To encourage the application of uniform examination principles and standards by State and Federal supervisory agencies, the Council shall establish a liaison committee composed of five representatives of State agencies which supervise financial institutions which shall meet at least twice a year with the Council. Members of the liaison committee shall receive a reasonable allowance for necessary expenses incurred in attending meetings. Members of the Liaison Committee shall elect a chairperson from among the members serving on the committee.

(Pub. L. 95–630, title X, §1007, Nov. 10, 1978, 92 Stat. 3696; Pub. L. 109–351, title VII, §714(b), Oct. 13, 2006, 120 Stat. 1995.)

**2006**—Pub. L. 109–351 inserted at end “Members of the Liaison Committee shall elect a chairperson from among the members serving on the committee.”