Page:United States Statutes at Large Volume 105 Part 3.djvu/493

 PUBLIC LAW 102-242 —DEC. 19, 1991 105 STAT. 2377 Subtitle D—Miscellaneous Committees, Studies, and Reports SEC. 421. AMENDMENTS RELATING TO FEDERAL RESERVE BOARD RE- SERVE REQUIREMENTS. (a) STUDY ON PAYMENT OF IMPUTED EARNINGS ON STERILE RE- SERVES TO INSURANCE FUNDS. — The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Comptroller of the Currency, the Director of the Office of Thrift Supervision, and the National Credit Union Administration shall jointly— (1) conduct a study on the feasibility of assessing Federal Reserve banks an amount equal to the imputed earnings on reserves held at such banks by insured depository institutions under section 19(b) of the Federal Reserve Act; and (2) assess the likely beneficial and adverse effects such an assessment would have on the Federal reserve banks, the deposit insurance funds, the insured depository institutions, and the Federal payment system, including a comparison of the effects on each such subject of the study. (b) REPORT TO CONGRESS. — Before the end of the 6-month period beginning on the date of the enactment of this Act, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Comptroller of the Currency, the Director of the Office of Thrift Supervision, and the National Credit Union Administration shall jointly submit a report to the Congress on the findings and conclusions made with respect to the study under subsection (a), together with any recommendation for any legislative or administrative action which such agencies may determine to be appropriate. (c) REPORT OF DISSENTING VIEWS. —Any agency described in subsections (a) and (b) which does not concur in the findings, conclusions, or recommendations referred to in subsection (b) or has additional findings, conclusions, or recommendations which were not included in the report may submit a report to the Congress describing— (1) the reasons why the agency does not concur in the findings, conclusions, or recommendations referred to in subsection (b); and (2) such additional findings, conclusions, or recommendations. SEC. 422. PERMANENT AUTHORIZATION OF CREDIT STANDARDS BOARD. (a) IN GENERAL.— Section 1205 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 1818 note) is amended by adding at the end the following new subsection: "(f) FEDERAL ADVISORY COMMITTEE ACT DOES NOT APPLY.— The Federal Advisory Committee Act shall not apply with respect to the Committee.". (b) CHAIRPERSON.—Section 1205(b)(3) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 1818 note) is amended to read as follows: "(3) CHAIRPERSON.—The Chairperson of the Committee shall President, be designated by the President from among the members appointed under paragraph (1)(F).".

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