2001 US Code
Title 12 - BANKS AND BANKING
CHAPTER 16 - FEDERAL DEPOSIT INSURANCE CORPORATION
Sec. 1831h - Savings Association Insurance Fund Industry Advisory Committee

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§1831h. Savings Association Insurance Fund Industry Advisory Committee (a) Establishment

There is hereby established the Savings Association Insurance Fund Industry Advisory Committee (hereinafter referred to in this section as the “Committee”).

(b) Membership

The Committee shall consist of 18 members, appointed as follows:

(1) 1 member elected from each Federal home loan bank district (by the members of the board of directors of each such bank who were elected by the members of such bank) from among individuals residing therein who are officers of insured depository institutions that are Savings Association Insurance Fund members.

(2) 6 members appointed by the Corporation from among individuals who shall represent the public interest.

(c) Vacancies

Any vacancy on the Committee shall be filled in the same manner in which the original appointment was made.

(d) Pay and expenses

Members of the Committee shall serve without pay, but each member shall be reimbursed, in such manner as the Corporation shall prescribe by regulation, for expenses incurred in connection with attendance of such members at meetings of the Committee.

(e) Terms

Members shall be appointed or elected for terms of 1 year.

(f) Authority of Committee

The Committee may select its Chairperson, Vice Chairperson, and Secretary, and adopt methods of procedure, and shall have power—

(1) to confer with the Board of Directors on general and special business conditions and regulatory and other matters affecting insured financial institutions that are members of the Savings Association Insurance Fund; and

(2) to request information, and to make recommendations, with respect to matters within the jurisdiction of the Corporation.

(g) Meetings

The Committee shall meet 4 times each year, and more frequently if requested by the Corporation.

(h) Reports

The Committee shall submit a semiannual written report to the Committee on Banking, Finance and Urban Affairs of the House and to the Committee on Banking, Housing, and Urban Affairs of the Senate. Such report shall describe the activities of the Committee for such semiannual period and contain such recommendations as the Committee considers appropriate.

(i) Provision of staff and other resources

The Corporation shall provide the Committee with the use of such resources, including staff, as the Committee reasonably shall require to carry out its duties, including the preparation and submission of reports to Congress, under this section.

(j) Federal Advisory Committee Act does not apply

The Federal Advisory Committee Act shall not apply to the Committee.

(k) Sunset

The Committee shall cease to exist 10 years after August 9, 1989.

(Sept. 21, 1950, ch. 967, §2[31], as added Pub. L. 101–73, title II, §226, Aug. 9, 1989, 103 Stat. 276; amended Pub. L. 103–325, title VI, §602(a)(60), Sept. 23, 1994, 108 Stat. 2291; Pub. L. 104–208, div. A, title II, §2704(d)(14)(Y), Sept. 30, 1996, 110 Stat. 3009–494.

References in Text

The Federal Advisory Committee Act, referred to in subsec. (j), is Pub. L. 92–463, Oct. 6, 1972, 86 Stat. 770, as amended, which is set out in the Appendix to Title 5, Government Organization and Employees.

Amendments

1996—Pub. L. 104–208, which directed repeal of section, was not executed. See Effective Date of 1996 Amendment note below.

1994—Subsec. (b)(1). Pub. L. 103–325 substituted “board of directors” for “Board of Directors”.

Change of Name

Committee on Banking, Finance and Urban Affairs of House of Representatives treated as referring to Committee on Banking and Financial Services of House of Representatives by section 1(a) of Pub. L. 104–14, set out as a note preceding section 21 of Title 2, The Congress. Committee on Banking and Financial Services of House of Representatives abolished and replaced by Committee on Financial Services of House of Representatives, and jurisdiction over matters relating to securities and exchanges and insurance generally transferred from Committee on Energy and Commerce of House of Representatives by House Resolution No. 5, One Hundred Seventh Congress, Jan. 3, 2001.

Effective Date of 1996 Amendment

Amendment by Pub. L. 104–208, repealing this section, effective Jan. 1, 1999, if no insured depository institution is a savings association on that date, see section 2704(c) of Pub. L. 104–208, set out as a note under section 1821 of this title.