An Act to amend the Federal charter for Group Hospitalization and Medical Services, Inc., and for other purposes.

Amends the Federal charter of Group Hospitalization and Medical Services, Inc., to: (1) permit the corporation to have one class of members consisting of at least one member and not more than 30; and (2) prohibit dissolution of the corporation without congressional approval.

Deems enrollment in a health benefits plan administered by the Federal Deposit Insurance Corporation (FDIC) before termination of such plan on January 3, 1998, or enrollment in a plan with respect to which the eligibility of any employees or retired employees of the Board of Governors of the Federal Reserve System (FRS) terminates on January 3, 1998, to be periods of enrollment in a health benefits plan under Federal Employees Health Benefits Program (FEHBP) provisions. Authorizes an individual enrolled in such a plan on January 3, 1998, to enroll in an approved FEHBP if such individual: (1) meets FEHBP eligibility requirements; or (2) would meet such requirements if, to the extent such requirements involve the Civil Service Retirement System or the Federal Employees Retirement System, such individual satisfies similar requirements of the Retirement Plan for Employees of the Federal Reserve System.

Provides for continued coverage under FEHBP for: (1) individuals entitled to such coverage under FDIC or FRS plans; and (2) certain unmarried dependent children covered under such plans.

Makes eligibility for participation in FEHBP inapplicable to individuals whose eligibility for coverage does not involuntarily terminate on January 3, 1998.

Requires FDIC and FRS to transfer amounts to the Employees Health Benefits Fund to reimburse the Fund for the cost of such benefits not otherwise paid for by the covered individuals.