§2402 Membership of Commission

Summary

Creates a 26-member commission. Ten spots go to specific federal officials (or their delegates): 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. The President names the remaining members: two state financial regulators, seven industry representatives covering banks, mutual savings banks, savings and loans, credit unions, retailers, nonbank credit-card providers, and card-interchange organizations, and five private citizens with no ties to financial firms. It also includes the Comptroller General (or a delegate) and the Director of the Office of Technology Assessment. The President picks the Chair from these members when appointing, and the Senate must confirm that choice unless the person already holds a Senate-confirmed office. Any vacancy is filled the same way the original appointment was made.