A bill to establish a Federal Bank Commission to administer all Federal laws relating to the conduct of the banking business, both foreign and domestic, including such laws relating to the chartering of banking institutions and their branching activities, bank holding companies and their activities, Edge Act corporations and their activities, and the examination, supervision and regulation of banking institutions under Federal law.
Federal Bank Commission Act - Title I: Establishes a Federal Bank Commission to consist of five members appointed by the President. Transfers all functions of the Federal Reserve System (except the examination and supervisory powers of the system with respect to Federal Reserve banks), the Comptroller of the Currency (except those functions dealing with currency issue and redemption), and the Board of Directors of the Federal Deposit Insurance Corporation to the Commission.
Prohibits the holding by a Commissioner of a financial interest in, or employment by, any institution subject to the jurisdiction of the Commission.
Specifies the executive functions vested in the Commission and provides that these functions, except for rulemaking, may be delegated.
Authorizes the appropriation of $5,000,000 for the costs and expenses of the Commission.
Details the method of transfer of records, facilities, and personnel from such agencies to the Commission.
Title II: Conforming Amendments -- Makes conforming amendments in the provisions of Federal law affected by the provisions of this Act.
Requires the Comptroller General to audit the Federal Bank Commission and to report to the Congress results and recommendations with respect to such audit.
Referred to House Committee on Banking, Finance and Urban Affairs.
Introduced in Senate
Referred to Senate Committee on Banking, Housing and Urban Affairs.
checking server…
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line