§ 2403. — Functions of Commission.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC2403]
TITLE 12--BANKS AND BANKING
CHAPTER 25--NATIONAL COMMISSION ON ELECTRONIC FUND TRANSFERS
Sec. 2403. Functions of Commission
(a) Study, investigation, and recommendations; considerations
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 Commission
The 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 report
The 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, Sec. 203, Oct. 28, 1974, 88 Stat. 1508; Pub.
L. 94-200, title II, Sec. 201, Dec. 31, 1975, 89 Stat. 1124.)
Amendments
1975--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.
