Page:United States Statutes at Large Volume 104 Part 6.djvu/499

 PUBLIC LAW 101-647—NOV. 29, 1990 104 STAT. 4889 Subtitle F—National Commission on Financial Institution Reform, Recovery, and Enforcement SEC. 2551. ESTABLISHMENT. There is hereby established a commission to be known as the National Commission on Financial Institution Reform, Recovery, and Enforcement (hereafter in this title referred to as the "Commission"). SEC. 2552. DUTIES OF THE COMMISSION. The Commission shall— (1) examine and identify the origin and causes of the problems in the savings and loan industry that led to the enactment of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, including consideration of the role of— (A) State and Federal regulation of savings and loan associations, including capital and accounting standards; (B) supervision of, and supervisory resources allocated to, savings and loan associations by, or under the authority of. State and Federal Governments; (C) State and Federal statutes concerning savings and loan associations, including asset powers legislation; (D) macroeconomic changes and regional recessions; (E) competitive factors; (F) unprecedented fraud and abuse by persons in or connected with savings and loan associations; and (G) deposit insurance, including changes in the amount insured and in technology; (2) recommend, on the basis of the Commission's examination and investigations under this section, further legislative, regulatory, supervisory, and other administrative changes that will— (A) improve the safety and soundness of depository associations, the Federal deposit insurance funds, and other Federal insurance programs; (B) facilitate civil and criminal enforcement actions concerning financial institutions; and (C) prevent the recurrence of the problems identified in the savings and loan industry; and (3) recommend any other reforms which the Commission determines to be appropriate. SEC. 2553. MEMBERSHIP. (a) NUMBER AND APPOINTMENT. —The Commission shall be composed of 8 members appointed as follows: (1) 2 individuals appointed by the President. (2) 3 individuals appointed by the Speaker of the House of Representatives, 1 of whom shall be appointed upon the recommendation of the minority leader of the House of Representatives. (3) 3 individuals appointed by the President pro tempore of the Senate, 2 of whom shall be appointed upon the recommendation of the majority leader of the Senate and 1 of

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