12 U.S.C. § 2403: Functions of Commission

Summary

The Commission must study electronic fund transfer systems and recommend what agencies should do and what laws might be needed. The study must look at things like keeping competition among banks and businesses, making sure government stays out when possible, stopping unfair or discriminatory practices, giving users convenience and privacy, protecting users’ legal rights, and checking effects on the economy, credit, and international or other electronic uses. The Commission must give an interim report within one year after the Chair is confirmed by the Senate or an acting Chair is appointed by the President, and a final report within two years. Reports must include hearing transcripts, staff studies, and other materials, and must be given to the President and Congress and made public. The Commission does not need approval from any federal agency before sending its reports and will end 60 days after the final report is sent.

Title 12, §2403

Banks and Banking, Source: USLM XML via OLRC

(a)Study, investigation, and recommendations; considerations

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)Interim and final reports; submission dates; transmittal of final report to President and Congress; contents; availability to public; termination 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 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)Clearance by Federal agencies prior to transmittal of interim or final report

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