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

Summary

The Commission must study and investigate how public or private electronic fund transfer systems might be developed and then recommend what agency actions and laws are needed. The study must consider nine areas, including competition among banks and businesses, keeping government involvement minimal, preventing unfair or discriminatory practices, user convenience and privacy, effects on monetary policy and credit, possible international expansion, and protecting users’ legal rights. The Commission must send an interim report within one year after the Senate confirms the Chair or the President appoints an acting Chair, and a final report no later than two years after that confirmation or appointment. Reports must include hearing transcripts, staff studies, and other materials and be made public when sent. The Commission ends 60 days after sending the final report and does not need any federal agency clearance before transmitting 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