Federal Bank Commission Act

Summary

Federal Bank Commission Act - 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. Makes conforming amendments in the provisions of Federal law affected by the provisions of this Act. Provides that no discount, advance or accommodation shall be extended to any member bank to ameliorate the consequence of any unsafe or unsound condition unless the Federal Bank Commission certifies to the Board of Governors that it would be in the public interest and that a significant adverse effect on the national economy will be alleviated. Requires insured banks to make four reports of condition annually to the Commission on dates specified by the Commission, and empowers the Commission to terminate the insured status of such banks. Requires the Comptroller General to audit the Federal Bank Commission and to report to the Congress results and recommendations with respect to such audit.

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1 official file

• Introduced in Senate

  summary · EN · 5 September 1975

  Open at official source

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