§2404 — Title 12 Banks and Banking | U.S. Code

Summary

The Commission can hold hearings, take testimony, receive evidence, and put witnesses under oath. When the Commission allows it, any of its members or agents can do these things for it. The Commission can also ask any federal department or agency for information, and the agency head must give that information when the Chairperson asks. The Commission can issue subpoenas to make people attend hearings or turn over evidence anywhere in the United States. If someone refuses, a U.S. court where the hearing is held or where the person lives or is found can order them to comply. If they still disobey, the court can punish them for contempt. Subpoenas and court papers are served the same way as federal court process.

Title 12, §2404

Banks and Banking — Source: USLM XML via OLRC

(a)The Commission may for the purpose of carrying out this chapter hold such hearings, sit and act at such times and places, take such testimony, and receive such evidence, as the Commission may deem advisable. The Commission may administer oaths of 11 So in original. Probably should be “or”. affirmations to witnesses appearing before it.

(b)When so authorized by the Commission, any member or agent of the Commission may take any action which the Commission is authorized to take by this section.

(c)The Commission may secure directly from any department or agency of the United States information necessary to enable it to carry out this chapter. Upon request of the Chairperson of the Commission, the head of such department or agency shall furnish such information to the Commission.

(d)(1)The Commission shall have power to issue subpenas requiring the attendance and testimony of witnesses and the production of any evidence that relates to any matter under investigation by the Commission. Such attendance of witnesses and the production of such evidence may be required from any place within the United States at any designated place of hearing within the United States.

(2)If a person issued a subpena under paragraph (1) refuses to obey such subpena or is guilty of contumacy, any court of the United States within the judicial district within which the hearing is conducted or within the judicial district within which such person is found or resides or transacts business may (upon application by the Commission) order such person to appear before the Commission to produce evidence or to give testimony touching the matter under investigation. Any failure to obey such order of the court may be punished by such court as a contempt thereof.

(3)The subpenas of the Commission shall be served in the manner provided for subpenas issued by a United States district court under the Federal Rules of Civil Procedure for the United States district courts.

(4)All process of any court to which application may be made under this section may be served in the judicial district wherein the person required to be served resides or may be found.

Editorial Notes

References in Text

This chapter, referred to in subsecs. (a) and (c), was in the original “this Act”, meaning Pub. L. 93–495, which enacted this chapter (§ 2401 et seq.). For complete classification of this Act to the Code, see Tables.

§2404 Powers of Commission

Summary

Title 12, §2404

Notes & Related Subsidiaries

Editorial Notes

References in Text

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