-CITE-

12 USC CHAPTER 25 - NATIONAL COMMISSION ON ELECTRONIC

FUND TRANSFERS 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 25 - NATIONAL COMMISSION ON ELECTRONIC FUND TRANSFERS

.

-HEAD-

CHAPTER 25 - NATIONAL COMMISSION ON ELECTRONIC FUND TRANSFERS

-MISC1-

Sec.

2401. Establishment of Commission.

2402. Membership of Commission.

(a) Composition.

(b) Designation of Chairperson.

(c) Vacancies.

2403. Functions of Commission.

(a) Study, investigation, and recommendations;

considerations.

(b) Interim and final reports; submission dates;

transmittal of final report to President and

Congress; contents; availability to public;

termination date of Commission.

(c) Clearance by Federal agencies prior to

transmittal of interim or final report.

2404. Powers of Commission.

(a) Hearings; administration of oaths.

(b) Implementation authority of members or agents of

Commission.

(c) Request for information from other Federal

departments or agencies.

(d) Issuance of subpenas for attendance of witnesses

and production of evidence; refusal to obey;

contempt proceedings; manner of service of

subpenas; service of process.

2405. Executive Director and additional staff personnel;

appointment and compensation; experts and consultants; employment

and compensation; audits by Comptroller General.

2406. Compensation of members of Commission.

2407. Cooperation and assistance of other Federal departments,

agencies, and instrumentalities.

2408. Authorization of appropriations.

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12 USC Sec. 2401 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 25 - NATIONAL COMMISSION ON ELECTRONIC FUND TRANSFERS

-HEAD-

Sec. 2401. Establishment of Commission

-STATUTE-

There is established the National Commission on Electronic Fund

Transfers (hereinafter referred to as the ''Commission'') which

shall be an independent instrumentality of the United States.

-SOURCE-

(Pub. L. 93-495, title II, Sec. 201, Oct. 28, 1974, 88 Stat. 1508.)

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12 USC Sec. 2402 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 25 - NATIONAL COMMISSION ON ELECTRONIC FUND TRANSFERS

-HEAD-

Sec. 2402. Membership of Commission

-STATUTE-

(a) Composition

The Commission shall be composed of twenty-six members as

follows:

(1) the Chairman of the Board of Governors of the Federal

Reserve System or his delegate;

(2) the Attorney General or his delegate;

(3) the Comptroller of the Currency or his delegate;

(4) the Chairman of the Federal Home Loan Bank Board or his

delegate;

(5) the Administrator of the National Credit Union

Administration or his delegate;

(6) the Chairman of the Board of Directors of the Federal

Deposit Insurance Corporation or his delegate;

(7) the Chairman of the Federal Communications Commission or

his delegate;

(8) the Postmaster General or his delegate;

(9) the Secretary of the Treasury or his delegate;

(10) the Chairman of the Federal Trade Commission or his

delegate;

(11) two individuals, appointed by the President, one of whom

is an official of a State agency which regulates banking, or

similar financial institutions, and one of whom is an official of

a State agency which regulates thrift or similar financial

institutions;

(12) seven individuals, appointed by the President, who are

officers or employees of, or who otherwise represent banking,

thrift, or other business entities, including one representative

each of commercial banks, mutual savings banks, savings and loan

associations, credit unions, retailers, nonbanking institutions

offering credit card services, and organizations providing

interchange services for credit cards issued by banks;

(13) five individuals, appointed by the President, from private

life who are not affiliated with, do not represent and have no

substantial interest in any banking, thrift, or other financial

institution, including but not limited to credit unions,

retailers, and insurance companies;

(14) the Comptroller General of the United States or his

delegate; and

(15) the Director of the Office of Technology Assessment.

(b) Designation of Chairperson

The Chairperson shall be designated by the President at the time

of his appointment from among the members of the Commission and

such selection shall be by and with the advice and consent of the

Senate unless the appointee holds an office to which he was

appointed by and with the advice and consent of the Senate.

(c) Vacancies

A vacancy in the Commission shall be filled in the manner in

which the original appointment was made.

-SOURCE-

(Pub. L. 93-495, title II, Sec. 202, Oct. 28, 1974, 88 Stat. 1508.)

-TRANS-

TRANSFER OF FUNCTIONS

Federal Home Loan Bank Board abolished and functions transferred,

see sections 401 to 406 of Pub. L. 101-73, set out as a note under

section 1437 of this title.

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12 USC Sec. 2403 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 25 - NATIONAL COMMISSION ON ELECTRONIC FUND TRANSFERS

-HEAD-

Sec. 2403. Functions of Commission

-STATUTE-

(a) Study, investigation, and recommendations; considerations

The Commission shall conduct a thorough study and investigation

and recommend appropriate administrative action and 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 internationally

and into other forms of electronic communications; and

(9) the need to protect the legal rights of users and

consumers.

(b) Interim and final reports; submission dates; transmittal of

final report to President and Congress; contents; availability

to public; termination date of Commission

The Commission shall make an interim report within one year of

the date of the confirmation by the Senate of the Chairperson or

the appointment by the President of an acting Chairperson 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 the confirmation by the Senate of the Chairperson or the

appointment by the President of an acting Chairperson, 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) Clearance by Federal agencies prior to transmittal of interim

or final report

The Commission shall not be required to obtain the clearance of

any Federal agency prior to the transmittal of any interim or final

report.

-SOURCE-

(Pub. L. 93-495, title II, Sec. 203, Oct. 28, 1974, 88 Stat. 1508;

Pub. L. 94-200, title II, Sec. 201, Dec. 31, 1975, 89 Stat. 1124.)

-MISC1-

AMENDMENTS

1975 - Subsec. (b). Pub. L. 94-200 changed the time for

submission of interim and final reports from one year of the

Commission's findings and recommendations and two years after Oct.

28, 1974, to one year and two years respectively after the

confirmation by the Senate of the Chairperson or the appointment by

the President of an acting Chairperson.

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12 USC Sec. 2404 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 25 - NATIONAL COMMISSION ON ELECTRONIC FUND TRANSFERS

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Sec. 2404. Powers of Commission

-STATUTE-

(a) Hearings; administration of oaths

The Commission may for the purpose of carrying out this chapter

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 (FOOTNOTE 1)

affirmations to witnesses appearing before it.

(FOOTNOTE 1) So in original. Probably should be ''or''.

(b) Implementation authority of members or agents of Commission

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) Request for information from other Federal departments or

agencies

The Commission may secure directly from any department or agency

of the United States information necessary to enable it to carry

out this chapter. Upon request of the Chairperson of the

Commission, the head of such department or agency shall furnish

such information to the Commission.

(d) Issuance of subpenas for attendance of witnesses and production

of evidence; refusal to obey; contempt proceedings; manner of

service of subpenas; service of process

(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 conducted or within the judicial district within which such

person is found or resides or transacts business may (upon

application by the Commission) order such person to appear before

the Commission to produce evidence or to give testimony touching

the matter under investigation. Any failure to obey such order of

the court may be punished by such court as a contempt thereof.

(3) The subpenas of the Commission shall be served in the manner

provided for subpenas issued by a United States district court

under the Federal Rules of Civil Procedure for the United States

district courts.

(4) All process of any court to which application may be made

under this section may be served in the judicial district wherein

the person required to be served resides or may be found.

-SOURCE-

(Pub. L. 93-495, title II, Sec. 204, Oct. 28, 1974, 88 Stat. 1509.)

-REFTEXT-

REFERENCES IN TEXT

This chapter, referred to in subsecs. (a) and (c), was in the

original ''this Act'', meaning Pub. L. 93-495, which enacted this

chapter (Sec. 2401 et seq.). For complete classification of this

Act to the Code, see Tables.

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12 USC Sec. 2405 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 25 - NATIONAL COMMISSION ON ELECTRONIC FUND TRANSFERS

-HEAD-

Sec. 2405. Executive Director and additional staff personnel;

appointment and compensation; experts and consultants;

employment and compensation; audits by Comptroller General

-STATUTE-

(a) The Commission -

(1) may appoint with the advice and consent of the Senate and

fix the compensation of an Executive Director, and such

additional staff personnel as he deems necessary, without regard

to the provisions of title 5 governing appointments in the

competitive service, and without regard to chapter 51 and

subchapter III of chapter 53 of such title relating to

classification and General Schedule pay rates, but at rates not

in excess of the maximum rate for GS-18 of the General Schedule

under section 5332 of such title; and

(2) may procure temporary and intermittent services to the same

extent as is authorized by section 3109 of title 5, but at rates

not to exceed $150 a day for individuals.

(b) The Comptroller General is authorized to make detailed audits

of the books and records of the Commission, and shall report the

results of any such audit to the Commission and to the Congress.

-SOURCE-

(Pub. L. 93-495, title II, Sec. 205, Oct. 28, 1974, 88 Stat. 1510.)

-REFTEXT-

REFERENCES IN TEXT

The provisions of title 5 governing appointments in the

competitive service, referred to in subsec. (a)(1), are classified

generally to section 3301 et seq. of Title 5, Government

Organization and Employees.

-MISC2-

REFERENCES IN OTHER LAWS TO GS-16, 17, OR 18 PAY RATES

References in laws to the rates of pay for GS-16, 17, or 18, or

to maximum rates of pay under the General Schedule, to be

considered references to rates payable under specified sections of

Title 5, Government Organization and Employees, see section 529

(title I, Sec. 101(c)(1)) of Pub. L. 101-509, set out in a note

under section 5376 of Title 5.

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12 USC Sec. 2406 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 25 - NATIONAL COMMISSION ON ELECTRONIC FUND TRANSFERS

-HEAD-

Sec. 2406. Compensation of members of Commission

-STATUTE-

(a) A member of the Commission who is an officer or employee of

the United States shall serve as a member of the Commission without

additional compensation, but shall be entitled to reimbursement for

travel, subsistence, and other necessary expenses incurred in the

performance of his duties as a member of the Commission.

(b) A member of the Commission who is not otherwise an officer or

employee of the United States shall be compensated at a rate of

$150 per day when engaged in the performance of his duties as a

member of the Commission, and shall also be reimbursed for travel,

subsistence, and other necessary expenses incurred in the

performance of his duties as a member of the Commission.

-SOURCE-

(Pub. L. 93-495, title II, Sec. 206, Oct. 28, 1974, 88 Stat. 1510.)

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12 USC Sec. 2407 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 25 - NATIONAL COMMISSION ON ELECTRONIC FUND TRANSFERS

-HEAD-

Sec. 2407. Cooperation and assistance of other Federal departments,

agencies, and instrumentalities

-STATUTE-

(a) Each department, agency, and instrumentality of the executive

branch of the Government, including independent agencies, is

authorized and directed to furnish to the Commission, upon request,

such data, reports, and other information as the Commission deems

necessary to carry out its functions under this chapter.

(b) The head of any department, agency, or instrumentality of the

United States may detail such personnel and may furnish such

services, with or without reimbursement, as the Commission may

request to assist it in carrying out its functions.

-SOURCE-

(Pub. L. 93-495, title II, Sec. 207, Oct. 28, 1974, 88 Stat. 1510.)

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12 USC Sec. 2408 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 25 - NATIONAL COMMISSION ON ELECTRONIC FUND TRANSFERS

-HEAD-

Sec. 2408. Authorization of appropriations

-STATUTE-

There are authorized to be appropriated without fiscal year

limitations such sums, not to exceed $2,000,000, as may be

necessary to carry out the provisions of this chapter.

-SOURCE-

(Pub. L. 93-495, title II, Sec. 208, Oct. 28, 1974, 88 Stat. 1511.)

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