Page:United States Statutes at Large Volume 103 Part 1.djvu/550

 103 STAT. 522 PUBLIC LAW 101-73 —AUG. 9, 1989 ing practices of insured depository institutions, no more than 3 of whom shall be from the same political party. (2) TERMS.—Each member appointed under paragraph (IXF) shall serve for the life of the Committee. (3) CHAIRPERSON.—The members shall elect a chairperson of the Committee who shall serve for a term of 1 year. (4) VACANCIES.— Any vacancy on the Committee shall be filled in the manner in which the original appointment was made. (5) PAY AND EXPENSES.—Members of the Committee shall serve without pay but each member of the Committee shall be reimbursed for expenses incurred in connection with attend- ance of such members at meetings of the Committee. All ex- penses of the Committee shall be shared on a pro rata basis, based upon each agency's total budget for the preceding year by the Federal financial regulators specified in subparagraphs (A) through (E) of paragraph (1). (6) MEETINGS. —The Committee shall meet, not less frequently than quarterly, at the call of the chairperson or a majority of the members. (c) DUTIES OP THE COMMITTEE.—The Committee shall do the following: (1) REVIEW CREDIT STANDARDS, LENDING PRACTICES, AND SUPER- VISION BY FEDERAL REGULATORS. —Review the credit standards and lending practices of insured depository institutions and the supervision of such standards and practices by the Federal financial regulators. (2) PREPARE RECOMMENDATIONS.—Prepare written comments and recommendations for the Federal financial regulators to ensure that insured depository institutions adhere to prudential credit standards and lending practices that are consistent for all insured depository institutions, to the maximum extent possible. (3) MONITOR CREDIT STANDARDS, LENDING PRACTICES, AND SUPERVISION BY FEDERAL REGULATORS. — Monitor the credit standards and lending practices of insured depository institu- tions, and the supervision of such standards and practices by the Federal financial regulators, to ensure that insured deposi- tory institutions can meet the demands of a modern and glob- ally competitive financial world. (d) ANNUAL REPORT. — (1) REQUIRED. —Not later than January 30 of each year, the Committee shall submit a report to the Committee on Banking, Finance and Urban Affairs of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate. (2) CONTENTS.—The report required by paragraph (1) shall describe the activities of the Committee during the preceding year and the reports and recommendations made by the Committee to the Federal financial regulators. (e) CoNPUCT OF INTEREST GUIDELINES. —The Committee shall pre- scribe such guidelines as the Committee determines to be appro- priate to avoid conflicts of interest with respect to the disclosure to and use by members of the Committee of information relating to insured depository institutions and the Federal financial regulators.

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