Page:United States Statutes at Large Volume 88 Part 2.djvu/193

 STAT. ]

1509

PUBLIC LAW 93-495-OCT. 28, 1974

legislation necessary in connection with the possible development of public or private electronic fund transfer systems, taking into account, among other things— (1) the need to preserve competition among the financial institutions and other business enterprises using such a system; (2) the need to promote competition among financial institutions and to assure Government regulation and involvement or participation in a system competitive with the private sector be kept to a minimum; (3) the need to prevent unfair or discriminatory practices by any financial institution or business enterprise using or desiring to use such a system; (4) the need to afford maximum user and consumer convenience; (5) the need to afford maximum user and consumer rights to privacy and confidentiality; (6) the impact of such a system on economic and monetary policy; (7) the implications of such a system on the availability of credit; (8) the implications of such a system expanding internationaly and into other forms of electronic communications; and (9) the need to protect the legal rights of users and consumers. (b) The Commission shall make an interim report within one year of its findings and recommendations and at such other times as it deems advisable and shall transmit to the President and to the Congress not later than two years after the date of enactment of this Act a final report of its findings and recommendations. Any such report shall include all hearing transcripts, staff studies, and other material used in preparation of the report. The interim and final reports shall be made available to the public upon transmittal. Sixty days after transmission of its final report the Commission shall cease to exist. (c) The Commission shall not be required to obtain the clearance of any Federal agency prior to the transmittal of any interim or final report.

Interim report. F i n a l report to P r e s i d e n t and C o n g r e s s,

Termination date.

POWERS OF COMMISSION

SEC. 204. (a) The Commission may for the purpose of carrying out this Act hold such hearings, sit and act at such times and places, take such testimony, and receive such evidence, as the Commission may deem advisable. The Commission may administer oaths of affirmations to witnesses appearing before it. (b) When so authorized by the Commission, any member or agent of the Commission may take any action which the Commission is authorized to take by this section. (c) The Commission may secure directly from any department or agency of the United States information necessary to enable it to carry out this Act. Upon request of the Chairperson of the Commission, the head of such department or agency shall furnish such information to the Commission. (d)(1) The Commission shall have power to issue subpenas requiring the attendance and testimony of witnesses and the production of any evidence that relates to any matter under investigation by the Commission. Such attendance of witnesses and the production of such evidence may be required from any place within the United States at any designated place of hearing within the United States. (2) If a person issued a subpena under paragraph (1) refuses to obey such subpena or is guilty of contumacy, any court of the United States within the judicial district within which the hearing is con« 38-194 O - 76 - 13 Pt. 2

Hearings. 12 USC 2404.

Subpenas.

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