Page:United States Statutes at Large Volume 94 Part 1.djvu/242

 94 STAT. 192

PUBLIC LAW 96-221—MAR. 31, 1980 (1) the need for and purpose of such regulation is established clearly; (2) meaningful alternatives to the promulgation of such regulation are considered before such regulation is issued; (3) compliance costs, paperwork, and other burdens on the financial institutions, consumers, and public are minimized; (4) conflicts, duplication, and inconsistencies between the regulations issued by the Federal financial regulatory agencies are to be avoided to the extent possible taking into account differences in statutory responsibilities, the classes of financial institutions' regulation and methods of implementation of statutory or policy objectives; (5) timely participation and comment by other Federal agencies, appropriate State and local agencies, financial institutions, and consumers are available; and (6) any regulation issued shall be as simple and clearly written as possible and understandable by those who are subject to such regulation. REVIEW OF EXISTING REGULATIONS

12 USC 3523.

SEC. 804. The Federal financial regulatory agencies shall establish a program which assures periodic review of existing regulations to determine whether those regulations achieve the policies stated in section 803. Those regulations which are not in keeping with such policies shall be revised accordingly. REPORTING

Report to congressional 12^1180 3524.

SEC. 805. Not later than six months after the date of enactment of ^his title and in subsequent annual reports, each Federal financial regulatory agency shall submit a report of its progress in implementing this title to the Committee on Banking, Finance and Urban Affairs of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate. TERMINATION DATE

12 USC 3521 ^°^-

SEC. 806. This title is hereby repealed five years after the date of enactment of this title. TITLE IX—FOREIGN CONTROL OF UNITED STATES FINANCIAL INSTITUTIONS DEFINITIONS

12 USC 3101 "°**'

SEC. 901. For purposes of this title— (1) the term "domestic financial institution" means any bank, mutual savings bank, or savings and loan association organized under the laws of any State or of the United States; (2) the term "foreign person" means any foreign organization or any individual resident in a foreign country or any organization or individual owned or controlled by such an organization or individual; and (3) the term "takeover" means any acquisition of the stock or assets of any domestic financial institution if, after such acquisition, the amount of stock or assets held is 5 per centum or more of the institution's stock or assets.

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