2015 US Code
Title 12 - Banks and Banking (Sections 1 - 5710)
Chapter 25 - National Commission on Electronic Fund Transfers (Sections 2401 - 2408)
Sec. 2403 - Functions of Commission
Publication Title | United States Code, 2012 Edition, Supplement 3, Title 12 - BANKS AND BANKING |
Category | Bills and Statutes |
Collection | United States Code |
SuDoc Class Number | Y 1.2/5: |
Contained Within | Title 12 - BANKS AND BANKING CHAPTER 25 - NATIONAL COMMISSION ON ELECTRONIC FUND TRANSFERS Sec. 2403 - Functions of Commission |
Contains | section 2403 |
Date | 2015 |
Laws In Effect As Of Date | January 3, 2016 |
Positive Law | No |
Disposition | standard |
Source Credit | Pub. L. 93-495, title II, §203, Oct. 28, 1974, 88 Stat. 1508; Pub. L. 94-200, title II, §201, Dec. 31, 1975, 89 Stat. 1124. |
Statutes at Large References | 88 Stat. 1508 89 Stat. 1124 |
Public and Private Laws | Public Law 93-495, Public Law 94-200 |
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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 CommissionThe 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 reportThe Commission shall not be required to obtain the clearance of any Federal agency prior to the transmittal of any interim or final report.
(Pub. L. 93–495, title II, §203, Oct. 28, 1974, 88 Stat. 1508; Pub. L. 94–200, title II, §201, Dec. 31, 1975, 89 Stat. 1124.)
AMENDMENTS1975—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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