Page:United States Statutes at Large Volume 124.djvu/2152

 124 STAT. 2126 PUBLIC LAW 111–203—JULY 21, 2010 (B) file a petition for involuntary bankruptcy on behalf of the company under section 303 of title 11, United States Code. SEC. 1107. FEDERAL RESERVE ACT AMENDMENTS ON FEDERAL RESERVE BANK GOVERNANCE. The 5th subparagraph of the 4th undesignated paragraph of section 4 of the Federal Reserve Act (12 U.S.C. 341) is amended by striking the 2nd sentence and inserting the following: ‘‘The president shall be the chief executive officer of the bank and shall be appointed by the Class B and Class C directors of the bank, with the approval of the Board of Governors of the Federal Reserve System, for a term of 5 years; and all other executive officers and all employees of the bank shall be directly responsible to the president.’’. SEC. 1108. FEDERAL RESERVE ACT AMENDMENTS ON SUPERVISION AND REGULATION POLICY. (a) ESTABLISHMENT OF THE POSITION OF VICE CHAIRMAN FOR SUPERVISION.— (1) POSITION ESTABLISHED.—The second undesignated para- graph of section 10 of the Federal Reserve Act (12 U.S.C. 242) (relating to the Chairman and Vice Chairman of the Board) is amended by striking the third sentence and inserting the following: ‘‘Of the persons thus appointed, 1 shall be designated by the President, by and with the advice and consent of the Senate, to serve as Chairman of the Board for a term of 4 years, and 2 shall be designated by the President, by and with the advice and consent of the Senate, to serve as Vice Chairmen of the Board, each for a term of 4 years, 1 of whom shall serve in the absence of the Chairman, as provided in the fourth undesignated paragraph of this section, and 1 of whom shall be designated Vice Chairman for Supervision. The Vice Chairman for Supervision shall develop policy rec- ommendations for the Board regarding supervision and regula- tion of depository institution holding companies and other finan- cial firms supervised by the Board, and shall oversee the super- vision and regulation of such firms.’’. (2) EFFECTIVE DATE.—The amendment made by subsection (a) takes effect on the date of enactment of this title and applies to individuals who are designated by the President on or after that date to serve as Vice Chairman of Supervision. (b) APPEARANCES BEFORE CONGRESS.—Section 10 of the Federal Reserve Act (12 U.S.C. 241 et seq.) is amended by adding at the end the following: ‘‘(12) APPEARANCES BEFORE CONGRESS.—The Vice Chair- man for Supervision shall appear before the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representa- tives and at semi-annual hearings regarding the efforts, activi- ties, objectives, and plans of the Board with respect to the conduct of supervision and regulation of depository institution holding companies and other financial firms supervised by the Board.’’. (c) BOARD RESPONSIBILITY TO SET SUPERVISION AND REGU- LATORY POLICY.—Section 11 of the Federal Reserve Act (12 U.S.C. 248) (relating to enumerated powers of the Board) is amended by adding at the end of subsection (k) (relating to delegation) 12 USC 247b. 12 USC 242 note.