Consolidated Banking Regulation Act of 1979

Summary

Consolidated Banking Regulation Act of 1979 - Establishes a five-member independent regulatory commission to be known as the Federal Bank Commission to perform certain of the regulatory and administrative functions of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the Federal Reserve System which relate to the examination, supervision, and regulation of foreign and domestic banking. Establishes a Division of National Bank Supervision and Regulation and a Division of State Bank Supervision and Regulation within the Commission. Prohibits Commission members or employees with major supervisory responsibility, and the spouses or dependents of such individuals, from engaging in specified investment activity which could result in a conflict of interest. Transfers to the Commission: (1) all bank examining and other banking supervisory functions, except internal examination and supervision operations, of the Board of Governors of the Federal Reserve System and the Federal Reserve Banks; (2) all functions of the Comptroller of the Currency except currency issue and redemption functions, which are transferred to the Secretary of the Treasury; and (3) all functions of the Board of Directors of the Federal Deposit Insurance Corporation. Title II: Conforming Amendments - Makes technical amendments to conform Federal law to the changes made by such Act.

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1 official file

• Introduced in Senate

  summary · EN · 5 February 1979

  Open at official source

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