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FDIC Law, Regulations, Related Acts

[Main Tabs]     [Table of Contents - 6500]     [Index]     [Previous Page]     [Next Page]     [Search] 6500 - Consumer Protection TITLE IV—NATIONAL COMMISSION ON CONSUMER FINANCE     Sec.     401.    Establishment.     402.    Membership of the Commission.     403.    Compensation of members.     404.    Duties of the Commission.     405.    Powers of the Commission.     406.    Administrative arrangements.     407.    Authorization of appropriations. § 401.  Establishment   There is established a bipartisan National Commission on Consumer Finance, referred to in this title as the "Commission". [Codified to 15 U.S.C. 1601 note] [Source:  Section 401 of title IV of the Act of May 29, 1968 (Pub. L. No. 90-321; 82 Stat. 164), effective May 29, 1968] § 402.  Membership of the Commission   (a)  The Commission shall be composed of nine members, of whom     (1)  three are Members of the Senate appointed by the President of the Senate;     (2)  three are Members of the House of Representatives appointed by the Speaker of the House of Representatives; and     (3)  three are persons not employed in a full-time capacity by the United States appointed by the President, one of whom he shall designate as Chairman.   (b)  A vacancy in the Commission does not affect its powers and may be filled in the same manner as the original appointment.   (c)  Five members of the Commission constitute a quorum. [Codified to 15 U.S.C. 1601 note] [Source:  Section 402 of title IV of the Act of May 29, 1968 (Pub. L. No. 90-321; 82 Stat. 164), effective May 29, 1968] § 403.  Compensation of members   (a)  Members of Congress who are members of the Commission shall serve without compensation in addition to that received for their services as Members of Congress; but they shall be reimbursed for travel, subsistence, and other necessary expenses incurred by them in the performance of the duties vested in the Commission.   (b)  Each member of the Commission who is appointed by the President may receive compensation at a rate of $100 for each day he is engaged upon work of the Commission, and shall be reimbursed for travel expenses, including per diem in lieu of subsistence as authorized by law (5 U.S.C. 5703) for persons in the Government service employed intermittently. [Codified to 15 U.S.C. 1601 note] [Source:  Section 403 of title IV of the Act of May 29, 1968 (Pub. L. No. 90-321; 82 Stat. 164), effective May 29, 1968] § 404.  Duties of the Commission   (a)  The Commission shall study and appraise the functioning and structure of the consumer finance industry, as well as consumer credit transactions generally. The Commission, in its report and recommendations to the Congress, shall include treatment of the following topics:     (1)  The adequacy of existing arrangements to provide consumer credit at reasonable rates.     (2)  The adequacy of existing supervisory and regulatory mechanisms to protect the public from unfair practices, and insure the informed use of consumer credit. {{p.6598}}     (3)  The desirability of Federal chartering of consumer finance companies, or other Federal regulatory measures.   (b)  The Commission may make interim reports and shall make a final report of its findings, recommendations, and conclusions to the President and to the Congress by December 31, 1972. [Codified to 15 U.S.C. 1601 note] [Source:  Section 404 of title IV of the Act of May 29, 1968 (Pub. L. No. 90-321; 82 Stat. 165), effective May 29, 1968, as amended by the Act of July 20, 1970 (Pub. L. No. 91-344; 84 Stat. 440), effective July 20, 1970 and the Act of June 30, 1972 (Pub. L. No. 92-321; 86 Stat. 382), effective June 30, 1972] § 405.  Powers of the Commission   (a)  The Commission, or any three members thereof as authorized by the Commission, may conduct hearings anywhere in the United States or otherwise secure data and expressions of opinion pertinent to the study. In connection therewith the Commission is authorized by majority vote     (1)  to require, by special or general orders, corporations, business firms, and individuals to submit in writing such reports and answers to questions as the Commission may prescribe; such submission shall be made within such reasonable period and under oath or otherwise as the Commission may determine.     (2)  to administer oaths.     (3)  to require by subpena the attendance and testimony of witnesses and the production of all documentary evidence relating to the execution of its duties.     (4)  in the case of disobedience to a subpena or order issued under paragraph (a) of this section to invoke the aid of any district court of the United States in requiring compliance with such subpena or order.     (5)  in any proceeding or investigation to order testimony to be taken by deposition before any person who is designated by the Commission and has the power to administer oaths, and in such instances to compel testimony and the production of evidence in the same manner as authorized under subparagraphs (3) and (4) above.     (6)  to pay witnesses the same fees and mileage as are paid in like circumstances in the courts of the United States.   (b)  Any district court of the United States within the jurisdiction of which an inquiry is carried on may, in case of refusal to obey a subpena or order of the Commission issued under paragraph (a) of this section, issue an order requiring compliance therewith; and any failure to obey the order of the court may be punished by the court as a contempt thereof.   (c)  The Commission may require directly from the head of any Federal executive department or independent agency available information which the Commission deems useful in the discharge of its duties. All departments and independent agencies of the Government shall cooperate with the Commission and furnish all information requested by the Commission to the extent permitted by law.   (d)  The Commission may enter into contracts with Federal or State agencies, private firms, institutions, and individuals for the conduct of research or surveys, the preparation of reports, and other activities necessary to the discharge of its duties.   (e)  When the Commission finds that publication of any information obtained by it is in the public interest and would not give an unfair competitive advantage to any person, it may publish the information in the form and manner deemed best adapted for public use, except that data and information which would separately disclose the business transactions of any person, trade secrets, or names of customers shall be held confidential and shall not be disclosed by the Commission or its staff. The Commission shall permit business firms or individuals reasonable access to documents furnished by them for the purpose of obtaining or copying those documents as need may arise.   (f)  The Commission may delegate any of its functions to individual members of the Commission or to designated individuals on its staff and to make such rules and regula- {{4-30-04 p.6599}}tions as are necessary for the conduct of its business, except as otherwise provided in this title. [Codified to 15 U.S.C. 1601 note] [Source:  Section 405 of title IV of the Act of May 29, 1968 (Pub. L. No. 90-321; 82 Stat. 165), effective May 29, 1968] § 406.  Administrative arrangements   (a)  The Commission may, without regard to the provisions of title 5, United States Code, relating to appointments in the competitive service or to classification and General Schedule pay rates, appoint and fix the compensation of an executive director. The executive director, with the approval of the Commission, shall employ and fix the compensation of such additional personnel as may be necessary to carry out the functions of the Commission, but no individual so appointed may receive compensation in excess of the rate authorized for GS-18 under the General Schedule.   (b)  The executive director, with the approval of the Commission, may obtain services in accordance with section 3109 of title 5 of the United States Code, but at rates for individuals not to exceed $100 per diem.   (c)  The head of any executive department or independent agency of the Federal Government may detail, on a reimbursable basis, any of its personnel to assist the Commission in carrying out its work.   (d)  Financial and administrative services (including those related to budgeting and accounting, financial reporting, personnel, and procurement) shall be provided the Commission by the General Services Administration, for which payment shall be made in advance, or by reimbursement, from funds of the Commission in such amounts as may be agreed upon by the Chairman of the Commission and the Administrator of General Services. The regulations of the General Services Administration for the collection of indebtedness of personnel resulting from erroneous payments apply to the collection of erroneous payments made to or on behalf of a Commission employee, and regulations of that Administration for the administrative control of funds apply to appropriations of the Commission.   (e)  After submission of its final report, as provided in section 404(b), the Commission shall cease to exist. [Codified to 15 U.S.C. 1601 note] [Source:  Section 406 of title IV of the Act of May 29, 1968 (Pub. L. No. 90-321; 82 Stat. 166), effective May 29, 1968, as amended by the Act of June 30, 1972 (Pub. L. No. 92-321; 86 Stat. 382), effective June 30, 1972] § 407.  Authorization of appropriations   There are authorized to be appropriated such sums not in excess of $2,000,000 as may be necessary to carry out the provisions of this title. Any money so appropriated shall remain available to the Commission until the date of its expiration, as fixed by section 406(e). [Codified to 15 U.S.c. 1601 note] [Source:  Section 407 of title IV of the Act of May 29, 1968 (Pub. L. No. 90-321; 82 Stat. 166), effective May 29, 1968, as amended by the Act of June 30, 1972 (Pub. L. No. 92-321; 86 Stat. 382), effective June 30, 1972] [Main Tabs]     [Table of Contents - 6500]     [Index]     [Previous Page]     [Next Page]     [Search]

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