Page:United States Statutes at Large Volume 113 Part 2.djvu/450

 113 STAT. 1470 PUBLIC LAW 106-102—NOV. 12, 1999 12 USC 1811 note. 12 USC 2901 note. Deadlines. Deadline. SEC. 714. PRESERVING THE COMMUNITY REINVESTMENT ACT OF 1977. Nothing in this Act shall be construed to repeal any provision of the Community Reinvestment Act of 1977. SEC. 715. RESPONSIVENESS TO COMMUNITY NEEDS FOR FINANCIAL SERVICES. (a) STUDY.— The Secretary of the Treasury, in consultation with the Federal banking agencies (as defined in section 3(z) of the Federal Deposit Insurance Act), shall conduct a study of the extent to which adequate services are being provided as intended by the Community Reinvestment Act of 1977, including services in low- and moderate-income neighborhoods and for persons of modest means, as a result of the enactment of this Act. (b) REPORTS.— (1) IN GENERAL.—The Secretary of the Treasury shall— (A) before March 15, 2000, submit a baseline report to the Congress on the study conducted pursuant to subsection (a); and (B) before the end of the 2-year period beginning on the date of the enactment of this Act, in consultation with the Federal banking agencies, submit a final report to the Congress on the study conducted pursuant to subsection (a). (2) RECOMMENDATIONS.— The final report submitted under paragraph (1)(B) shall include such recommendations as the Secretary determines to be appropriate for administrative and legislative action with respect to institutions covered under the Community Reinvestment Act of 1977. Subtitle C—Other Regulatory Improvements SEC. 721. EXPANDED SMALL BANK ACCESS TO S CORPORATION TREATMENT. (a) STUDY.— The Comptroller General of the United States shall conduct a study of— (1) possible revisions to the rules governing S corporations, including— (A) increasing the permissible number of shareholders in such corporations; (B) permitting shares of such corporations to be held in individual retirement accounts; (C) clarifying that interest on investments held for safety, soundness, and liquidity purposes should not be considered to be passive income; (D) discontinuation of the treatment of stock held by bank directors as a disqualifying personal class of stock for such corporations; and (E) improving Federal tax treatment of bad debt and interest deductions; and (2) what impact such revisions might have on community banks. (b) REPORT TO THE CONGRESS.— Not later than 6 months after the date of the enactment of this Act, the Comptroller General of the United States shall submit a report to the Congress on the results of the study conducted under subsection (a).

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