Federal Bank Commission Act of 1983

Summary

Federal Bank Commission Act of 1983 - Title I: Federal Bank Commission - Establishes the Federal Bank Commission as an independent regulatory commission with authority to examine and supervise all federally chartered and insured banking institutions and bank holding companies. Transfers to the Commission: (1) all bank examining and other banking supervisory functions (except with regard to any Federal Reserve bank) of the Board of Governors of the Federal Reserve System and the several Federal Reserve banks; (2) all functions of the Board of Governors under the Bank Holding Company Act, the Banking Act of 1933, the Securities Exchange Act of 1934 (except those dealing with margin requirements) the Consumer Credit Protection Act, the Bank Merger Act, and the Edge Act; (3) all functions of the Board of Directors of the Federal Deposit Insurance Corporation; and (4) all functions of the Comptroller of the Currency (except those related to currency issue and redemption, which are transferred to the Secretary of the Treasury). Requires the Commission to report to Congress on its activities and recommendations after the close of each calendar year. Authorizes appropriations out of the funds of the Federal Deposit Insurance Corporation for defraying all costs and expenses for one year following the date of enactment of this Act. Title II: Conforming Amendments - Amends various Federal laws to conform with the provisions of this Act. Amends the Federal Deposit Insurance Act to allow the Federal Bank Commission to confer authority upon a State banking agency to: (1) provide Federal deposit insurance based solely upon the grant of a charter; and (2) assume full examining responsibility over State chartered banks in that State. Requires the Commission to establish an advisory committee consisting of the State bank supervisors of nine States to be selected in order to obtain the broadest ranges of opinion and experience. Permits the Commission, during any period in which the examinations made by a State banking supervisory authority are adequate, to suspend Federal examinations of such State banks. Permits the Commission to make special examinations of individual banks in any State at any time. Permits a State authority which seeks the sole responsibility for the examination of its State banks but which is not, in the Commission's judgment, adequate to assure the safety and soundness of such banks, to contract with the Commission for the payment of certain costs attributable to examination functions.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in Senate

  summary · EN · 23 February 1983

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.