Page:United States Statutes at Large Volume 101 Part 1.djvu/691

 PUBLIC LAW 100-86—AUG. 10, 1987

101 STAT. 661

yield, noninvestment grade bonds that are issued as a method of financing corporate takeovers; (5) the purposes for which high jdeld, noninvestment grade bonds are issued other than for financing corporate takeovers; (6) a summary and analysis of the adequacy of current State and Federal laws that regulate investment in high yield, t noninvestment grade bonds, by investors including, but not limited to, federally insured depository institutions and pension funds; and (7) a review of the impact of the issuance of and investment in high yield, noninvestment grade bonds upon corporate debt as it relates to Federal monetary policy. (b) OTHER TYPES OF DIRECT INVESTMENT.—In preparing this study, the Comptroller General, in consultation with the aforementioned Federal agencies, shall also examine all other types of direct investments made by Federally insured institutions and the effect these investments have had on Federal insurance funds. (c) PuBuc HEARING.—In addition to the collection of information through surveys, public document review, interviews, and other information-gathering methods, at least one joint public hearing shall be held during the course of conducting the study. (d) REPORTING DATE.—The Comptroller General shall transmit a report containing the results of the study under this section to the Congress not later than 6 months after the date of enactment of this Act. SEC. 1202. STUDY OF COMPETITIVE MECHANISM.

ISSUES

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(a) IN GENERAL.—The Comptroller General, in coordination and consultation with the Board of Governors of the Federal Reserve System, shall conduct a study of— (1) the Federal Reserve System's exemption from the imposition of presentment fees; (2) the impact of the imposition of presentment fees on the efficiency of the check collection system; and (3) whether the Federal Reserve System requires check clearinghouses to provide services to Federal Reserve banks and whether Federal Reserve banks should pay check clearinghouses for any such services. (b) REPORTING DATE.—The Comptroller General shall submit its report to Congress not later than 6 months after the date of enactment of this Act. SEC. 1203. STUDY AND REPORTS CONCERNING DIRECT INVESTMENTS.

(a) STUDY REQUIRED.—The Federal Home Loan Bank Board shall conduct a study of the effect of direct investment activities on insured institutions, including comparative analyses of the effect of direct investment activities on— (1) different sized insured institutions; (2) State chartered insured institutions; (3) federally chartered insured institutions; and (4) insured institutions in each of the Supervisory Examinations Rating Classifications. (b) REPORT REQUIRED.—Not later than 18 months after the date of enactment of this Act, the Federal Home Loan Bank Board shall submit to the Committee on Banking, Finance and Urban Affairs of the House of Representatives and the Committee on Banking, Hous-

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12 USC 1437

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