments, 
     and acquire, in any lawful manner, such goods and services, 
     or personal or real property (or property interest) as the 
     Comptroller deems necessary to carry out the duties and 
     responsibilities of the Office of the Comptroller of the 
     Currency; and
       (2) hold, maintain, sell, lease, or otherwise dispose of 
     the property (or property interest) acquired under paragraph 
     (1).

                  Subtitle B--Transitional Provisions

     SEC. 321. INTERIM USE OF FUNDS, PERSONNEL, AND PROPERTY OF 
                   THE OFFICE OF THRIFT SUPERVISION.

       (a) In General.--Before the transfer date, the Office of 
     the Comptroller of the Currency, the Corporation, and the 
     Board of Governors shall--
       (1) consult and cooperate with the Office of Thrift 
     Supervision to facilitate the orderly transfer of functions 
     to the Office of the Comptroller of the Currency, the 
     Corporation, and the Board of Governors in accordance with 
     this title;
       (2) determine jointly, from time to time--
       (A) the amount of funds necessary to pay any expenses 
     associated with the transfer of functions (including expenses 
     for personnel, property, and administrative services) during 
     the period beginning on the date of enactment of this Act and 
     ending on the transfer date;
       (B) which personnel are appropriate to facilitate the 
     orderly transfer of functions by this title; and
       (C) what property and administrative services are necessary 
     to support the Office of the Comptroller of the Currency, the 
     Corporation, and the Board of Governors during the period 
     beginning on the date of enactment of this Act and ending on 
     the transfer date; and
       (3) take such actions as may be necessary to provide for 
     the orderly implementation of this title.
       (b) Agency Consultation.--When requested jointly by the 
     Office of the Comptroller of the Currency, the Corporation, 
     and the Board of Governors to do so before the transfer date, 
     the Office of Thrift Supervision shall--
       (1) pay to the Office of the Comptroller of the Currency, 
     the Corporation, or the Board of Governors, as applicable, 
     from funds obtained by the Office of Thrift Supervision 
     through assessments, fees, or other charges that the Office 
     of Thrift Supervision is authorized by law to impose, such 
     amounts as the Office of the Comptroller of the Currency, the 
     Corporation, and the Board of Governors jointly determine to 
     be necessary under subsection (a);
       (2) detail to the Office of the Comptroller of the 
     Currency, the Corporation, or the Board of Governors, as 
     applicable, such personnel as the Office of the Comptroller 
     of the Currency, the Corporation, and the Board of Governors 
     jointly determine to be appropriate under subsection (a); and
       (3) make available to the Office of the Comptroller of the 
     Currency, the Corporation, or the Board of Governors, as 
     applicable, such property and provide to the Office of the 
     Comptroller of the Currency, the Corporation, or the Board of 
     Governors, as applicable, such administrative services as the 
     Office of the Comptroller of the Currency, the Corporation, 
     and the Board of Governors jointly determine to be necessary 
     under subsection (a).
       (c) Notice Required.--The Office of the Comptroller of the 
     Currency, the Corporation, and the Board of Governors shall 
     jointly give the Office of Thrift Supervision reasonable 
     prior notice of any request that the Office of the 
     Comptroller of the Currency, the Corporation, and the Board 
     of Governors jointly intend to make under subsection (b).

     SEC. 322. TRANSFER OF EMPLOYEES.

       (a) In General.--
       (1) Office of thrift supervision employees.--
       (A) In general.--All employees of the Office of Thrift 
     Supervision shall be transferred to the Office of the 
     Comptroller of the Currency or the Corporation for employment 
     in accordance with this section.
       (B) Allocating employees for transfer to receiving 
     agencies.--The Director of the Office of Thrift Supervision, 
     the Comptroller of the Currency, and the Chairperson of the 
     Corporation shall--
       (i) jointly determine the number of employees of the Office 
     of Thrift Supervision necessary to perform or support the 
     functions that are transferred to the Office of the 
     Comptroller of the Currency or the Corporation by this title; 
     and
       (ii) consistent with the determination under clause (i), 
     jointly identify employees of the Office of Thrift 
     Supervision for transfer to the Office of the Comptroller of 
     the Currency or the Corporation.
       (2) Employees transferred; service periods credited.--For 
     purposes of this section, periods of service with a Federal 
     home loan bank, a joint office of Federal home loan banks, or 
     a Federal reserve bank shall be credited as periods of 
     service with a Federal agency.
       (3) Appointment authority for excepted service 
     transferred.--
       (A) In general.--Except as provided in subparagraph (B), 
     any appointment authority of the Office of Thrift Supervision 
     under Federal law that relates to the functions transferred 
     under section 312, including the regulations of the Office of 
     Personnel Management, for filling the positions of employees 
     in the excepted service shall be transferred to the 
     Comptroller of the Currency or the Chairperson of the 
     Corporation, as appropriate.
       (B) Declining transfers allowed.--The Office of the 
     Comptroller of the Currency or the Chairperson of the 
     Corporation may decline to accept a transfer of authority 
     under subparagraph (A) (and the employees appointed under 
     that authority) to the extent that such authority relates to 
     positions excepted from the competitive service because of 
     their confidential, policy-making, policy-determining, or 
     policy-advocating character.
       (4) Additional appointment authority.--Notwithstanding any 
     other provision of law, the Office of the Comptroller of the 
     Currency and the Corporation may appoint transferred 
     employees to positions in the Office of the Comptroller of 
     the Currency or the Corporation, respectively.
       (b) Timing of Transfers and Position Assignments.--Each 
     employee to be transferred under subsection (a)(1) shall--
       (1) be transferred not later than 90 days after the 
     transfer date; and
       (2) receive notice of the position assignment of the 
     employee not later than 120 days after the effective date of 
     the transfer of the employee.
       (c) Transfer of Functions.--
       (1) In general.--Notwithstanding any other provision of 
     law, the transfer of employees under this subtitle shall be 
     deemed a transfer of functions for the purpose of section 
     3503 of title 5, United States Code.
       (2) Priority.--If any provision of this subtitle conflicts 
     with any protection provided to a transferred employee under 
     section 3503 of title 5, United States Code, the provisions 
     of this subtitle shall control.
       (d) Employee Status and Eligibility.--The transfer of 
     functions and employees under this subtitle, and the 
     abolishment of the Office of Thrift Supervision under section 
     313, shall not affect the status of the transferred employees 
     as employees of an agency of the United States under any 
     provision of law.
       (e) Equal Status and Tenure Positions.--

[[Page S3012]]

       (1) Status and tenure.--Each transferred employee from the 
     Office of Thrift Supervision shall be placed in a position at 
     the Office of the Comptroller of the Currency or the 
     Corporation with the same status and tenure as the 
     transferred employee held on the day before the date on which 
     the employee was transferred.
       (2) Functions.--To the extent practicable, each transferred 
     employee shall be placed in a position at the Office of the 
     Comptroller of the Currency or the Corporation, as 
     applicable, responsible for the same functions and duties as 
     the transferred employee had on the day before the date on 
     which the employee was transferred, in accordance with the 
     expertise and preferences of the transferred employee.
       (f) No Additional Certification Requirements.--An examiner 
     who is a transferred employee shall not be subject to any 
     additional certification requirements before being placed in 
     a comparable position at the Office of the Comptroller of the 
     Currency or the Corporation, if the examiner carries out 
     examinations of the same type of institutions as an employee 
     of the Office of the Comptroller of the Currency or the 
     Corporation as the employee was responsible for carrying out 
     before the date on which the employee was transferred.
       (g) Personnel Actions Limited.--
       (1) 2-Year protection.--Except as provided in paragraph 
     (2), during the 2-year period beginning on the transfer date, 
     an employee holding a permanent position on the day before 
     the date on which the employee was transferred shall not be 
     involuntarily separated or involuntarily reassigned outside 
     the locality pay area (as defined by the Office of Personnel 
     Management) of the employee.
       (2) Exceptions.--The Comptroller of the Currency and the 
     Chairperson of the Corporation, as applicable, may--
       (A) separate a transferred employee for cause, including 
     for unacceptable performance; or
       (B) terminate an appointment to a position excepted from 
     the competitive service because of its confidential policy-
     making, policy-determining, or policy-advocating character.
       (h) Pay.--
       (1) 2-year protection.--Except as provided in paragraph 
     (2), during the 2-year period beginning on the date on which 
     the employee was transferred under this subtitle, a 
     transferred employee shall be paid at a rate that is not less 
     than the basic rate of pay, including any geographic 
     differential, that the transferred employee received during 
     the pay period immediately preceding the date on which the 
     employee was transferred.
       (2) Exceptions.--The Comptroller of the Currency or the 
     Chairman of the Board of Governors may reduce the rate of 
     basic pay of a transferred employee--
       (A) for cause, including for unacceptable performance; or
       (B) with the consent of the transferred employee.
       (3) Protection only while employed.--This subsection shall 
     apply to a transferred employee only during the period that 
     the transferred employee remains employed by Office of the 
     Comptroller of the Currency or the Corporation.
       (4) Pay increases permitted.--Nothing in this subsection 
     shall limit the authority of the Comptroller of the Currency 
     or the Chairperson of the Corporation to increase the pay of 
     a transferred employee.
       (i) Benefits.--
       (1) Retirement benefits for transferred employees.--
       (A) In general.--
       (i) Continuation of existing retirement plan.--Each 
     transferred employee shall remain enrolled in the retirement 
     plan of the transferred employee, for as long as the 
     transferred employee is employed by the Office of the 
     Comptroller of the Currency or the Corporation.
       (ii) Employer's contribution.--The Comptroller of the 
     Currency or the Chairperson of the Corporation, as 
     appropriate, shall pay any employer contributions to the 
     existing retirement plan of each transferred employee, as 
     required under each such existing retirement plan.
       (B) Definition.--In this paragraph, the term ``existing 
     retirement plan'' means, with respect to a transferred 
     employee, the retirement plan (including the Financial 
     Institutions Retirement Fund), and any associated thrift 
     savings plan, of the agency from which the employee was 
     transferred in which the employee was enrolled on the day 
     before the date on which the employee was transferred.
       (2) Benefits other than retirement benefits.--
       (A) During first year.--
       (i) Existing plans continue.--During the 1-year period 
     following the transfer date, each transferred employee may 
     retain membership in any employee benefit program (other than 
     a retirement benefit program) of the agency from which the 
     employee was transferred under this title, including any 
     dental, vision, long term care, or life insurance program to 
     which the employee belonged on the day before the transfer 
     date.
       (ii) Employer's contribution.--The Office of the 
     Comptroller of the Currency or the Corporation, as 
     appropriate, shall pay any employer cost required to extend 
     coverage in the benefit program to the transferred employee 
     as required under that program or negotiated agreements.
       (B) Dental, vision, or life insurance after first year.--
     If, after the 1-year period beginning on the transfer date, 
     the Office of the Comptroller of the Currency or the 
     Corporation determines that the Office of the Comptroller of 
     the Currency or the Corporation, as the case may be, will not 
     continue to participate in any dental, vision, or life 
     insurance program of an agency from which an employee was 
     transferred, a transferred employee who is a member of the 
     program may, before the decision takes effect and without 
     regard to any regularly scheduled open season, elect to 
     enroll in--
       (i) the enhanced dental benefits program established under 
     chapter 89A of title 5, United States Code;
       (ii) the enhanced vision benefits established under chapter 
     89B of title 5, United States Code; and
       (iii) the Federal Employees' Group Life Insurance Program 
     established under chapter 87 of title 5, United States Code, 
     without regard to any requirement of insurability.
       (C) Long term care insurance after 1st year.--If, after the 
     1-year period beginning on the transfer date, the Office of 
     the Comptroller of the Currency or the Corporation determines 
     that the Office of the Comptroller of the Currency or the 
     Corporation, as appropriate, will not continue to participate 
     in any long term care insurance program of an agency from 
     which an employee transferred, a transferred employee who is 
     a member of such a program may, before the decision takes 
     effect, elect to apply for coverage under the Federal Long 
     Term Care Insurance Program established under chapter 90 of 
     title 5, United States Code, under the underwriting 
     requirements applicable to a new active workforce member, as 
     described in part 875 of title 5, Code of Federal Regulations 
     (or any successor thereto).
       (D) Contribution of transferred employee.--
       (i) In general.--Subject to clause (ii), a transferred 
     employee who is enrolled in a plan under the Federal 
     Employees Health Benefits Program shall pay any employee 
     contribution required under the plan.
       (ii) Cost differential.--The Office of the Comptroller of 
     the Currency or the Corporation, as applicable, shall pay any 
     difference in cost between the employee contribution required 
     under the plan provided to transferred employees by the 
     agency from which the employee transferred on the date of 
     enactment of this Act and the plan provided by the Office of 
     the Comptroller of the Currency or the Corporation, as the 
     case may be, under this section.
       (iii) Funds transfer.--The Office of the Comptroller of the 
     Currency or the Corporation, as the case may be, shall 
     transfer to the Employees Health Benefits Fund established 
     under section 8909 of title 5, United States Code, an amount 
     determined by the Director of the Office of Personnel 
     Management, after consultation with the Comptroller of the 
     Currency or the Chairperson of the Corporation, as the case 
     may be, and the Office of Management and Budget, to be 
     necessary to reimburse the Fund for the cost to the Fund of 
     providing any benefits under this subparagraph that are not 
     otherwise paid for by a transferred employee under clause 
     (i).
       (E) Special provisions to ensure continuation of life 
     insurance benefits.--
       (i) In general.--An annuitant, as defined in section 8901 
     of title 5, United States Code, who is enrolled in a life 
     insurance plan administered by an agency from which employees 
     are transferred under this title on the day before the 
     transfer date shall be eligible for coverage by a life 
     insurance plan under sections 8706(b), 8714a, 8714b, or 8714c 
     of title 5, United States Code, or by a life insurance plan 
     established by the Office of the Comptroller of the Currency 
     or the Corporation, as applicable, without regard to any 
     regularly scheduled open season or any requirement of 
     insurability.
       (ii) Contribution of transferred employee.--

       (I) In general.--Subject to subclause (II), a transferred 
     employee enrolled in a life insurance plan under this 
     subparagraph shall pay any employee contribution required by 
     the plan.
       (II) Cost differential.--The Office of the Comptroller of 
     the Currency or the Corporation, as the case may be, shall 
     pay any difference in cost between the benefits provided by 
     the agency from which the employee transferred on the date of 
     enactment of this Act and the benefits provided under this 
     section.
       (III) Funds transfer.--The Office of the Comptroller of the 
     Currency or the Corporation, as the case may be, shall 
     transfer to the Federal Employees' Group Life Insurance Fund 
     established under section 8714 of title 5, United States 
     Code, an amount determined by the Director of the Office of 
     Personnel Management, after consultation with the Comptroller 
     of the Currency or the Chairperson of the Corporation, as the 
     case may be, and the Office of Management and Budget, to be 
     necessary to reimburse the Federal Employees' Group Life 
     Insurance Fund for the cost to the Federal Employees' Group 
     Life Insurance Fund of providing benefits under this 
     subparagraph not otherwise paid for by a transferred employee 
     under subclause (I).
       (IV) Credit for time enrolled in other plans.--For any 
     transferred employee, enrollment in a life insurance plan 
     administered by the agency from which the employee 
     transferred, immediately before enrollment in a life 
     insurance plan under chapter 87 of title 5, United States 
     Code, shall be considered as enrollment in a life insurance

[[Page S3013]]

     plan under that chapter for purposes of section 8706(b)(1)(A) 
     of title 5, United States Code.

       (j) Incorporation Into Agency Pay System.--Not later than 2 
     years after the transfer date, the Comptroller of the 
     Currency and the Chairperson of the Corporation shall place 
     each transferred employee into the established pay system and 
     structure of the appropriate employing agency.
       (k) Equitable Treatment.--In administering the provisions 
     of this section, the Comptroller of the Currency and the 
     Chairperson of the Corporation--
       (1) may not take any action that would unfairly 
     disadvantage a transferred employee relative to any other 
     employee of the Office of the Comptroller of the Currency or 
     the Corporation on the basis of prior employment by the 
     Office of Thrift Supervision; and
       (2) may take such action as is appropriate in an individual 
     case to ensure that a transferred employee receives equitable 
     treatment, with respect to the status, tenure, pay, benefits 
     (other than benefits under programs administered by the 
     Office of Personnel Management), and accrued leave or 
     vacation time for prior periods of service with any Federal 
     agency of the transferred employee.
       (l) Reorganization.--
       (1) In general.--If the Comptroller of the Currency or the 
     Chairperson of the Corporation determines, during the 2-year 
     period beginning 1 year after the transfer date, that a 
     reorganization of the staff of the Office of the Comptroller 
     of the Currency or the Corporation, respectively, is 
     required, the reorganization shall be deemed a ``major 
     reorganization'' for purposes of affording affected employees 
     retirement under section 8336(d)(2) or 8414(b)(1)(B) of title 
     5, United States Code.
       (2) Service credit.--For purposes of this subsection, 
     periods of service with a Federal home loan bank or a joint 
     office of Federal home loan banks shall be credited as 
     periods of service with a Federal agency.

     SEC. 323. PROPERTY TRANSFERRED.

       (a) Property Defined.--For purposes of this section, the 
     term ``property'' includes all real property (including 
     leaseholds) and all personal property, including computers, 
     furniture, fixtures, equipment, books, accounts, records, 
     reports, files, memoranda, paper, reports of examination, 
     work papers, and correspondence related to such reports, and 
     any other information or materials.
       (b) Property of the Office of Thrift Supervision.--Not 
     later than 90 days after the transfer date, all property of 
     the Office of Thrift Supervision that the Comptroller of the 
     Currency and the Chairperson of the Corporation jointly 
     determine is used, on the day before the transfer date, to 
     perform or support the functions of the Office of Thrift 
     Supervision transferred to the Office of the Comptroller of 
     the Currency or the Corporation under this title, shall be 
     transferred to the Office of the Comptroller of the Currency 
     or the Corporation in a manner consistent with the transfer 
     of employees under this subtitle.
       (c) Contracts Related to Property Transferred.--Each 
     contract, agreement, lease, license, permit, and similar 
     arrangement relating to property transferred to the Office of 
     the Comptroller of the Currency or the Corporation by this 
     section shall be transferred to the Office of the Comptroller 
     of the Currency or the Corporation, as appropriate, together 
     with the property to which it relates.
       (d) Preservation of Property.--Property identified for 
     transfer under this section shall not be altered, destroyed, 
     or deleted before transfer under this section.

     SEC. 324. FUNDS TRANSFERRED.

       The funds that, on the day before the transfer date, the 
     Director of the Office of Thrift Supervision (in consultation 
     with the Comptroller of the Currency, the Chairperson of the 
     Corporation, and the Chairman of the Board of Governors) 
     determines are not necessary to dispose of the affairs of the 
     Office of Thrift Supervision under section 325 and are 
     available to the Office of Thrift Supervision to pay the 
     expenses of the Office of Thrift Supervision--
       (1) relating to the functions of the Office of Thrift 
     Supervision transferred under section 312(b)(1)(B), shall be 
     transferred to the Office of the Comptroller of the Currency 
     on the transfer date;
       (2) relating to the functions of the Office of Thrift 
     Supervision transferred under section 312(b)(1)(C), shall be 
     transferred to the Corporation on the transfer date; and
       (3) relating to the functions of the Office of Thrift 
     Supervision transferred under section 312(b)(1)(A), shall be 
     transferred to the Board of Governors on the transfer date.

     SEC. 325. DISPOSITION OF AFFAIRS.

       (a) Authority of Director.--During the 90-day period 
     beginning on the transfer date, the Director of the Office of 
     Thrift Supervision--
       (1) shall, solely for the purpose of winding up the affairs 
     of the Office of Thrift Supervision relating to any function 
     transferred to the Office of the Comptroller of the Currency, 
     the Corporation, or the Board of Governors under this title--
       (A) manage the employees of the Office of Thrift 
     Supervision who have not yet been transferred and provide for 
     the payment of the compensation and benefits of the employees 
     that accrue before the date on which the employees are 
     transferred under this title; and
       (B) manage any property of the Office of Thrift 
     Supervision, until the date on which the property is 
     transferred under section 323; and
       (2) may take any other action necessary to wind up the 
     affairs of the Office of Thrift Supervision.
       (b) Status of Director.--
       (1) In general.--Notwithstanding the transfer of functions 
     under this subtitle, during the 90-day period beginning on 
     the transfer date, the Director of the Office of Thrift 
     Supervision shall retain and may exercise any authority 
     vested in the Director of the Office of Thrift Supervision on 
     the day before the transfer date, only to the extent 
     necessary--
       (A) to wind up the Office of Thrift Supervision; and
       (B) to carry out the transfer under this subtitle during 
     such 90-day period.
       (2) Other provisions.--For purposes of paragraph (1), the 
     Director of the Office of Thrift Supervision shall, during 
     the 90-day period beginning on the transfer date, continue to 
     be--
       (A) treated as an officer of the United States; and
       (B) entitled to receive compensation at the same annual 
     rate of basic pay that the Director of the Office of Thrift 
     Supervision received on the day before the transfer date.

     SEC. 326. CONTINUATION OF SERVICES.

       Any agency, department, or other instrumentality of the 
     United States, and any successor to any such agency, 
     department, or instrumentality, that was, before the transfer 
     date, providing support services to the Office of Thrift 
     Supervision in connection with functions transferred to the 
     Office of the Comptroller of the Currency, the Corporation or 
     the Board of Governors under this title, shall--
       (1) continue to provide such services, subject to 
     reimbursement by the Office of the Comptroller of the 
     Currency, the Corporation, or the Board of Governors, until 
     the transfer of functions under this title is complete; and
       (2) consult with the Comptroller of the Currency, the 
     Chairperson of the Corporation, or the Chairman of the Board 
     of Governors, as appropriate, to coordinate and facilitate a 
     prompt and orderly transition.
       Strike section 605.
       On page 459, line 17, strike ``bank'' and insert 
     ``nonmember bank, and the Board may, by order, exempt a 
     transaction of a State member bank,''.
       On page 1045, line 19, insert after ``Currency'' the 
     following: ``, the Board of Governors of the Federal Reserve 
     System,''.
                                 ______
                                 
  SA 3760. Mr. VITTER submitted an amendment intended to be proposed to 
amendment SA 3739 proposed by Mr. Reid (for Mr. Dodd (for himself and 
Mrs. Lincoln)) to the bill S. 3217, to promote the financial stability 
of the United States by improving accountability and transparency in 
the financial system, to end ``too big to fail,'' to protect the 
American taxpayer by ending bailouts, to protect consumers from abusive 
financial services practices, and for other purposes; which was ordered 
to lie on the table; as follows:

       At the end of title XI, add the following:

     SEC. 1159. AUDITS AND OVERSIGHT OF THE FEDERAL RESERVE.

       Section 714 of title 31, United States Code, is amended--
       (1) in subsection (a), by striking ``the Office of the 
     Comptroller of the Currency, and the Office of Thrift 
     Supervision.'' and inserting ``and the Office of the 
     Comptroller of the Currency.'';
       (2) in subsection (b), by striking all after ``has 
     consented in writing.'' and inserting the following: ``Audits 
     of the Federal Reserve Board and Federal reserve banks shall 
     not include unreleased transcripts or minutes of meetings of 
     the Board of Governors or of the Federal Open Market 
     Committee. To the extent that an audit deals with individual 
     market actions, records related to such actions shall only be 
     released by the Comptroller General after 180 days have 
     elapsed following the effective date of such actions.'';
       (3) in subsection (c)(1), in the first sentence, by 
     striking ``subsection,'' and inserting ``subsection or in the 
     audits or audit reports referring or relating to the Federal 
     Reserve Board or Reserve Banks,''; and
       (4) by adding at the end the following:
       ``(f) Audit and Report of the Federal Reserve System.--
       ``(1) In general.--An audit of the Board of Governors of 
     the Federal Reserve System and the Federal reserve banks 
     under subsection (b) shall be completed not later than 12 
     months after the date of enactment of the Restoring American 
     Financial Stability Act of 2010.
       ``(2) Report.--
       ``(A) Required.--A report on the audit referred to in 
     paragraph (1) shall be submitted by the Comptroller General 
     to the Congress before the end of the 90-day period beginning 
     on the date on which such audit is completed and made 
     available to--
       ``(i) the Speaker of the House of Representatives;
       ``(ii) the majority and minority leaders of the House of 
     Representatives;
       ``(iii) the majority and minority leaders of the Senate;
       ``(iv) the Chairman and Ranking Member of the committee and 
     each subcommittee of

[[Page S3014]]

     jurisdiction in the House of Representatives and the Senate; 
     and
       ``(v) any other Member of Congress who requests it.
       ``(B) Contents.--The report under subparagraph (A) shall 
     include a detailed description of the findings and conclusion 
     of the Comptroller General with respect to the audit that is 
     the subject of the report.
       ``(3) Construction.--Nothing in this subsection shall be 
     construed--
       ``(A) as interference in or dictation of monetary policy to 
     the Federal Reserve System by the Congress or the Government 
     Accountability Office; or
       ``(B) to limit the ability of the Government Accountability 
     Office to perform additional audits of the Board of Governors 
     of the Federal Reserve System or of the Federal reserve 
     banks.''.
                                 ______
                                 
  SA 3761. Mr. VITTER (for himself and Mr. DeMint) submitted an 
amendment intended to be proposed to amendment SA 3739 proposed by Mr. 
Reid (for Mr. Dodd (for himself and Mrs. Lincoln)) to the bill S. 3217, 
to promote the financial stability of the United States by improving 
accountability and transparency in the financial system, to end ``too 
big to fail,'' to protect the American taxpayer by ending bailouts, to 
protect consumers from abusive financial services practices, and for 
other purposes; which was ordered to lie on the table; as follows:

       Strike title XII.

                          ____________________