12 U.S.C. § 2402 — Membership of Commission

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 purchase of obligations of local pub- lic housing agencies In addition to any authority provided before October 1, 1981, the Secretary of Housing and Urban Development may, on and after October 1, 1981, enter into contracts for periodic payments to the Federal Financing Bank to offset the costs to the Bank of purchasing obligations (as described in the first sentence of section 2294(b) of this title) issued by local public housing agen- cies for purposes of financing public housing projects authorized by section 1437c(c) of title 42. Notwithstanding any other provision of law, such contracts may be entered into only to the extent approved in appropriation Acts, and the aggregate amount which may be obligated over the duration of such contracts may not exceed $400,000,000. There are hereby authorized to be appropriated any amounts necessary to provide for such payments. The authority to enter into contracts under this subsection shall be in lieu of any authority (except for authority provided specifically to the Secretary before October 1, 1981) of the Secretary to enter into contracts for such purposes under section 2294(b) of this title. (Pub. L. 97–35, title III, § 329E, Aug. 13, 1981, 95 Stat. 410.) Editorial Notes CODIFICATION Section was enacted as part of the Housing and Com- munity Development Amendments of 1981 and also as part of the Omnibus Budget Reconciliation Act of 1981, and not as part of the Federal Financing Bank Act of 1973 which comprises this chapter. Statutory Notes and Related Subsidiaries EFFECTIVE DATE Section effective Oct. 1, 1981, see section 371 of Pub. L. 97–35, set out as a note under section 3701 of this title. § 2295. Authority or responsibility under other provisions of law not to be affected or im- paired Nothing in this chapter shall be construed as impairing any authority or responsibility of the President or the Secretary of the Treasury under any other provision of law, nor shall any- thing in this chapter affect in any manner any provision of law concerning the right of any Federal agency to sell obligations to the Sec- retary of the Treasury or the authority or re- sponsibility of the Secretary of the Treasury to purchase such obligations. (Pub. L. 93–224, § 17, Dec. 29, 1973, 87 Stat. 942.) § 2296. Increase not authorized in amounts of ob- ligations issued, sold, or guaranteed by Fed- eral agencies Nothing in this chapter shall be construed as authorizing an increase in the amounts of obli- gations issued, sold, or guaranteed by any Fed- eral agency which issues, sells, or guarantees obligations purchased by the Bank. (Pub. L. 93–224, § 18, Dec. 29, 1973, 87 Stat. 942.) CHAPTER 25—NATIONAL COMMISSION ON ELECTRONIC FUND TRANSFERS Sec. 2401. Establishment of Commission. 2402. Membership of Commission. 2403. Functions of Commission. 2404. Powers of Commission. 2405. Executive Director and additional staff per- sonnel; appointment and compensation; ex- perts and consultants; employment and compensation; audits by Comptroller Gen- eral. 2406. Compensation of members of Commission. 2407. Cooperation and assistance of other Federal departments, agencies, and instrumental- ities. 2408. Authorization of appropriations. § 2401. Establishment of Commission There is established the National Commission on Electronic Fund Transfers (hereinafter re- ferred to as the ‘‘Commission’’) which shall be an independent instrumentality of the United States. (Pub. L. 93–495, title II, § 201, Oct. 28, 1974, 88 Stat. 1508.) § 2402. Membership of Commission (a) Composition The Commission shall be composed of twenty- six members as follows: Page 1439 TITLE 12—BANKS AND BANKING § 2403 (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 Communica- tions Commission or his delegate; (8) the Postmaster General or his delegate; (9) the Secretary of the Treasury or his dele- gate; (10) the Chairman of the Federal Trade Com- mission or his delegate; (11) two individuals, appointed by the Presi- dent, one of whom is an official of a State agency which regulates banking, or similar fi- nancial institutions, and one of whom is an of- ficial 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 rep- resentative each of commercial banks, mutual savings banks, savings and loan associations, credit unions, retailers, nonbanking institu- tions offering credit card services, and organi- zations providing interchange services for credit cards issued by banks; (13) five individuals, appointed by the Presi- dent, from private life who are not affiliated with, do not represent and have no substantial interest in any banking, thrift, or other finan- cial institution, including but not limited to credit unions, retailers, and insurance compa- nies; (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. (Pub. L. 93–495, title II, § 202, Oct. 28, 1974, 88 Stat. 1508.) Statutory Notes and Related Subsidiaries TRANSFER OF FUNCTIONS Functions vested in Administrator of National Credit Union Administration transferred and vested in Na- tional Credit Union Administration Board pursuant to section 1752a of this title. Federal Home Loan Bank Board abolished and func- tions transferred, see sections 401 to 406 of Pub. L. 101–73, set out as a note under section 1437 of this title. § 2403. Functions of Commission (a) Study, investigation, and recommendations; considerations The Commission shall conduct a thorough study and investigation and recommend appro- priate administrative action and legislation nec- essary in connection with the possible develop- ment of public or private electronic fund trans- fer systems, taking into account, among other things— (1) the need to preserve competition among the financial institutions and other business enterprises using such a system; (2) the need to promote competition among financial institutions and to assure Govern- ment regulation and involvement or participa- tion in a system competitive with the private sector be kept to a minimum; (3) the need to prevent unfair or discrimina- tory practices by any financial institution or business enterprise using or desiring to use such a system; (4) the need to afford maximum user and consumer convenience; (5) the need to afford maximum user and consumer rights to privacy and confiden- tiality; (6) the impact of such a system on economic and monetary policy; (7) the implications of such a system on the availability of credit; (8) the implications of such a system expand- ing internationally and into other forms of electronic communications; and (9) the need to protect the legal rights of users and consumers. (b) Interim and final reports; submission dates; transmittal of final report to President and Congress; contents; availability to public; ter- mination date of Commission The Commission shall make an interim report within one year of the date of the confirmation by the Senate of the Chairperson or the appoint- ment by the President of an acting Chairperson and at such other times as it deems advisable and shall transmit to the President and to the Congress not later than two years after the date of the confirmation by the Senate of the Chair- person or the appointment by the President of an acting Chairperson, a final report of its find- ings and recommendations. Any such report shall include all hearing transcripts, staff stud- ies, and other material used in preparation of the report. The interim and final reports shall be made available to the public upon trans- mittal. Sixty days after transmission of its final report the Commission shall cease to exist. (c) Clearance by Federal agencies prior to trans- mittal of interim or final report The Commission shall not be required to ob- tain the clearance of any Federal agency prior to the transmittal of any interim or final re- port. (Pub. L. 93–495, title II, § 203, Oct. 28, 1974, 88 Stat. 1508; Pub. L. 94–200, title II, § 201, Dec. 31, 1975, 89 Stat. 1124.)