PlainBillCongress, translated.Legislation. Context. Public interest.Read twice and referred to the Committee on Banking.
Congressional Research Service
Version 00 · Introduced in Senate · Mar 7, 1994
TABLE OF CONTENTS: Title I: Federal Banking Commission Established Title II: Powers and Duties Transferred to Federal Banking Commission Title III: Operations of Federal Banking Commission Title IV: Transitional Provisions Title V: Conforming Amendments to Federal Deposit Insurance Act Title VI: Conforming Amendments to Other Banking Statutes Title VII: Conforming Amendments to Other Statutes Regulatory Consolidation Act of 1994 - Title I: Federal Banking Commission Established - Establishes the Federal Banking Commission (the Commission) as an independent establishment in the executive branch. Title II: Powers and Duties Transferred to Federal Banking Commission - Transfers to the Commission the functions, powers, and duties of: (1) the Comptroller of the Currency; (2) the Director of the Office of Thrift Supervision; (3) the Board of Governors of the Federal Reserve System (the Board) except with respect to functions relating to monetary policy and open market operations, administration of the payment system, and discount window operations; (4) the Federal Deposit Insurance Corporation (except with respect to functions relating to deposit insurance, conservatorship, or receivership); and (5) the Federal Financial Institutions Examination Council with respect to schools for examiners. Instructs the Secretary of the Treasury to designate a date for the transfer of functions. Abolishes the following offices after such transfer date: (1) the Office of the Comptroller of the Currency; (2) the Office of Thrift Supervision; and (3) the Federal Financial Institutions Examination Council. Redesignates the Appraisal Subcommittee as the Appraisal Committee, and declares its members shall be designees of the Chairpersons of: (1) the Federal Banking Commission; (2) the Federal Deposit Insurance Corporation; and (3) the National Credit Union Administration Board. Title III: Operations of Federal Banking Commission - Sets forth the Commission's operational parameters, including the conduct of joint examinations with the Board with respect to bank holding companies and their subsidiaries, and supervision of certain State depository institutions. Requires the Commission to establish the following advisory councils: (1) Advisory Council on Consumer Affairs; (2) Advisory Council on Community Depository Institutions; (3) Advisory Council on Savings Associations; and (4) Advisory Council on Small Businesses. Directs the Commission to establish: (1) an independent appellate process to review material supervisory determinations made by its examiners or officials with respect to insured depository institutions; and (2) an Office of the Inspector General. States that the Commission shall be considered an agency within the Executive branch for purposes of the coordination and clearance of legislative recommendations, testimony, and comments on general policy matters. Title IV: Transitional Provisions - Sets forth transitional provisions for the Commission and the affected Federal banking agencies. Title V: Conforming Amendments to Federal Deposit Insurance Act - Makes conforming amendments to the Federal Deposit Insurance Act. Title VI: Conforming Amendments to Other Banking Statutes - Makes conforming amendments to other specified banking statutes. Title VII: Conforming Amendments to Other Statutes - Makes conforming amendments to other specified statutes.
People & committees
Sen. Riegle, Donald W., Jr. [D-MI] · D–MI
Legislative record
A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.
Read twice and referred to the Committee on Banking.
Sponsor introductory remarks on measure. (CR S2422)
Introduced in Senate
Primary sources
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