Chairman of the CFTC, the Chairman of the Financial Institutions Regulator (FIR), theDirector of the Federal Housing Finance Agency (temporary appointment) and fiveprivate members of the Board to be appointed by the President and confirmed bythe Senate.
Section 202 —
Directs the Market Stability and Capital Adequacy Board to: gatherindustry data; review capital standards set by the functional regulators; monitorgovernment policies which could affect market stability; and evaluate and report onsystemic risks in our financial markets. Establishes a Humphrey-Hawkins stylesemi-annual report to Congress by the Secretary of the Treasury.
Section 203 —
Allows for contracting of employees to staff the Board. Establishesstandards for receipt and handling of information collected by the Board.
Section 204 —
Provides for the federal functional regulators to make reports to theMarket Stability Board.
Section 205 —
Establishes staff and detailees from other agencies to support thefunctions of the Board.
Section 206 —
Compensation and Travel Expenses.
Title 3 — Regulatory Consolidation and Consumer ProtectionSection 301 —
Establishes a Financial Institutions Regulator (FIR) as the umbrellaregulatory body for all depository institutions. The FIR shall consist of a FederalBanking Division and a State Banking Division.
Section 302 —
Creates a Board of Directors to act as the management of the FIR,consisting of an Independent Chairman, the head of the Federal Banking Division,the head of the State Banking Division, the Chairman of the National Credit UnionAdministration (NCUA) and the Chairman of the Federal Deposit InsuranceCorporation (FDIC).
Section 303 —
Establishes the powers of the FIR, consolidating the bankingsupervision responsibilities of the Federal Reserve, Office of Thrift Supervision andOffice of the Comptroller of the Currency into one agency.
Section 304 —
Allocation of responsibility among FIR Divisions
Section 305 —
Section 306 —
Office of the Comptroller of the Currency is abolished
Section 307 —
Office of Thrift Supervision is abolished3