§2402 Membership of Commission

Summary

Creates a commission with 26 members. Ten are the heads (or their delegates) of specific federal agencies: the Chair of the Federal Reserve Board, the Attorney General, the Comptroller of the Currency, the Chair of the Federal Home Loan Bank Board, the head of the National Credit Union Administration, the Chair of the FDIC Board, the Chair of the FCC, the Postmaster General, the Secretary of the Treasury, and the Chair of the FTC. It also includes two presidential appointees who are state financial regulators (one for banks and one for thrifts), seven presidential appointees who represent certain types of banks and businesses (covering commercial banks, mutual savings banks, savings and loan associations, credit unions, retailers, nonbank credit-card issuers, and companies that handle card interchange), five presidential appointees from private life with no ties to financial institutions, the Comptroller General (or delegate), and the Director of the Office of Technology Assessment. The President must pick the commission’s chair from among its members when making the appointments. The Senate must confirm that choice unless the person already holds an office that was Senate-confirmed. If a member leaves, the vacancy is filled the same way the original member was chosen.