§ 2403. Functions of Commission

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1974

   Pub. L. 93–495 title II § 203 · 88 Stat. 1500

   Enacted · 12 U.S.C. § 2403

   Pub. L. 93–495, title II, § 203, Oct. 28, 1974, 88 Stat. 1508

   Source evidence

   Code source credit
   Pub. L. 93–495, title II, § 203, Oct. 28, 1974, 88 Stat. 1508

   Enacted provision · exact public law section
   Sec. 203. functions (a) 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) The Commission shall make an interim report within one year Interim report. of its findings and recommendations and at such other times as it deems advisable and shall transmit to the President and to the Congress Final report to President and Congress. not later than two years after the date of enactment of this Act 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 Termination date. of its final report the Commission shall cease to exist. (c) The Commission shall not be required to obtain the clearance of any Federal agency prior to the transmittal of any interim or final report.

2. 1975

   Pub. L. 94–200 title II § 201 · 89 Stat. 1124

   Changed · 12 U.S.C. § 2403(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

   Source evidence

   Code amendment note
   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.

   Enacted provision · exact public law section
   Sec. 201. Section 203(b) of title II of the Act of October 28, 1974 12 USC 2403. (Public Law 93–495), is amended by— (1) striking out “within one year of its findings and recommendations” and inserting in lieu thereof “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 (2) striking out “not later than two years after the date of enactment of this Act” and inserting in lieu thereof “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”.

2 of 2 references resolved to an enrolled provision