Page:United States Statutes at Large Volume 113 Part 2.djvu/459

 PUBLIC LAW 106-102—NOV. 12, 1999 113 STAT. 1479 (b) EMERGENCY OIL AND GAS LOAN GUARANTEE BOARD.— Section 201(d)(2) of the Emergency Oil and Gas Guarantee Loan Program Act is amended— Ante, p. 255. (1) in subparagraph (B), by inserting ", or a member of the Board of Governors of the Federal Reserve System designated by the Chairman" after "the Chairman of the Board of Governors of the Federal Reserve System"; and (2) in subparagraph (C), by inserting ", or a commissioner of the Securities and Exchange Commission designated by the Chairman" before the period. SEC. 735. REPEAL OF STOCK LOAN LIMIT IN FEDERAL RESERVE ACT. Section 11 of the Federal Reserve Act (12 U.S.C. 248) is amended by striking the paragraph designated as "(m)" gmd inserting "(m) [Repealed]". SEC. 736. ELIMINATION OF SAIF AND DIF SPECIAL RESERVES. (a) SAIF SPECIAL RESERVE.—Section 11(a)(6) of the Federal Deposit Insurance Act (12 U.S.C. 1821(a)(6)) is amended by striking subparagraph (L). (b) DIF SPECIAL RESERVE.— Section 2704 of the Deposit Insurance Funds Act of 1996 (12 U.S.C. 1821 note) is amended— (1) by striking subsection (b); and 12 USC 1821 (2) in subsection (d)— "°**Ton (A) by striking paragraph (4); 12 USC 1821. (B) in paragraph (6)(C)(i), by striking "(6) and (7)" and inserting "(5), (6), and (7)"; and (C) in paragraph (6)(C), by striking clause (ii) and inserting the following: "(ii) by redesignating paragraph (8) as paragraph (5).". (c) EFFECTIVE DATE.— This section and the amendments made 12 USC 1821 by this section shall become effective on the date of the enactment note. of this Act. SBC. 737. BANK OFFICERS AND DIRECTORS AS OFFICERS AND DIREC- TORS OF PUBLIC UTILITIES. Section 305(b) of the Federal Power Act (16 U.S.C. 825d(b)) is amended— (1) by striking "(b) After six" and inserting the following: "(b) INTERLOCKING DIRECTORATES.— "(1) IN GENERAL.—After 6"; and (2) by adding at the end the following: " (2) APPLICABILITY.— "(A) IN GENERAL. —In the circumstances described in subparagraph (B), paragraph (1) shall not apply to a person that holds or proposes to hold the positions of— "(i) officer or director of a public utility; and "(ii) officer or director of a bank, trust company, banking association, or firm authorized by law to underwrite or participate in the marketing of securities of a public utility. "(B) CIRCUMSTANCES.—The circumstances described in this subparagraph are that— "(i) a person described in subparagraph (A) does not participate in any deliberations or decisions of the public utility regarding the selection of a bank,

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