§2403 — Title 12 Banks and Banking | U.S. Code

Summary

The Commission must study electronic fund transfer systems and recommend any administrative steps and laws needed for possible public or private systems. The study must cover nine concerns, such as keeping competition among banks and businesses, promoting competition while limiting government involvement, preventing unfair or discriminatory practices, giving users convenience, protecting privacy and confidentiality, and looking at effects on economic and monetary policy, credit availability, international expansion and other electronic communications, and users’ legal rights. The Commission must send an interim report within one year after the Senate confirms the Chairperson or the President appoints an acting Chairperson, and a final report to the President and Congress no later than two years after that date. Reports must include hearing transcripts, staff studies, and other materials and must be made public when sent. The Commission ends 60 days after it sends the final report. It does not have to get approval from any federal agency before sending its reports.

Title 12, §2403

Banks and Banking — Source: USLM XML via OLRC

(a)The Commission shall conduct a thorough study and investigation and recommend appropriate administrative action and legislation necessary in connection with the possible development of public or private electronic fund transfer 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 Government regulation and involvement or participation in a system competitive with the private sector be kept to a minimum;

(3)the need to prevent unfair or discriminatory 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 confidentiality;

(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 expanding internationally and into other forms of electronic communications; and

(9)the need to protect the legal rights of users and consumers.

(b)The Commission shall make an interim report within one year of the date of the confirmation by the Senate of the Chairperson or the appointment 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 Chairperson or the appointment by the President of an acting Chairperson, a final report of its findings and recommendations. Any such report shall include all hearing transcripts, staff studies, and other material used in preparation of the report. The interim and final reports shall be made available to the public upon transmittal. Sixty days after transmission of its final report the Commission shall cease to exist.

(c)The Commission shall not be required to obtain the clearance of any Federal agency prior to the transmittal of any interim or final report.

Notes & Related Subsidiaries

Editorial Notes

Amendments

1975—Subsec. (b). Pub. L. 94–200 changed the time for submission of interim and final reports from one year of the Commission’s findings and recommendations and two years after Oct. 28, 1974, to one year and two years respectively after the confirmation by the Senate of the Chairperson or the appointment by the President of an acting Chairperson.

§2403 Functions of Commission

Summary

Title 12, §2403

Notes & Related Subsidiaries

Editorial Notes

Amendments

Citations & Metadata