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United States
| Title | Class | Number | Date | Publication | Summary |
| Financial Services Modernization Law | Public Law | 106-102 | 12 November 1999 | United States Statutes at Large Number:113 Stat. 1338 (12 November 1999) | Public Law
106-102 (113 Stat. 1338-1481) Table of Contents, "Financial Services Modernization
Law" (popular title), whose full official title is: "An Act to enhance
competition in the financial services industry by providing a prudential framework for the
affiliation of banks, securities firms, and other financial service providers, and for
other purposes." Enacted Nov. 12, 1999. Public
Law contains five titles; therefore a summary has been prepared for the full Table of Contents (Public Law 106-102)
alone, with additional summaries made for each of the five titles. |
| - | Public Law | 106-57 | 29 September 1999 | United States Statutes at Large Number:113 Stat. 408 (29 September 1999) | Public Law 106-57
(113 Stat. 408-429) Legislative Branch Appropriations Act, 2000, enacted Sept. 29, 1999,
makes appropriations for the Legislative Branch for the fiscal year ending Sept. 30, 2000,
and enacts other provisions of law. Includes "Congressional Operations Appropriations
Act, 2000." Public Law contains four
titles; therefore a summary has been prepared for the full Table of Contents (Public Law 106-57)
alone, with additional summaries made for each of the four titles. |
| Includes Internal
Revenue Service Restructuring and Reform Act of 1998
|
Public Law | 105-206 | 22 July 1998 | United States Statutes at Large Number:112 Stat. 685 (22 July 1998) | Public Law
105-206 (112 Stat. 685) Table of Contents record. Includes Internal Revenue Service
Restructuring and Reform Act of 1998; Taxpayer Bill of Rights 3; Tax Technical Corrections
Act of 1998, and TEA 21 Restoration Act (July 22, 1998). Pubic Law 105-206 contains nine titles; this GLIN summary record provides a
Table of Contents (Pubic Law
105-206) for the entire Public Law. But separate GLIN summary records are
also provided for each of its nine numbered titles. |
| Lobbying Disclosure Technical Amendments Act of 1998 | Public Law | 105-166 | 06 April 1998 | United States Statutes at Large Number:112 Stat. 38(06 April 1998) | Public Law
105-167 (112 Stat. 38-39), Lobbying Disclosure Technical Amendments Act of 1998 (Apr. 6,
1998). Amends the Lobbying Disclosure Act of 1995 to exclude from the definition of
"covered executive branch official" an employee whose position has been
determined to be of a confidential, policy-determining, policy-making, or
policy-advocating character by: (1) the President for a position the President has
excepted from the competitive service; or (2) the President or an agency head for a
position excepted from the competitive service by statute. (Sec. 3) Excludes from the definition of "lobbying contact" any communication compelled by a Federal contract grant, loan, permit, or license. Adds to the definition of "public official" a group of governments acting together as an international organization. (Sec. 4) Revises requirements applicable to estimates by entities: (1) reporting lobbying expenditures under provisions relating to charitable, etc., (Internal Revenue Code section 501(c)(3)) organizations; or (2) covered by provisions prohibiting a trade or business expense deduction for lobbying expenses. Removes provisions allowing such a charitable, etc., organization to meet its semiannual lobbying reporting requirement by filing with the Senate and the House of Representatives the same report filed to satisfy Internal Revenue Code requirements. (Sec. 5) Amends the Foreign Agents Registration Act of 1938 to exempt from a requirement to register as a foreign agent anyone who has engaged in lobbying activities and has registered (currently, anyone who is required to register and does register) under the Lobbying Disclosure Act of 1995. (2 pages; 5 sections) Source: S.758 |
| Taxpayer Browsing Protection Act | Public Law | 105-35 | 05 August 1997 | United States Statutes at Large Number:111 Stat. 1104 (05 August 1997) | Public Law
105-35, the Taxpayer Browsing Protection Act (111 Stat. 1104 - 1106), amends subchapter A
of chapter 75 of the Internal Revenue Code of 1986 to provide criminal penalties
(including up to one year imprisonment, fines up to $1,000, and loss of employment for
federal and state government employees and certain other persons for inspecting, except as
authorized by that law, any tax return or return information. Exceptions are provided for
errors made in good faith and for inspections made at the request of the taxpayer. Also
amends section 7431 of the Internal Revenue Code of 1986 as amended to expands provisions
for civil damages by changing the prohibited behavior from "disclose" to
"inspect or disclose." (3 sections; 3 pages) |
| The Foreign Corrupt Practices Act | Public Law | 105-366 | 10 November 1998 | UNITED STATES CODE ANNOTATED TITLE 15. COMMERCE AND TRADE, CHAPTER 2B--SECURITIES EXCHANGES | Congress enacted
the FCPA to bring a halt to the bribery of foreign officials and to restore public
confidence in the integrity of the American business system. 1988 Trade Act directed the Attorney General to provide guidance concerning the Department of Justice's enforcement policy with respect to the Foreign Corrupt Practices Act of 1977 ("FCPA"), 15 U.S.C. §§ 78dd-1, et seq., to potential exporters and small businesses that are unable to obtain specialized counsel on issues related to the FCPA. The guidance is limited to responses to requests under the Department of Justice's Foreign Corrupt Practices Act Opinion Procedure (described below at p. 10) and to general explanations of compliance responsibilities and potential liabilities under the FCPA. This brochure constitutes the Department of Justice's general explanation of the FCPA. U.S. firms seeking to do business in foreign markets must be familiar with the FCPA. In general, the FCPA prohibits corrupt payments to foreign officials for the purpose of obtaining or keeping business. The Department of Justice is the chief enforcement agency, with a coordinate role played by the Securities and Exchange Commission (SEC). The Office of General Counsel of the Department of Commerce also answers general questions from U.S. exporters concerning the FCPA's basic requirements and constraints. |
| PRINCIPLES OF ETHICAL CONDUCT FOR GOVENMENT OFFICERS AND EMPLOYEES | Executive Order | 12674 (as modified by E.O. 12731) | April 12, 1989 (October 17, 1990) | - | Executive Order 12674
issued by President Bush in 1989 and modified in 1990 by Executive Order 12731
provides general principles that broadly define the obligations of public service.
Underlying these principles are two core concepts:
In addition, employees must strive to avoid any action
that would create the appearance that they are violating the law or ethical standards. |
Ethics in Government Act |
Public Law |
Pub. L. 95-521, 92 Stat. 1824-1867 |
1978 | - | The Office of
Government Ethics oversees the administration of the public and confidential financial
disclosure systems for the executive branch. It also administers the blind trust and
certificate of divestiture programs in the executive branch. Reference: Section 102(f), Ethics in Government Act of 1978; 5 C.F.R. part 2634 Executive branch employees are no longer subject to the prohibitions on the acceptance of honoraria contained in the Ethics Reform Act of 1989. The 1989 Act had banned the receipt of any honoraria for an appearance, speech or article whether or not there was any connection to the employee's official duties. A later amendment to the 1989 Act had the effect of allowing payment for a series of such activities provided that the activity did not relate to the employee's official duties. This provision of the 1989 Act was challenged in court and eventually found by the Supreme Court to be an unconstitutional infringement of the First Amendment. Subsequently, the Department of Justice, in an opinion issued on February 26, 1996, determined that the law was "effectively eviscerated" by the Supreme Court's decision and that there were no remaining applications of the law. The result is that executive branch employees generally may accept honoraria for an appearance, speech or article, provided that the activity does not relate to the employee's official duties. Any employee who had kept honoraria in an escrow account during the litigation is now free to receive those funds. Employees are still subject to other restrictions on the receipt of honoraria in certain circumstances, including the prohibition on receiving compensation for teaching, speaking and writing that relates to their official duties (subject to an exception for teaching certain courses). Reference: Section 501(b), of the Ethics In
Government Act, as added by section 601(a) of the Ethics Reform Act of 1989, Pub.
L. 101-194, 202, 103 Stat. 1716, at 1724. |
| Office of
Government Ethics Authorization Act of 1996 |
Public Law |
Pub. L. 104-179, 110 Stat. 1566 | 1996 | - | Full Text |
| Bribery of public officials and witnesses | Statute |
|
- | - | This law prohibits the bribery of public officials and witnesses |
| - | Statute |
18 U.S.C. § 202. |
- | - | This law defines terms such as "special Government employee", "officer or employee", "executive branch", "legislative branch", "judicial branch", "official responsibility", "Member of Congress" |
Compensation to Members of Congress, officers, and others in matters affecting the Government |
Statute |
|
- | - | This law prohibits compensation being provided to or accepted by Members of Congress and other officers in furtherance of an interest in matters in which the United States is a party or has a direct and substantial interest before any department, agency or court. |
| Practice in United
States Claims Court or the United States Court of Appeals for the Federal Circuit by
Members of Congress |
|
18 U.S.C. § 204. | - | - | |
Activities of officers and employees in claims against and other matters affecting the Government |
Statute | 18 U.S.C. § 205. | - | - | Prohibits
certain employees from prosecuting a claim against the United States or representing a
private party before the Government in connection with a particular matter in which the
United States is a party or has a direct and substantial interest. This prohibition
applies whether or not the employee receives compensation for the representation. There are certain exceptions that would allow an employee to represent with or without compensation. Reference: 18 U.S.C. § § 205, 203. |
| Exemption of retired officers of the uniformed services | Statute |
|
- | - | Sections 203 and 205 of Title 18 shall not apply to a retired officer of the uniformed services of the United States while not on active duty and not otherwise an officer or employee of the United States, or to any person specially excepted by Act of Congress. |
| Restrictions on formers officers, employees, and elected officials of the executive and legislative branches | Statute |
|
- | - | Executive branch
employees are subject to certain restrictions on their activity after they leave
Government service. Two of the restrictions apply with respect to particular matters
involving specific parties that were involved with while in Government service. If the
employee's involvement in such a matter was personal and substantial, then the employee is
permanently barred from representing anyone back to any Federal department, agency, or
court on that same matter. If the matter was under the employee's official responsibility
during the last year of Government service, then the employee is barred for two years
after leaving Government service from representing anyone back to the Government on that
same matter. In addition, certain high level officials are subject to a so-called "one-year cooling off period." For a period of one year after leaving a "senior" position, these officials may not make any appearance on behalf of any person (other than the United States) before his former agency with the intent to influence the agency on any matter in which that person seeks official action. Additionally, the Clinton Administration mandated that certain persons appointed on or after January 20, 1993, sign an ethics pledge which establishes a contractual commitment regarding their activities after they have been employed as "senior appointee" or after they have participated personally and substantially in trade negotiations. Reference: 18 U.S.C. § 207; and see: Executive Order 12834, 3 C.F.R., 1993 Comp., pp. 580-586; 5 C.F.R. parts 2637 and 2641; OGE Forms 203 and 204. |
Acts affecting a personal financial interest |
Statute | 18 U.S.C. § 208. | - | - | Executive branch
employees are prohibited by a Federal criminal statute from participating personally and
substantially in a particular matter that will affect certain financial interests. Those
include the financial interests of the employee; the employee's spouse or minor child; the
employee's general partner; an organization in which the employee serves as an officer,
director, trustee, general partner or employee; and a person with whom the employee is
negotiating for or has an arrangement concerning prospective employment. Reference: 18 U.S.C. § 208; and see 5 C.F.R. § § 2635.401-403. An executive branch employee may not participate in any particular Government matter that will affect the financial interests of a person or entity with whom he is seeking employment. In some cases, the employee may be authorized by an agency official to participate in particular matters from which you would otherwise have to be disqualified due to your job search. If a search firm or other intermediary is involved, the employee is not disqualified unless the intermediary identifies the prospective employer to the employee. Reference: 18 U.S.C. § 208; and see 5 C.F.R. § § 2635.601-606. |
Salary of Government officials and employees payable only by United States |
|
18 U.S.C. § 209. | - | - | Executive branch
employees may not be paid by someone other than the United States for doing their
Government job. Thus, for example, a highly paid executive of a corporation upon entering
Government service could not accept an offer from her former employer to make up the
difference between her Government salary and the compensation she received from her former
employer. There are certain, limited occasions when this prohibition does not apply. Reference: 18 U.S.C. § 209. |
Penalties and injunctions |
|
|
- | - | |
| Voiding transactions in violation of chapter; recovery by the United States | Statute |
18 U.S.C. § 218. | - | - | |
| Officers and employees acting as agents of foreign principals |
|
|
- | - | Full Text |
| Organization and Functions of the Office of Government Ethics | Regulation |
|
- | - | Full Text |
| Employee Responsibilities and Conduct, Addendum [ Reserved |
|
|
- | - | Full Text |
Freedom of Information Act Rules and Schedules of Fees for the Production of Public Financial Disclosure Reports |
Regulation | 5 C.F.R. Part 2604 | - | - | |
| Privacy Act rules [ Reserved ] | Regulation |
|
- | - | Full Text |
| Implementation of the Equal Access to Justice Act | Regulation | 5 C.F.R. Part 2610 | - | - | |
| Executive Branch Financial Disclosures, Qualified Trusts, and Certificates of Divestiture | Regulation | 5 C.F.R. Part 2634, | - | - | Persons who are
nominated by the President for positions requiring confirmation by the Senate are required
by law to file public financial disclosure reports. These nominee reports are reviewed
prior to confirmation hearings by the White House Counsel's Office, by the agencies in
which the nominees will serve, and by the Office of Government Ethics. OGE is responsible
for the final certification of the reports before they are transmitted to the Senate. Reference: 5 C.F.R. part 2634.
|
| Standards of Ethical Conduct for Employees of the Executive Branch | Regulation | 5 C.F.R. Part 2635, | - | - | Executive branch
employees are subject to restrictions on the gifts that they may accept from sources
outside the Government. Generally they may not accept gifts that are given because of
their official position or that come from certain interested sources. There are also a
number of exceptions to the ban on gifts from outside sources. If an employee has received a gift that cannot be accepted, the employee may return the gift or pay its market value. If the gift is perishable and it is not practical to return it, the gift may, with approval, be given to charity or shared in the office. Reference: 5 C.F.R. § § 2635.201-205. Executive branch employees may not make a gift to an official superior nor can an employee accept a gift from another employee who receives less pay except in certain circumstances or on certain occasions. Employees may solicit or contribute, on a strictly voluntary basis, nominal amounts for a group gift to an official superior on special infrequent occasions and occasionally for items such as food and refreshments to be shared among employees at the office. Reference: 5 C.F.R. § § 2635.301-304. Executive branch employees are prohibited by a Federal criminal statute from participating personally and substantially in a particular matter that will affect certain financial interests. Those include the financial interests of the employee; the employee's spouse or minor child; the employee's general partner; an organization in which the employee serves as an officer, director, trustee, general partner or employee; and a person with whom the employee is negotiating for or has an arrangement concerning prospective employment. Reference: 5 C.F.R. § § 2635.401-403. Executive branch employees are required to consider whether their impartiality may be questioned whenever their involvement in a particular matter involving specific parties might affect certain personal and business relationships. If such a matter would have an effect on the financial interest of a member of the employee's household, or if a person with whom the employee has a "covered relationship" is or represents a party to such a matter, then the employee must consider whether a reasonable person would question the employee's impartiality in the matter. If the employee concludes that there would be an appearance problem, then the employee should not participate in the matter unless authorized by the agency. Reference: 5 C.F.R. § § 2635.501-503. Executive branch employees must not use their public office for their own or another's private gain. Employees are not to use their position, title or any authority associated with their office to coerce or induce a benefit for themselves or others. Employees also are not to use or allow the improper use of nonpublic information to further a private interest, either their own or another's. Employees may not use Government property for other than authorized purposes. Government property includes office supplies, telephones, computers, copiers and any other property purchased with Government funds. Reference: 5 C.F.R. § § 2635.701-705. Executive branch employees are subject to a number of limitations on the outside activities in which they may be involved. An employee may not have outside employment or be involved in an outside activity that conflicts with the official duties of the employee's position. Employees of some agencies may be required by their agency's own supplemental conduct regulations to obtain prior approval before engaging in certain outside employment or activities. Employees generally may not be paid for outside teaching, speaking and writing if the activity relates to the employee's official duties. However, there is an exception that would allow an employee to be paid for teaching certain courses at accredited educational institutions. Employees may not use their official title or position (except as part of a biography or for identification as the author of an article with an appropriate disclaimer) to promote a book, seminar, course, program or similar undertaking. Employees may engage in fundraising in a personal capacity subject to several restrictions. An employee cannot solicit funds from subordinates. And an employee cannot solicit funds from persons who have interests that may be affected by the employee's agency such as those who are regulated by, seeking official action from, or doing business with the agency. Also an employee cannot use or permit the use of the employee's official title, position or authority to promote the fundraising effort. Reference: 5 C.F.R. § § 2635.801-809. |
Limitations on Outside Employment and Prohibition of Honoraria, Confidential Reporting of Payments to Charities in Lieu of Honoraria |
Regulation | 5 C.F.R. Part 2636 | - | - | Full Text |
Regulations Concerning Post Employment Conflict of Interest |
Regulation | 5 C.F.R. Part 2637 | - | - | Full Text |
Office of Government Ethics and Executive Agency Ethics Program Responsibilities
|
Regulation | 5 C.F.R. Part 2638 | - | - | The Office of
Government Ethics provides both informal advisory letters and memoranda and formal
opinions concerning the application of the Ethics in Government Act of 1978 (including its
financial disclosure provisions), the criminal conflict of interest laws, the
administrative standards of ethical conduct and related Executive orders, and other
administrative regulations issued by OGE. At the discretion of the Director, formal advisory opinions will be rendered on matters of general applicability or on important matters of first impression. Where a request does not meet the requirements for a formal advisory opinion, the Office of Government Ethics may respond by way of an informal advisory letter or memorandum. Reference: 5 C.F.R. § § 2638.301-313; and see: OGE Informal Advisory Letters and Memoranda and Formal Opinions 1979-1995. |
Interpretation, Exemptions and Waiver Guidance Concerning 18 U.S.C. 208 (Acts Affecting a Personal Financial Interest) |
Regulation | 5 C.F.R. Part 2640 | - | - | |
Post-Employment Conflict of Interest Restrictions |
Regulation | 5 C.F.R. Part 2641 | - | - | |
| Department of the Treasury (final) | Agency Code | 5 C.F.R. Part 3101 | January 1, 1997 | - | Full Text |
| Federal Deposit Insurance Corporation (final) | Agency Code | 5 C.F.R. Part 3201 | January 1, 1998 | - | Full Text |
| Department of Energy (interim) | Agency Code | 5 C.F.R. Part 3301 | January 1, 1997 | - | Full Text |
| Federal Energy Regulatory Commission (final) | Agency Code | 5 C.F.R. Part 3401 | January 1, 1997 | - | Full Text |
| Department of the Interior (interim) | Agency Code | 5 C.F.R. Part 3501 | January 1, 1998 | - | Full Text |
| Department of Defense (interim) | Agency Code | 5 C.F.R. Part 3601 | January 1, 1997 | - | Full Text |
| Department of Justice (final) | Agency Code | 5 C.F.R. Part 3801 | January 1, 1998 | - | Full Text |
| Federal Communications Commission (final) | Agency Code | 5 C.F.R. Part 3901 | January 1, 1997 | - | Full Text |
| Farm Credit System Insurance Corporation (final) | Agency Code | 5 C.F.R. Part 4001 | January 1, 1997 | - | Full Text |
| Farm Credit Administration (final) | Agency Code | 5 C.F.R. Part 4101 | January 1, 1997 | - | Full Text |
| Overseas Private Investment Corporation (final) | Agency Code | 5 C.F.R. Part 4301 | January 1, 1997 | - | Full Text |
| Office of Personnel Management (final) | Agency Code | 5 C.F.R. Part 4501 | January 1, 1998 | - | Full Text |
| Interstate Commerce Commission (final) | Agency Code | 5 C.F.R. Part 5001 | January 1, 1997 | - | Full Text |
| Commodity Futures Trading Commission (final) | Agency Code | 5 C.F.R. Part 5101 | January 1, 1997 | - | Full Text |
| Department of Labor (interim) | Agency Code | 5 C.F.R. Part 5201 | January 1, 1997 | - | Full Text |
| National Science Foundation (interim) | Agency Code | 5 C.F.R. Part 5301 | January 1, 1997 | - | Full Text |
| Department of Health and Human Services (final) | Agency Code | 5 C.F.R. Part 5501 | January 1, 1997 | - | Full Text |
| Postal Rate Commission (interim) | Agency Code | 5 C.F.R. Part 5601 | January 1, 1997 | - | Full Text |
| Federal Trade Commission (interim) | Agency Code | 5 C.F.R. Part 5701 | January 1, 1997 | - | Full Text |
| Nuclear Regulatory Commission (final) | Agency Code | 5 C.F.R. Part 5801 | January 1, 1997 | - | Full Text |
| Department of Transportation (final) | Agency Code | 5 C.F.R. Part 6001 | January 1, 1997 | - | Full Text |
| Export-Import Bank of the United States (interim) | Agency Code | 5 C.F.R. Part 6201 | January 1, 1997 | - | Full Text |
| Department of Education (interim) | Agency Code | 5 C.F.R. Part 6301 | January 1, 1997 | - | Full Text |
| Environmental Protection Agency (final) | Agency Code | 5 C.F.R. Part 6401 | January 1, 1997 | - | Full Text |
| General Services Administration (final) | Agency Code | 5 C.F.R. Part 6701 | January 1, 1997 | - | Full Text |
| Board of Governors of the Federal Reserve System (final) | Agency Code | 5 C.F.R. Part 6801 | January 1, 1997 | - | Full Text |
| National Aeronautics and Space Administration (final) | Agency Code | 5 C.F.R. Part 6901 | January 1, 1997 | - | Full Text |
| United States Postal Service (final) | Agency Code | 5 C.F.R. Part 7001 | January 1, 1997 | - | Full Text |
| National Labor Relations Board (interim) | Agency Code | 5 C.F.R. Part 7101 | January 1, 1998 | - | Full Text |
| Equal Employment Opportunity Commission (final) | Agency Code | 5 C.F.R. Part 7201 | January 1, 1997 | - | Full Text |
| Inter-American Foundation (final) | Agency Code | 5 C.F.R. Part 7301 | January 1, 1997 | - | Full Text |
| Department of Housing and Urban Development (final) | Agency Code | 5 C.F.R. Part 7501 | January 1, 1997 | - | Full Text |
| National Archives and Records Administration (final) | Agency Code | 5 C.F.R. Part 7601 | January 1, 1997 | - | Full Text |
| Tennessee Valley Authority (final) | Agency Code | 5 C.F.R. Part 7901 | January 1, 1997 | - | Full Text |
| Consumer Product Safety Commission (final) | Agency Code | 5 C.F.R. Part 8101 | January 1, 1997 | - | Full Text |
| Federal Mine Safety and Health Review Commission (final) | Agency Code | 5 C.F.R. Part 8401 | January 1, 1997 | - | Full Text |
| Federal Retirement Thrift Investment Board (final) | Agency Code | 5 C.F.R. Part 8601 | January 1, 1997 | - | Full Text |
| Office of Management and Budget (final) | Agency Code | 5 C.F.R. Part 8701 | January 1, 1997 | - |
TABLE OF CONTENTS: Public Law 106-102
- Title I: Facilitating Affiliation Among Securities Firms, Insurance Companies, and Depository Institutions
- Subtitle A: Affiliations
- Subtitle B: Streamlining Supervision of Financial Holding Companies
- Subtitle C: Subsidiaries of National Banks
- Subtitle D: Wholesale Financial Holding Companies; Wholesale Financial Institutions
- Subtitle E: Preservation of FTC Authority
- Subtitle F: National Treatment
- Subtitle G: Federal Home Loan Bank System Modernization
- Subtitle H: ATM Fee Reform
- Subtitle I: Direct Activities of Banks
- Subtitle J: Deposit Insurance Funds
- Subtitle K: Miscellaneous Provisions
- Subtitle L: Effective Date of Title
- Title II: Functional Regulation
- Subtitle A: Brokers and Dealers
- Subtitle B: Bank Investment Company Activities
- Subtitle C: Securities and Exchange Commission Supervision of Investment Bank Holding Companies
- Subtitle D: Disclosure of Customer Costs of Acquiring Financial Products
- Subtitle E: Banks and Holding Companies
- Title III: Insurance
- Subtitle A: State Regulation of Insurance
- Subtitle B: Redomestication of Mutual Insurers
- Subtitle C: National Association of Registered Agents and Brokers
- Subtitle D: Rental Car Agency Insurance Activities
- Subtitle E: Confidentiality
- Title IV: Unitary Savings and Loan Holding Companies
- Title V: Privacy of Consumer Information
- Subtitle A: Disclosure of Nonpublic Personal Information
- Subtitle B: Fraudulent Access to Financial Information
Financial Services Act of 1999
Subtitle A: Affiliations Amends the Banking Act of 1933 (Glass-Steagall Act) to repeal the prohibitions: (1) against affiliation of any Federal Reserve member bank with an entity engaged principally in securities activities (securities affiliate); and (2) against simultaneous service by any officer, director, or employee of a securities firm as an officer, director, or employee of any member bank (interlocking directorates).
(Sec. 102) Amends the Bank Holding Company Act of 1956 (BHCA) to exempt from its prohibition against interests in nonbanking organizations the shares of any company whose activities had been determined by the Board of Governors of the Federal Reserve System (the Board), as of the day before the date of enactment of this Act, to be so closely related to banking as to be a proper incident thereto.
(Sec. 103) Creates a statutory mechanism for the establishment of financial holding companies (FHCs) whose subsidiary depository institutions are well-capitalized and well-managed and meet other specified criteria. Instructs the Board to establish and apply comparable capital standards to a foreign bank with a subsidiary bank or commercial lending company in the United States.
Permits an FHC to engage in any activity and acquire the shares of any company whose activities have been determined by the Board to be either financial in nature, or incidental to financial activities. Mandates consultation and coordination, between the Board and the Secretary of the Treasury (the Secretary) regarding determination of whether an activity is financial in nature, or incidental to financial activities. Includes among such activities any investments, lending, insurance, securities transactions, certain financial operations abroad, and ownership or control of banking interests. Mandates notification to the Board of certain large business combinations with FHCs. Requires an FHC to make assurances that risk management procedures adequately protect insured depository institution subsidiaries, including reasonable measures to preserve separate corporate identity and limited liability.
Cites circumstances under which an FHC (and its foreign counterpart) may engage in nonfinancial activities. Permits FHCs which were not BHCs or foreign banks before becoming FHCs to retain limited non-financial activities and affiliations. Sets forth cross-marketing restrictions for FHC-controlled depository institutions. Requires the Board, when considering an FHC acquisition, merger, or consolidation, to consider the extent to which its subsequent failure or default after consummation could have serious adverse economic effects, or trigger financial instability ("too big to fail" factor).
(Sec. 104) Preempts State anti-affiliation laws restricting transactions among insured depository institutions, wholesale financial institutions, insurance concerns, and national banks. Cites exceptions to such preemption, especially for State regulation of the business of insurance, including the retention of State capitalization requirements for an insurance entity acquired by another entity. Declares that this Act shall not affect State antitrust and general corporate law. Retains State oversight authority over specified financial activities other than insurance.
Prohibits State regulation of the insurance activities of an insured depository institution or wholesale financial institution in any way that discriminates adversely between insured depository institutions or wholesale financial institutions and other entities engaged in insurance activities.
(Sec. 105) Requires that mutual bank holding companies be regulated on the same terms as bank holding companies.
(Sec. 105A) Amends the following banking acts to mandate public meetings concerning proposed large bank mergers and acquisitions: (1) BHCA of 1956; (2) the Federal Deposit Insurance Act (FDIA); (3) National Bank Consolidation and Merger Act; and (4) the Home Owners' Loan Act.
(Sec. 106) Amends the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994 (RNIBBEA) to apply its prohibition against deposit production offices to interstate branches acquired or established under this Act, including all branches of a bank owned by an out-of-State BHC.
(Sec. 107) Amends the FDIA to apply to any branch of a bank controlled by an out-of-State BHC certain requirements for branch closures by an interstate bank.
(Sec. 108) Authorizes well-capitalized and well-managed limited purpose banks to engage in any banking activity. (Maintains the restriction that such banks may accept demand deposits or make commercial loans, but not both.) Prohibits such banks from permitting any overdraft (including intraday overdrafts), or incurring overdrafts in their accounts at a Federal Reserve Bank, on behalf of an affiliate, with certain exceptions. Permits such banks to: (1) issue corporate credit cards; (2) cross market affiliates; and (3) avoid divestiture by correcting violations within six months of receiving notice from the Board.
(Sec. 109) Directs the Comptroller General to study and report to Congress on the projected impact that enactment of this Act will have upon: (1) financial institutions with total assets of $100 million or less; and (2) upon insurance agents and consumers.
(Sec. 110) Instructs the Secretary of the Treasury to study and report to Congress on the extent to which: (1) adequate services are being provided as intended by the Community Reinvestment Act of 1977 (CRA), as a result of enactment of this Act (including services in low- and moderate-income neighborhoods and for persons of modest means); and (2) credit is being provided to small businesses and farms as a result of this Act.
Subtitle B: Streamlining Supervision of Financial Holding Companies Amends the BHCA of 1956 to prohibit the Board from imposing any capital or capital adequacy criteria upon a non-depository institution FHC subsidiary that is: (1) in compliance with State or Federal capitalization rules; (2) registered under the Investment Advisers Act of 1940; and (3) duly licensed under State law. Prohibits the Board, in developing holding company capital adequacy requirements, from taking into consideration any affiliated investment company which is not a bank holding company (BHC) nor controlled by one holding 25 percent or more shares of the investment company worth more than $1 million.
(Sec. 111) Authorizes the Board to transfer its BHC oversight authority to the appropriate Federal banking agency if a BHC is not significantly engaged in non-banking activities. Mandates Board deference to the SEC and relevant State securities and insurance authorities with respect to interpretations and enforcement of activities within their respective jurisdictions (functional regulation).
(Sec. 112) Provides that a declaration filed by a company seeking to be an FHC shall satisfy BHC registration requirements but not any requirement to file an application to acquire a bank. Revises BHCA divestiture procedures to permit a BHC to elect divestiture of either a nonbanking subsidiary or an insured depository institution.
(Sec. 113) Amends the BHCA and the FDIA, respectively, to declare ineffective and non-enforceable any Board or Federal banking agency action that requires an insurance company BHC, a registered securities broker-dealer BHC, or a bank subsidiary to provide assets to a subsidiary insured depository institution if the State insurance authority, or the SEC, determines in writing that such actions would have a material adverse effect on the BHC's financial condition. Permits the Board to order divestiture of the subsidiary in lieu of other action.
(Sec. 114) Sets prudential safeguards criteria under which the Comptroller of the Currency, the Board, and the Federal Deposit Insurance Corporation (FDIC), are authorized to restrict the relationships or transactions between entities and subsidiaries under their respective jurisdictions.
(Sec. 115) Grants the SEC exclusive authority to examine and inspect any non-BHC registered investment company. Prohibits a Federal banking agency from inspecting or examining such non-BHC company.
(Sec. 116) Prohibits the Board from taking any action under the BHCA or the FDIA against a BHC-regulated subsidiary unless it is necessary to prevent or redress an unsafe or unsound practice or breach of fiduciary duty by the subsidiary that poses a material risk to the financial safety, soundness, or stability of an affiliated depository institution or to the domestic or international payment systems.
(Sec. 117) Declares that BHCA restrictions placed upon Board authority over bank holding companies and their nonbank subsidiaries also limit FDIC authority with respect to such companies and their nonbank subsidiaries.
(Sec. 118) Amends the FDIA to prohibit the use of the Bank Insurance Fund (BIF) and the Savings Association Insurance Fund (SAIF) to benefit any affiliates or subsidiaries of certain insured depository institutions in receivership, in default, or in danger of default, or of any insured depository institution in such circumstances that is acquiring another insured depository institutions.
(Sec. 119) Amends the BHCA of 1956 to repeal strictures governing activities of bank holding company subsidiaries in connection with insurance and savings bank life insurance.
Subtitle C: Subsidiaries of National Banks Amends Federal law governing national banks to prohibit a national bank subsidiary from: (1) engaging in any activity or owning shares of a company engaged in any activity that is impermissible for a national bank; or (2) engaging in activity that is conducted under terms other than those that govern national bank activities (unless a national bank is expressly authorized to do so by Federal statute).
(Sec. 121) Sets forth parameters within which a national bank may control or hold an interest in a financial subsidiary that is controlled by an insured depository institution.Prohibits a national bank subsidiary from engaging: (1) as principal in specified insurance activities (except credit-related insurance), or in providing or issuing annuities; (2) in real estate investment or development activities; or (3) in insurancecompany investment activities that are permissible by statute for an FHC.
Prohibits certain large-sized national banks (assets of $10 billion or more) from controlling a subsidiary engaged in financial activities unless such national banks are themselves subsidiaries of a bank holding company. Provides an interim period for the exclusion of certain newly affiliated depository institutions from CRA community needs requirements if the appropriate Federal banking agency has accepted an affirmative plan from the institution to achieve a "satisfactory rating" at its next examination.
Prescribes procedural guidelines for mandatory consultation between the Secretary of the Treasury and the Board regarding any determination whether an activity is financial in nature or incidental to a financial activity. Enumerates identifying factors.Cites circumstances under which a national bank financial subsidiary may engage in activities which the Secretary has not determined to be either financial in nature or incidental to financial activities.Grants the Comptroller of the Currency enforcement powers, including subsidiary divestiture injunctions.
(Sec. 122) Amends the FDIA and the FRA to prescribe safety and soundness firewalls applicable to banks and theirfinancial subsidiaries, and to transactions between financial subsidiaries and other affiliates, including: (1) a proscription against consolidation of the assets and liabilities of financial subsidiaries with those of the bank; (2) mandatory procedures for bank identification and management of financial and operational risks posed by a financial subsidiary; (3) maintenance of separate corporate identity and separate legal status; and (4) Federal oversight examinations.
(Sec. 123) Amends Federal criminal law to proscribe misrepresentations regarding depository institution liability for obligations of affiliates.
(Sec. 124) Amends the FRA to repeal: (1) the Board's power to restrict the percentage of individual bank capital and surplus represented by loans secured by stock or bond collateral; and (2) the Board's duty to establish such restrictions with a view to preventing the undue use of bank loans for the speculative carrying of securities.
Subtitle D: Wholesale Financial Holding Companies; Wholesale Financial Institutions
Chapter 1: Wholesale Financial Holding Companies
Amends the BHCA to set forth a statutory mechanism for regulation of wholesale financial holding companies that do not control a bank other than a wholesale financial institution (WFI) or specified, limited-purpose institutions. (
Sec. 131) Specifies the limits of Board examinations of such companies. Prohibits the Board, in developing capital adequacy requirements, from taking into consideration any affiliated investment company which is not a bank holding company nor controlled by one holding 25 percent or more shares of the investment company worth more than $1 million.
Specifies the kinds of nonfinancial activities in which Board-supervised companies may engage. Sets guidelines for the treatment of certain nonfinancial investments and affiliations of foreign banks operating within the United States as Board-supervised wholesale financial holding companies. Encompasses within CRA jurisdiction the domestic branches of a foreign bank that is either: (1) a WFI affiliate; or (2) accorded WFI treatment.
Chapter 2: Wholesale Financial Institutions
Amends the Revised Statutes to permit a national bank to operate as a noninsured national WFI subject to FRA and the regulatory authority of the Comptroller of the Currency. Amends FRA to prescribe procedural guidelines for State bank membership as a noninsured WFI in the Federal Reserve System, subject to FDIA enforcement authority and prompt corrective action requirements. Subjects such institutions to the Community Reinvestment Act of 1977.
(Sec. 136) Prohibits a WFI from receiving initial deposits of $100,000 or less except on an incidental and occasional basis. Limits incidental deposits of $100,000 or less to a maximum five percent of a WFI's total deposits. Sets capital and managerial requirements for certain WFIs controlled by companies under the jurisdiction of either the SEC or the BHCA. Empowers the Comptroller of the Currency (in the case of a national WFI) and the Board to direct a WFI conservator or receiver to file a petition under the Federal bankruptcy code.
Amends FDIA to prescribe procedures whereby an insured State-chartered bank or a national bank may voluntarily terminate its status as an insured depository institution. Requires any such terminated bank to become a WFI in order to accept any deposits. Subjects a State bank that is a WFI to the Community Reinvestment Act of 1977.
Amends Federal bankruptcy law to prescribe WFI liquidation guidelines.
Subtitle E: Preservation of FTC Authority Amends the BHCA to require the Board to notify the Federal Trade Commission (FTC) of its approval of a proposed acquisition, merger, or consolidation which involves acquisition of nonbanking interests.
(Sec. 142) Directs certain Federal banking agencies to make data available to the Attorney General and the FTC that they deem necessary for antitrust review under specified statutes.
(Sec. 143) Excludes from FTC jurisdiction any nondepository institution subsidiary or affiliate of a bank or savings association.
Amends the Clayton Act to apply its premerger notification and waiting period requirements to any portion of a merger or acquisition transaction that does require notice under BHCA but does not require approval.
(Sec. 144) Instructs the Comptroller General to report annually to Congress for five years on market concentration in the financial services industry and its impact on consumers.
Subtitle F: National Treatment Amends the International Banking Act of 1978 (IBA) to terminate the grandfathered authority of a foreign bank or company under the IBA to engage in any financial activity, if it files a BHCA declaration to function as a qualified BHC (QBHC). (Consequently, foreign banks with grandfathered affiliates would be permitted to keep them on the same terms and conditions that govern domestic banking organizations.)
(Sec. 152) Amends the FDIA to allow insured foreign banks and foreign WFIs to terminate deposit insurance voluntarily in the same manner and to the same extent as insured State or national banks.
(Sec. 153) Amends the International Banking Act of 1978 to authorize the Board to examine any affiliate of a foreign bank conducting business in any State in which the Board deems it necessary to determine and enforce compliance with Federal banking law.
(Sec. 154) Requires the Secretary of Commerce, whenever a foreign person announces its intention to acquire a bank, a securities entity, or an insurance company ranked in the top 50 domestic firms in that line of business, to submit a national treatment report to Congress on whether a U.S. person would be able to acquire an equivalent sized firm in the country in which such foreign person is located.
Requires the Secretary, at least six months before commencement of the financial services negotiations of the World Trade Organization, to report to Congress: (1) an assessment of the 30 largest financial services markets with regard to whether reciprocal access is available in them to U.S. financial services providers; and (2) with respect to any such markets in which reciprocal access is not available to U.S. financial services providers, recommendations as to what legislative, regulatory, or enforcement changes would be required to ensure such full reciprocity.
Subtitle G: Federal Home Loan Bank System Modernization - Federal Home Loan Bank System Modernization Act of 1999 - Amends the Federal Home Loan Bank Act (FHLBA) to expand Federal Home Loan Bank (FHLB) membership parameters to make a Federal savings association's membership in the FHLB system voluntary instead of mandatory.
(Sec. 164) Modifies guidelines governing long-term advances to: (1) allow advances to any community financial institution for small businesses, agricultural, rural development, or low-income community development lending; (2) make the cash (as well as the deposits) of an FHLB eligible collateral for securing a bank's interest in a loan or advance; and (3) repeal the 30 percent of capital cap on the aggregate amount of outstanding advances secured by real estate related collateral. Includes within the categories of collateral eligible for bank loans any secured loans for small business, agriculture, rural development, or low-income community development, or securities representing a whole interest in such secured loans, in the case of any community financial institution.
Authorizes an FHLB to renew certain advanceson its own determination without concurrence by the Federal Housing Finance Board (FHFB). Requires an FHLB member with an advance secured by insufficient eligible collateral to reduce its level of outstanding advances according to a schedule determined by the FHLB (currently, by the FHFB). Authorizes such Board to: (1) review the collateral standards applicable to each Federal home loan bank for designated classes of collateral; and (2) require an increase in such standards for safety and soundness purposes.
(Sec. 165) Revises eligibility criteria to permit certain community financial institutions to gain FHLB membership regardless of the percentage of total assets represented by residential mortgage loans.
(Sec. 166) Amends the FHLBA to increase from two years to four years the term of an elective director of a Federal home loan bank. Repeals the mandates for: (1) a procedure for informal review of certain supervisory decisions; and (2) the Housing Opportunity Hotline program.
Repeals: (1) the prohibition against an FHLB's acquisition of a bank building by purchase or over ten-year lease; (2) the requirement for FHFB approval of personnel decisions as well as the exercise of corporate powers by any FHLB; and (2) authorization for an FHLB president to be a member of the FHLB board.
Grants the FHFB power to: (1) issue charges upon an FHLB or any executive officer or director for violation of law or regulation in connection with the granting of any application or other request by the bank, or any written agreement between the bank and the FHFB, and take affirmative action to correct conditions resulting from violations or practices, or to limit FHLB activities; (2) address insufficiencies in capital levels resulting from automatic membership of a Federal savings association in the local FHLB; and (3) sue and be sued.
Repeals FHFB jurisdiction to approve the granting by an FHLB of a member's application to secure an advance.
Expands the mandate of FHLB Affordable Housing Programs to include providing subsidies (in addition to subsidized interest rates) on advances for member lending for low- and moderate-income housing.
Authorizes each FHLB board of directors to approve member requests for Affordable Housing Program subsidies.
Revises guidelines governing reserves and dividends to permit dividend payments out of previously retained earnings or current net earnings (currently, only out of net earnings). Repeals the requirement for: (1) FHFB approval for such dividend payments; and (2) investment of FHLB reserves exclusively in U.S. obligations or certain other Federal Government-related securities.
(Sec. 167) States that FHLB payments to the Resolution Funding Corporation to cover interest payments on obligations shall be a specified percentage of net earnings (currently an aggregate sum certain).
(Sec. 168) Revamps FHLB capital structure parameters to direct: (1) the Finance Board to issue uniform capital standards regulations governing FHLB leverage limitation and risk-based capital requirements; and (2) each FHLB board of directors to submit for approval of the Federal Housing Finance Board a capital structure plan determined to be best suited for the bank's condition and operation as well as for the interests of its shareholders. Prescribes plan contents.
Subtitle H: ATM Fee Reform - ATM Fee Reform Act of 1999 - Amends the Electronic Fund Transfer Act to mandate fee disclosures at the time of service by any automated teller machine operator which imposes a fee for providing host transfer services to a consumer.
(Sec. 173) Mandates disclosure at the time the consumer contracts for electronic fund transfer services that fees may be imposed for initiating electronic fund transfers from an electronic terminal which is not operated by the issuer of the consumer's access card. Requires the Comptroller General to study and report to Congress the feasibility of requiring specified fee disclosures to the consumer before such consumer is irrevocably committed to completing the transaction.
Subtitle I: Direct Activities of Banks Amends Federal banking law to provide that limitations placed on securities transactions by a national banking association for its own account do not apply to State, local, or municipal bond transactions by a well-capitalized national banking association.
Subtitle J: Deposit Insurance Funds Directs the FDIC Board of Directors to study and report to Congress on specified issues regarding the Bank Insurance Fund (BIF) and the Savings Association Insurance Fund (SAIF), including their safety and soundness, and the adequacy of their reserve requirements in light of mergers and consolidations within the industry. (Sec. 187) Amends the FDIA and the Deposit Insurance Funds Act of 1996 to eliminate the Special Reserve of the SAIF, and the Deposit Insurance Fund (DIF), respectively (established to provide emergency funds if the reserve ratio of either fund remains below 50 percent of its designated ratio for one year). Subtitle K: Miscellaneous Provisions - Bars publication in final form of specified "know your customer" regulations proposed by the: (1) Comptroller of the Currency; (2) Director of the Office of Thrift Supervision; (3) the Board of Governors of the Federal Reserve System; and (4) the FDIC. Declares that any such regulation which becomes effective before the date of enactment of this Act ceases to be effective as of such date.
(Sec. 192) Directs the Secretary of the Treasury to conduct a feasibility study and report to Congress on selected aspects of Federal electronic fund transfers.
(Sec. 193) Instructs the Comptroller General to study and report to Congress on conflict of interest issues confronting the Board of Governors of the Federal Reserve System in its role: (1) as primary regulator of the banking industry and its role as vendor of services to the banking and financial services industry; and (2) as regulator of the payment system, generally, and its participation in the payment system as a competitor with private entities who are providing payment services.
(Sec. 194) Instructs the Board to study and report to Congress on the total annual costs and benefits of all Federal financial regulations and regulatory requirements applicable to banks.
(Sec. 195) Directs the Federal banking agencies to study and report to Congress on banking regulations governing the delivery of financial services, and submit recommendations on adapting existing requirements to online banking and lending.
(Sec. 196) Amends the Federal Reserve Act to subject uninsured State member banks to FDIA enforcement authority in the same manner and extent as insured State member banks.
(Sec. 197) Amends the FDIA to cite circumstances under which a Federal banking agency (including any conservator or receiver appointed by it) is shielded from any liability (source of strength doctrine) with respect to assets transferred to a depository institution by a controlling shareholder or depository institution holding company (including its affiliates or subsidiaries).
(Sec. 198) Amends the FDIA to prescribe a statutory formula for maximum interest rates or other charges that may be levied by interstate branches of an insured depository institution.
(Sec. 198A) Amends the IBA to permit a foreign bank to upgrade its interstate branches or agencies to Federal or State status.
(Sec. 198B) Expresses the sense of Congress that financial planners and advisers should: (1) eliminate training material examples which portray women as incapable and foolish; and (2) develop presentations that eliminate outmoded stereotypical examples which lead clients to take actions financially detrimental to their wives and daughters.
Subtitle L: Effective Date of Title Sets forth the effective date of Title I of this Act.
Title II: Functional Regulation
Title III: Insurance
Title IV: Unitary Savings and Loan Holding Companies
Title V: Privacy of Consumer Information
TABLE OF CONTENTS: Public Law 106-57
- Title I: Congressional Operations
- Title II: Other Agencies
- Title III: General Provisions
- Title IV: Fiscal Year 1999 Supplemental Legislative Branch
Title I: Congressional Operations - Congressional Operations Appropriations Act, 2000 - Makes appropriations for the Senate for: (1) expense allowances; (2) representation allowances for the Majority and Minority Leaders; (3) salaries of specified officers, employees, and committees (including the Committee on Appropriations); (4) agency contributions for employee benefits; (5) inquiries and investigations; (6) the U.S. Senate Caucus on International Narcotics Control; (7) the Offices of the Secretary, Sergeant at Arms, and Doorkeeper of the Senate; (8) miscellaneous items; (9) the Senators' Official Personnel and Office Expense Account; and (10) official mail costs.
(Sec. 1) Amends the Supplemental Appropriations Act, 1973 to prescribe a formula to revise the limit on authorized mail, telegraph, telephone, stationery, office supplies, and home State office and travel expenses for Senators.
(Sec. 2) Increases by $50,000 the allowance for administrative and clerical assistance.
(Sec. 3) Amends the Legislative Branch Appropriations Act, 1975 to revise office space and furniture allocations.
(Sec. 4) Amends the Legislative Branch Appropriations Act, 1999 and other Federal law to exempt the Senate Restaurants and the Senate Hair Care Services from advertising restrictions, subject to approval of the Rules Committee.
(Sec. 6) Authorizes the Senate Legislative Counsel, subject to the approval of the President pro tempore of the Senate, to designate one of the Senior Counsels as Deputy Legislative Counsel.
(Sec. 7) Amends the Foreign Relations Authorization Act, Fiscal Years 1986 and 1987 to reauthorize the United States Senate Caucus on International Narcotics Control through Sept. 30, 2002. Makes appropriations for the House of Representatives for: (1) House leadership offices; (2) Members' representational allowances; (3) committee employees; (4) officers and employees; (5) specified allowances and expenses; and (6) the House Child Care Center.
(Sec. 101) Entitles the General Counsel of the House of Representatives and any other counsel in the Office of the General Counsel, including any specially retained by such Office, to enter an appearance in any proceeding before any Federal, State, or local court (except the U.S. Supreme Court) without compliance with any requirements for admission to practice before such court.
(Sec. 103) Amends the Legislative Branch Appropriations, Act, 1991 to terminate the Official Mail Allowance, while preserving the use of funds available for official mail. Repeals references to the Clerk Hire Allowance.
(Sec. 104) Declares that any amounts appropriated under this Act for Members' Representational Allowances shall be available only for FY 2000, and any amount remaining after all payments under such allowances for FY 2000 shall be deposited in the Treasury and used for deficit reduction (or, if there is no Federal budget deficit after all such payments have been made, for reducing the Federal debt). Makes appropriations for: (1) the Joint Economic and Taxation Committees; (2) the Office of the Attending Physician; (3) the Capitol Police Board; (4) the Capitol Guide Service and Special Services Office; (5) the Office of Compliance; (6) the Congressional Budget Office (CBO); (7) the Architect of the Capitol (AOC) for salaries and expenses, Capitol buildings and grounds, Senate and House office buildings, and the Capitol power plant; (8) the Library of Congress for Congressional Research Service (CRS) salaries and expenses; and (9) the Government Printing Office (GPO) for congressional printing and binding.
(Sec. 106) Grants the CBO Director authority, for fiscal years beginning after September 30, 1999, to make lump-sum payments to enhance staff recruitment and to reward exceptional performance by an employee or a group of employees.
Title II: Other Agencies Appropriates funds for salaries and expenses for: (1) the Botanic Garden; and (2) the Library of Congress for salaries and expenses, the Copyright Office, Books for the Blind and Physically Handicapped, and furniture and furnishings. Specifies administrative provisions for the Library of Congress identical or similar to corresponding provisions of the Legislative Branch Appropriations Act, 1999.
(Sec. 206) Reduces the obligational authority of the Library of Congrees from FY 1999 levels for reimbursable and revolving fund activities funded from sources other than appropriations to the Library in appropriation Acts for the legislative branch.
(Sec. 207) Authorizes the Library of Congress to use funds, now and hereafter, to enter into: (1) contracts for the lease or acquisition of severable services for a period that begins in one fiscal year and ends in the next fiscal year; and (2) multi-year contracts for the acquisition of property and services under the Federal Property and Administrative Services Act.
(Sec. 208) Authorizes the Librarian of Congress to appoint up to three individuals to serve as management specialists for a term not to exceed three years, but in any event not beyond Dec. 31, 2004.
(Sec. 209) Amends the Supplemental Appropriations Act, 1983 to increase the basic rate of pay: (1) for the Librarian of Congress from level III to level II of the Executive Schedule; and (2) for the Deputy Librarian of Congress from level IV to level III. Amends the Legislative Reorganization Act of 1946 to increase the basic rate of pay for the Director of CRS from level V to level III of the Executive Schedule. Makes appropriations for: (1) the AOC for Library buildings and grounds; and (2) salaries and expenses of the GPO's Office of Superintendent of Documents and for the General Accounting Office.
(Sec. 210) Amends Federal law to increase from $25,000 to $100,000 the small purchase threshold applying the waiver of advertising requirements to GPO purchases and contracts.
Title III: General Provisions Sets forth authorized or prohibited uses of funds appropriated by this Act identical or similar to corresponding provisions of the Legislative Branch Appropriations Act, 1999.
(Sec. 305) Sets forth Buy American requirements.
(Sec. 309) Amends Federal law to extend for one year the availability of funds for the Senate art collection.
(Sec. 310) Amends the Omnibus Consolidated and Emergency Supplemental Appropriations Act, 1999 to transfer approval authority for the Capitol Visitor Center from specified congressional committees to the U.S. Capitol Preservation Commission.
(Sec. 311) Amends the Trade Deficit Review Commission Act to extend the availability of funds for the Trade Deficit Review Commission until its termination.
(Sec. 312) Amends Federal law to reduce from five years to four years and six months (as of Dec. 12, 1980) the length of service necessary on one of the congressional campaign committees to be creditable service for civil service retirement purposes.
(Sec. 313) Amends Federal law to repeal the prohibition against conversion to personal use of travel awards for frequent flyer miles accruing for official travel of a Member, official, or employee of the Senate.
Title IV: Fiscal Year 1999 Supplemental Legislative Branch Funds Makes appropriations for a payment to the widow of George E. Brown, Jr., late a Representative from California.
(Sec. 401) Amends the Legislative Branch Appropriations Act, 1999 to increase specified appropriations for salaries and expenses of the House of Representatives for FY 1999.
TABLE OF CONTENTS: Public Law 105-206
- Title I: Reorganization of Structure and Management of the Internal Revenue Service
- Subtitle A: Reorganization of the Internal Revenue Service
- Subtitle B: Executive Branch Governance and Senior Management
- Subtitle C: Personnel Flexibilities
- Title II: Electronic Filing
- Title III: Taxpayer Protection and Rights
- Subtitle A: Burden of Proof
- Subtitle B: Proceedings by Taxpayers
- Subtitle C: Relief for Innocent Spouses and for Taxpayers Unable to Manage Their Financial Affairs Due to Disabilities
- Subtitle D: Provisions Relating To Interest and Penalties
- Subtitle E: Protections for Taxpayers Subject to Audit or Collection Activities
- Subtitle F: Disclosures to Taxpayers
- Subtitle G: Low-Income Taxpayer Clinics
- Subtitle H: Other Matters
- Subtitle I: Studies
- Title IV: Congressional Accountability for the Internal Revenue Service
- Subtitle A: Oversight
- Subtitle B: Century Date Change
- Subtitle C: Tax Law Complexity
- Title V: Additional Provisions
- Title VI: Technical Corrections
- Title VII: Revenue Provisions
- Title VIII: Identification of Limited Tax Benefits Subject to Line Item Veto
- Title IX: Technical Corrections to Transportation Equity Act for the 21st Century
Title I: Reorganization of Structure and Management of the Internal Revenue Service
Subtitle A: Reorganization of the Internal Revenue Service
Directs the Commissioner of the Internal Revenue Service to develop and implement a plan to reorganize the Internal Revenue Service (IRS) which shall: (1) supersede any organization or reorganization of the IRS based on any statute or reorganization plan applicable on the effective date of this Act; (2) eliminate or substantially modify the existing organization of the IRS which is based on a national, regional, and district structure; (3) establish organizational units serving particular groups of taxpayers with similar needs; and (4) ensure an independent appeals function within the IRS, including the prohibition in the plan of ex parte communications between appeals officers and other IRS employees to the extent that such communications appear to compromise the independence of appeals officers.
(Sec. 1002) Directs the IRS to review and restate its mission to place a greater emphasis on serving the public and meeting taxpayers' needs.
Subtitle B: Executive Branch Governance and Senior Management - Amends the Internal Revenue Code (IRC) to replace provisions providing for the appointment of a Commissioner of Internal Revenue with provisions establishing, within the Department of the Treasury, an Internal Revenue Service Oversight Board (the Board) which shall have nine members (appointed for five year terms) consisting of: (1) six non-Federal employees appointed by the President; (2) the Secretary of the Treasury or the Deputy Secretary of the Treasury; (3) the Commissioner of Internal Revenue; and (4) a full-time Federal employee or a representative of employees who is appointed by the President, by and with the advice and consent of the Senate.
Directs the Board, in general, to oversee the IRS in its administration, management, conduct, direction, and supervision of the execution and application of the internal revenue laws and tax conventions. Directs the Board, in addition to: (1) ensure that the organization and operation of the IRS allows it to carry out its mission; and (2) ensure that appropriate confidentiality is maintained in the exercise of its duties. Prohibits the Board from having responsibility with respect to: (1) the development and formulation of Federal tax policy; (2) IRS law enforcement activities; (3) specific IRS procurement activities; or (4) specific personnel actions, except with respect to the matters listed in clause (3) of the next sentence. Sets forth the specific responsibilities of the Board, including: (1) reviewing and approving the strategic plans of the IRS; (2) reviewing the operational functions of the IRS; (3) recommending a Commissioner to the President, reviewing the Commissioner's selection, evaluation, and compensation of senior IRS personnel, and reviewing and approving any plan of the Commissioner for any major IRS reorganization); (4) reviewing and approving the IRS budget request; and (5) ensuring the proper treatment of taxpayers by IRS employees. Amends the Internal Revenue Code to prohibit the disclosure of any return information to any Board member, subject to exceptions.
(Sec. 1102) Directs the President to appoint, for a term of five years (currently, there is no specified term limit), an IRS Commissioner who shall: (1) administer, manage, conduct, direct, and supervise the execution and application of the internal revenue laws and tax conventions; and (2) recommend to the President an IRS Chief Counsel, and recommend to the President the removal of such Chief Counsel. Directs the IRS Chief Counsel to report directly to the Commissioner, subject to stated exceptions.
Reestablishes, within the IRS, the Office of the Taxpayer Advocate which shall be under the direction of the National Taxpayer Advocate. Provides for a National Taxpayer Advocate and at least one local taxpayer advocate for each State. Directs such Office to: (1) assist taxpayers in resolving problems with the IRS; and (2) identify and propose changes to the IRS to mitigate the problems of taxpayers. Sets forth reporting requirements and additional responsibilities. Permits the National Taxpayer Advocate to issue a Taxpayer Assistance Order in cases of significant hardship (as defined). Establishes reporting and auditing duties for the Treasury Inspector General for Tax Administration.
(Sec. 1103) Amends the Inspector General Act of 1978 to establish, in the Department of the Treasury: (1) an Office of Inspector General of the Department of the Treasury; and (2) an Office of Treasury Inspector General for Tax Administration. Limits authority of the Secretary of the Treasury with respect to the Treasury Inspector General for Tax Administration. Grants the Treasury Inspector General for Tax administration sole authority under the Inspector General Act of 1978 to conduct an audit or investigation of the IRS Oversight Board and the Chief Counsel for the IRS. Sets forth additional duties of such Inspector General, including conducting an audit or investigation relating to the IRS upon the request (requires a written explanation of any denial of such a request) of the IRS Commissioner or Oversight Board. Terminates the current Office of Chief Inspector of the IRS and provides for the transfer of personnel.
(Sec. 1104) Authorizes the Commissioner, unless otherwise prescribed by the Secretary, (currently, the Secretary) to employ the number of persons as is proper to administer and enforce the internal revenue laws.
(Sec. 1105) With some specific exceptions, prohibits the President, Vice President, or an employee of either and any Level I Executive Schedule employee, except the U.S. Attorney General, from requesting any IRS employee to conduct or terminate any audit or investigation of a taxpayer. Requires any IRS employee receiving any such request to report to the Treasury Inspector General for Tax Administration.
Subtitle C: Personnel Flexibilities - Amends Federal law concerning Government organization and employees to set special personnel flexibility provisions concerning the IRS which provide, among other things, for: (1) streamlined pay authority for critical positions; (2) recruitment, retention, relocation incentives, and relocation expenses; (3) performance awards for senior executives; and (4) a "broad-banded system" of classification and pay grouping for the general IRS workforce.
(Sec. 1202) Establishes voluntary separation incentives, effective through Dec. 31, 2002.
(Sec. 1203) Requires termination of the employment of an IRS employee upon the final determination that such employee has committed certain acts or omissions, including: (1) failure to obtain required approval prior to a seizure; (2) making a false statement under oath concerning a material matter involving a taxpayer; (3) violating the constitutional or civil rights of a taxpayer; (4) falsifying or destroying documents to conceal mistakes; (5) assaulting a taxpayer; (6) threatening a taxpayer for the purpose of extracting personal gain; and (7) specified willful violations of the Internal Revenue Code.
(Sec. 1204) Prohibits using records of tax enforcement results to evaluate or set production quotas for IRS employees.
(Sec. 1205) Requires the IRS to implement an employee training program in customer service.
