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12 U.S.C. § 2402 — Membership of Commission
Federal law — U.S. Code and appendices · legal_authorities
**(a) Composition** The Commission shall be composed of twenty-six members as follows:
(1) the Chairman of the Board of Governors of the Federal Reserve System or his delegate;
(2) the Attorney General or his delegate;
(3) the Comptroller of the Currency or his delegate;
(4) the Chairman of the Federal Home Loan Bank Board or his delegate;
(5) the Administrator of the National Credit Union Administration or his delegate;
(6) the Chairman of the Board of Directors of the Federal Deposit Insurance Corporation or his delegate;
(7) the Chairman of the Federal Communications Commission or his delegate;
(8) the Postmaster General or his delegate;
(9) the Secretary of the Treasury or his delegate;
(10) the Chairman of the Federal Trade Commission or his delegate;
(11) two individuals, appointed by the President, one of whom is an official of a State agency which regulates banking, or similar financial institutions, and one of whom is an official of a State agency which regulates thrift or similar financial institutions;
(12) seven individuals, appointed by the President, who are officers or employees of, or who otherwise represent banking, thrift, or other business entities, including one representative each of commercial banks, mutual savings banks, savings and loan associations, credit unions, retailers, nonbanking institutions offering credit card services, and organizations providing interchange services for credit cards issued by banks;
(13) five individuals, appointed by the President, from private life who are not affiliated with, do not represent and have no substantial interest in any banking, thrift, or other financial institution, including but not limited to credit unions, retailers, and insurance companies;
(14) the Comptroller General of the United
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Source location: Title 12, Chapter 25, § 2402; chapter-025-national-commission-on-electronic-fund-transfers.md
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**(a) Composition** The Commission shall be composed of twenty-six members as follows:
(1) the Chairman of the Board of Governors of the Federal Reserve System or his delegate;
(2) the Attorney General or his delegate;
(3) the Comptroller of the Currency or his delegate;
(4) the Chairman of the Federal Home Loan Bank Board or his delegate;
(5) the Administrator of the National Credit Union Administration or his delegate;
(6) the Chairman of the Board of Directors of the Federal Deposit Insurance Corporation or his delegate;
(7) the Chairman of the Federal Communications Commission or his delegate;
(8) the Postmaster General or his delegate;
(9) the Secretary of the Treasury or his delegate;
(10) the Chairman of the Federal Trade Commission or his delegate;
(11) two individuals, appointed by the President, one of whom is an official of a State agency which regulates banking, or similar financial institutions, and one of whom is an official of a State agency which regulates thrift or similar financial institutions;
(12) seven individuals, appointed by the President, who are officers or employees of, or who otherwise represent banking, thrift, or other business entities, including one representative each of commercial banks, mutual savings banks, savings and loan associations, credit unions, retailers, nonbanking institutions offering credit card services, and organizations providing interchange services for credit cards issued by banks;
(13) five individuals, appointed by the President, from private life who are not affiliated with, do not represent and have no substantial interest in any banking, thrift, or other financial institution, including but not limited to credit unions, retailers, and insurance companies;
(14) the Comptroller General of the United States or his delegate; and
(15) the Director of the Office of Technology Assessment.
**(b) Designation of Chairperson** The Chairperson shall be designated by the President at the time of his appointment from among the members of the Commission and such selection shall be by and with the advice and consent of the Senate unless the appointee holds an office to which he was appointed by and with the advice and consent of the Senate.
**(c) Vacancies** A vacancy in the Commission shall be filled in the manner in which the original appointment was made.
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
Section, acts July 22, 1932, ch. 522, § 17, 47 Stat. 736; 1947 Reorg. Plan No. 3, eff. July 27, 1947, 12 F.R. 4981, 61 Stat. 954; Aug. 11, 1955, ch. 783, title I, § 109(a)(3), 69 Stat. 640; June 29, 1977, Pub. L. 95–56, 91 Stat. 252; Aug. 4, 1977, Pub. L. 95–90, §§ 1, 2, 91 Stat. 564; Oct. 15, 1982, Pub. L. 97–320, title I, § 127, 96 Stat. 1486; Jan. 12, 1983, Pub. L. 97–457, § 8, 96 Stat. 2507; Nov. 30, 1983, Pub. L. 98–181, title I [title VII, § 702(b)], 97 Stat. 1267, set forth powers and duties, etc., of Federal Home Loan Bank Board.
#### Transfer of Functions, Personnel, and Property of Federal Savings and Loan Insurance Corporation and Federal Home Loan Bank Board
Pub. L. 101–73, title IV, §§ 401–406, Aug. 9, 1989, 103 Stat. 354–363, as amended by Pub. L. 102–233, title III, § 313, Dec. 12, 1991, 105 Stat. 1770; Pub. L. 111–203, title III, § 367(5), July 21, 2010, 124 Stat. 1556, provided that: “SEC. 401. FSLIC AND FEDERAL HOME LOAN BANK BOARD ABOLISHED.“(a) In general.—“(1) FSLIC.—Effective on the date of the enactment of this Act [Aug. 9, 1989], the Federal Savings and Loan Insurance Corporation established under section 402 of the National Housing Act [former [12 U.S.C. 1725](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1725&num=0&edition=prelim)] is abolished. “(2) FHLBB.—Effective at the end of the 60-day period beginning on the date of the enactment of this Act, the Federal Home Loan Bank Board and the position of Chairman of the Federal Home Loan Bank Board are abolished. “(b) Disposition of Affairs.—“(1) In general.—During the 60-day period beginning on the date of the enactment of this Act [Aug. 9, 1989], the Chairman of the Federal Home Loan Bank Board—“(A) shall, solely for the purpose of winding up t
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
#### Codification
Section, act June 29, 1948, ch. 711, § 2, 62 Stat. 1091, related to establishment of Bureau of Federal Credit Unions. See [section 1752a of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1752a&num=0&edition=prelim).
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Federal law — U.S. Code and appendices · legal_authorities
Page 1438
TITLE 12—BANKS AND BANKING
§ 2294
(Pub. L. 93–224, § 15, Dec. 29, 1973, 87 Stat. 941.)
Editorial Notes
CODIFICATION
‘‘Chapter 91 of title 31’’ and ‘‘section 9101(3) of title
31’’ substituted in text for ‘‘the Government Corpora-
tion Control Act (31 U.S.C. 841 et seq.)’’ and ‘‘section 101
of such Act (31 U.S.C. 846)’’, respectively, on authority
of Pub. L. 97–258, § 4(b), Sept. 13, 1982, 96 Stat. 1067, the
first section of which enacted Title 31, Money and Fi-
nance.
§ 2294. Payments on behalf of public bodies
(a) Notwithstanding any other provision of
this chapter, the purchase by the Bank of the
obligations of any local public body or agency
within the United States shall be made upon
such terms and conditions as may be necessary
to avoid an increase in borrowing costs to such
local public body or agency as a result of the
purchase by the Bank of its obligations. The
head of the Federal agency guaranteeing such
obligations, in consultation with the Secretary
of the Treasury, shall estimate the borrowing
costs that would be incurred by the local public
body or agency if its obligations were not sold
to the Bank.
(b) The Federal agency guaranteeing obliga-
tions purchased by the Bank may contract to
make periodic payments to the Bank which
shall be sufficient to offset the costs to the
Bank of purchasing obligations of local public
bodies or agencies upon terms and conditions as
prescribed in this section rather than as pre-
scribed by section 2285 of this title. Such con-
tracts may be made in advance of appropriations
therefor, and appropriations for making pay-
ments under such contracts are hereby author-
ized.
(Pub. L. 93–224, § 16, Dec. 29, 1973, 87 Stat. 941.)
§ 2294a. Contracts for periodic payments to offset
costs of pur
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 2402
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