12 U.S.C. § 5346 — Transition oversight

Page 1854 TITLE 12—BANKS AND BANKING § 5346 Editorial Notes CODIFICATION Amendment by Pub. L. 115–174 was executed to sub- sec. (d) of this section as it appeared in the enrolled bill for H.R. 4173 (111th Congress, 2d session), which con- tained the text ‘‘$50,000,000,000’’. As published in the Statutes at Large for Pub. L. 111–203, text appeared as ‘‘50,000,000,000’’. AMENDMENTS 2018—Subsec. (d). Pub. L. 115–174 substituted ‘‘$250,000,000,000’’ for ‘‘50,000,000,000’’. See Codification note above. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2018 AMENDMENT Except as otherwise provided, amendment by Pub. L. 115–174 effective 18 months after May 24, 2018, see sec- tion 401(d) of Pub. L. 115–174, set out as a note under section 5365 of this title. CONSTRUCTION OF 2018 AMENDMENT For construction of amendment by Pub. L. 115–174 as applied to certain foreign banking organizations, see section 401(g) of Pub. L. 115–174, set out as a note under section 5365 of this title. § 5346. Transition oversight (a) Purpose The purpose of this section is to ensure that the Office— (1) has an orderly and organized startup; (2) attracts and retains a qualified work- force; and (3) establishes comprehensive employee training and benefits programs. (b) Reporting requirement (1) In general The Office shall submit an annual report to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Com- mittee on Financial Services of the House of Representatives that includes the plans de- scribed in paragraph (2). (2) Plans The plans described in this paragraph are as follows: (A) Training and workforce development plan The Office shall submit a training and workforce development plan that includes, to the extent practicable— (i) identification of skill and technical expertise needs and actions taken to meet those requirements; (ii) steps taken to foster innovation and creativity; (iii) leadership development and succes- sion planning; and (iv) effective use of technology by em- ployees. (B) Workplace flexibility plan The Office shall submit a workforce flexi- bility plan that includes, to the extent prac- ticable— (i) telework; (ii) flexible work schedules; (iii) phased retirement; (iv) reemployed annuitants; (v) part-time work; (vi) job sharing; (vii) parental leave benefits and childcare assistance; (viii) domestic partner benefits; (ix) other workplace flexibilities; or (x) any combination of the items de- scribed in clauses (i) through (ix). (C) Recruitment and retention plan The Office shall submit a recruitment and retention plan that includes, to the extent practicable, provisions relating to— (i) the steps necessary to target highly qualified applicant pools with diverse backgrounds; (ii) streamlined employment application processes; (iii) the provision of timely notification of the status of employment applications to applicants; and (iv) the collection of information to measure indicators of hiring effectiveness. (c) Expiration The reporting requirement under subsection (b) shall terminate 5 years after July 21, 2010. (d) Rule of construction Nothing in this section may be construed to affect— (1) a collective bargaining agreement, as that term is defined in section 7103(a)(8) of title 5, that is in effect on July 21, 2010; or (2) the rights of employees under chapter 71 of title 5. (Pub. L. 111–203, title I, § 156, July 21, 2010, 124 Stat. 1419.) PART C—ADDITIONAL BOARD OF GOVERNORS AU- THORITY FOR CERTAIN NONBANK FINANCIAL COMPANIES AND BANK HOLDING COMPANIES § 5361. Reports by and examinations of nonbank financial companies by the Board of Gov- ernors (a) Reports (1) In general The Board of Governors may require each nonbank financial company supervised by the Board of Governors, and any subsidiary there- of, to submit reports under oath, to keep the Board of Governors informed as to— (A) the financial condition of the company or subsidiary, systems of the company or subsidiary for monitoring and controlling fi- nancial, operating, and other risks, and the extent to which the activities and oper- ations of the company or subsidiary pose a threat to the financial stability of the United States; and (B) compliance by the company or sub- sidiary with the requirements of this sub- chapter. (2) Use of existing reports and information In carrying out subsection (a), the Board of Governors shall, to the fullest extent possible, use—