To maintain the role of the Board of Governors as the supervisor of holding companies and State member banks.

SA 3759. Mrs. HUTCHISON (for herself, Ms. Klobuchar, Mr. Johanns, Mr.
Corker, Mr. Vitter, Mr. Bond, Mr. Shelby, Mr. Crapo, Mr. Brown of
Massachusetts, and Mr. Bennett) submitted an amendment intended to be
proposed to amendment SA 3739 proposed by Mr. Reid (for Mr. Dodd (for
himself and Mrs. Lincoln)) to the bill S. 3217, to promote the
financial stability of the United States by improving accountability
and transparency in the financial system, to end ``too big to fail,''
to protect the American taxpayer by ending bailouts, to protect
consumers from abusive financial services practices, and for other
purposes; which was ordered to lie on the table; as follows:

On page 299, strike line 3 and all that follows through
page 367, line 19, and insert the following:

SEC. 312. POWERS AND DUTIES TRANSFERRED.

(a) Effective Date.--This section, and the amendments made
by this section, shall take effect on the transfer date.
(b) Functions of the Office of Thrift Supervision.--
(1) Savings and loan holding company functions
transferred.--There are transferred to the Board of Governors
all functions of the Office of Thrift Supervision and the
Director of the Office of Thrift Supervision (including the
authority to issue orders) relating to--
(A) the supervision of--
(i) any savings and loan holding company; and
(ii) any subsidiary (other than a depository institution)
of a savings and loan holding company; and
(B) all rulemaking authority of the Office of Thrift
Supervision and the Director of the Office of Thrift
Supervision relating to savings and loan holding companies.
(2) All other functions transferred.--
(A) Board of governors.--All rulemaking authority of the
Office of Thrift Supervision and the Director of the Office
of Thrift Supervision under section 11 of the Home Owners'
Loan Act (12 U.S.C. 1468) relating to transactions with
affiliates and extensions of credit to executive officers,
directors, and principal shareholders and under section 5(q)
of such Act relating to tying arrangements is transferred to
the Board of Governors.
(B) Comptroller of the currency.--Except as provided in
paragraph (1) and subparagraph (A), there are transferred to
the Comptroller of the Currency all functions of the Office
of Thrift Supervision and the Director of the Office of
Thrift Supervision relating to Federal savings associations.
(C) Corporation.--Except as provided in paragraph (1) and
subparagraph (A), all functions of the Office of Thrift
Supervision and the Director of the Office of Thrift
Supervision relating to State savings associations are
transferred to the Corporation.
(D) Comptroller of the currency and the corporation.--
Except as provided in paragraph (1) and subparagraph (A), all
rulemaking authority of the Office of Thrift Supervision and
the Director of the Office of Thrift Supervision relating to
savings associations is transferred to the Office of the
Comptroller of the Currency.
(c) Conforming Amendments.--
(1) Federal deposit insurance act.--Section 3(q) of the
Federal Deposit Insurance Act (12 U.S.C. 1813(q)) is amended
by striking paragraphs (1) through (4) and inserting the
following:
``(1) the Office of the Comptroller of the Currency, in the
case of--
``(A) any national banking association;
``(B) any Federal branch or agency of a foreign bank; and
``(C) any Federal savings association;
``(2) the Federal Deposit Insurance Corporation, in the
case of--
``(A) any insured State nonmember bank;
``(B) any foreign bank having an insured branch; and
``(C) any State savings association;
``(3) the Board of Governors of the Federal Reserve System,
in the case of--
``(A) any State member bank;
``(B) any branch or agency of a foreign bank with respect
to any provision of the Federal Reserve Act which is made
applicable under the International Banking Act of 1978;
``(C) any foreign bank which does not operate an insured
branch;
``(D) any agency or commercial lending company other than a
Federal agency;
``(E) supervisory or regulatory proceedings arising from
the authority given to the Board of Governors under section
7(c)(1) of the International Banking Act of 1978, including
such proceedings under the Financial Institutions Supervisory
Act of 1966;
``(F) any bank holding company and any subsidiary (other
than a depository institution) of a bank holding company; and
``(G) any savings and loan holding company and any
subsidiary (other than a depository institution) of a savings
and loan holding company.''.
(2) Federal deposit insurance act.--
(A) Application.--Section 8(b)(3) of the Federal Deposit
Insurance Act (12 U.S.C. 1818(b)(3)) is amended to read as
follows:
``(3) Application to Bank Holding Companies, Savings and
Loan Holding Companies, and Edge and Agreement
Corporations.--
``(A) Application.--This subsection, subsections (c)
through (s) and subsection (u) of this section, and section
50 shall apply to--
``(i) any bank holding company, and any subsidiary (other
than a bank) of a bank holding company, as those terms are
defined in section 2 of the Bank Holding Company Act of 1956
(12 U.S.C. 1841), as if such company or subsidiary was an
insured depository

[[Page S3010]]

institution for which the appropriate Federal banking agency
for the bank holding company was the appropriate Federal
banking agency;
``(ii) any savings and loan holding company, and any
subsidiary (other than a depository institution) of a savings
and loan holding company, as those terms are defined in
section 10 of the Home Owners' Loan Act (12 U.S.C. 1467a), as
if such company or subsidiary was an insured depository
institution for which the appropriate Federal banking agency
for the savings and loan holding company was the appropriate
Federal banking agency; and
``(iii) any organization organized and operated under
section 25A of the Federal Reserve Act (12 U.S.C. 611 et
seq.) or operating under section 25 of the Federal Reserve
Act (12 U.S.C. 601 et seq.) and any noninsured State member
bank, as if such organization or bank was a bank holding
company.
``(B) Rules of construction.--
``(i) Effect on other authority.--Nothing in this paragraph
may be construed to alter or affect the authority of an
appropriate Federal banking agency to initiate enforcement
proceedings, issue directives, or take other remedial action
under any other provision of law.
``(ii) Holding companies.--Nothing in this paragraph or
subsection (c) may be construed as authorizing any Federal
banking agency other than the appropriate Federal banking
agency for a bank holding company or a savings and loan
holding company to initiate enforcement proceedings, issue
directives, or take other remedial action against a bank
holding company, a savings and loan holding company, or any
subsidiary thereof (other than a depository institution).''.
(B) Conforming amendment.--Section 8(b)(9) of the Federal
Deposit Insurance Act (12 U.S.C. 1818(b)(9)) is amended to
read as follows:
``(9) [Reserved].''.
(d) Consumer Protection.--Nothing in this section may be
construed to limit or otherwise affect the transfer of powers
under title X.

SEC. 313. ABOLISHMENT.

Effective 90 days after the transfer date, the Office of
Thrift Supervision and the position of Director of the Office
of Thrift Supervision are abolished.

SEC. 314. AMENDMENTS TO THE REVISED STATUTES.

(a) Amendment to Section 324.--Section 324 of the Revised
Statutes of the United States (12 U.S.C. 1) is amended to
read as follows:

``SEC. 324. COMPTROLLER OF THE CURRENCY.

``(a) Office of the Comptroller of the Currency
Established.--There is established in the Department of the
Treasury a bureau to be known as the `Office of the
Comptroller of the Currency' which is charged with assuring
the safety and soundness of, and compliance with laws and
regulations, fair access to financial services, and fair
treatment of customers by, the institutions and other persons
subject to its jurisdiction.
``(b) Comptroller of the Currency.--
``(1) In general.--The chief officer of the Office of the
Comptroller of the Currency shall be known as the Comptroller
of the Currency. The Comptroller of the Currency shall
perform the duties of the Comptroller of the Currency under
the general direction of the Secretary of the Treasury. The
Secretary of the Treasury may not delay or prevent the
issuance of any rule or the promulgation of any regulation by
the Comptroller of the Currency, and may not intervene in any
matter or proceeding before the Comptroller of the Currency
(including agency enforcement actions), unless otherwise
specifically provided by law.
``(2) Additional authority.--The Comptroller of the
Currency shall have the same authority with respect to
functions transferred to the Comptroller of the Currency
under the Enhancing Financial Institution Safety and
Soundness Act of 2010 (including matters that were within the
jurisdiction of the Director of the Office of Thrift
Supervision or the Office of Thrift Supervision on the day
before the transfer date under that Act) as was vested in the
Director of the Office of Thrift Supervision on the transfer
date under that Act.''.
(b) Amendment to Section 329.--Section 329 of the Revised
Statutes of the United States (12 U.S.C. 11) is amended by
inserting before the period at the end the following: ``or
any Federal savings association''.
(c) Effective Date.--This section, and the amendments made
by this section, shall take effect on the transfer date.

SEC. 315. FEDERAL INFORMATION POLICY.

Section 3502(5) of title 44, United States Code, is amended
by inserting ``Office of the Comptroller of the Currency,''
after ``the Securities and Exchange Commission,''.

SEC. 316. SAVINGS PROVISIONS.

(a) Office of Thrift Supervision.--
(1) Existing rights, duties, and obligations not
affected.--Sections 312(b) and 313 shall not affect the
validity of any right, duty, or obligation of the United
States, the Director of the Office of Thrift Supervision, the
Office of Thrift Supervision, or any other person, that
existed on the day before the transfer date.
(2) Continuation of suits.--This title shall not abate any
action or proceeding commenced by or against the Director of
the Office of Thrift Supervision or the Office of Thrift
Supervision before the transfer date, except that, for any
action or proceeding arising out of a function of the
Director of the Office of Thrift Supervision or the Office of
Thrift Supervision that is transferred to the Comptroller of
the Currency, the Office of the Comptroller of the Currency,
the Chairperson of the Corporation, the Corporation, the
Chairman of the Board of Governors, or the Board of Governors
by this subtitle, the Comptroller of the Currency, the Office
of the Comptroller of the Currency, the Chairperson of the
Corporation, the Corporation, the Chairman of the Board of
Governors, or the Board of Governors shall be substituted for
the Director of the Office of Thrift Supervision or the
Office of Thrift Supervision, as appropriate, as a party to
the action or proceeding as of the transfer date.
(b) Continuation of Existing Orders, Resolutions,
Determinations, Agreements, Regulations, and Other
Materials.--All orders, resolutions, determinations,
agreements, regulations, interpretative rules, other
interpretations, guidelines, procedures, and other advisory
materials that have been issued, made, prescribed, or allowed
to become effective by the Office of Thrift Supervision, or
by a court of competent jurisdiction, in the performance of
functions of the Office of Thrift Supervision that are
transferred by this subtitle and that are in effect on the
day before the transfer date, shall continue in effect
according to the terms of those materials, and shall be
enforceable by or against the Office of the Comptroller of
the Currency, the Corporation, or the Board of Governors, as
appropriate, until modified, terminated, set aside, or
superseded in accordance with applicable law by the Office of
the Comptroller of the Currency, the Corporation, or the
Board of Governors, as appropriate, by any court of competent
jurisdiction, or by operation of law.
(c) Identification of Regulations Continued.--
(1) By the office of the comptroller of the currency.--Not
later than the transfer date, the Office of the Comptroller
of the Currency shall--
(A) in consultation with the Corporation, identify the
regulations continued under subsection (b) that will be
enforced by the Office of the Comptroller of the Currency;
and
(B) publish a list of such regulations in the Federal
Register.
(2) By the corporation.--Not later than the transfer date,
the Corporation shall--
(A) in consultation with the Office of the Comptroller of
the Currency, identify the regulations continued under
subsection (b) that will be enforced by the Corporation; and
(B) publish a list of such regulations in the Federal
Register.
(3) By the board of governors.--Not later than the transfer
date, the Board of Governors shall--
(A) in consultation with the Office of the Comptroller of
the Currency and the Corporation, identify the regulations
continued under subsection (b) that will be enforced by the
Board of Governors; and
(B) publish a list of such regulations in the Federal
Register.
(d) Status of Regulations Proposed or Not Yet Effective.--
(1) Proposed regulations.--Any proposed regulation of the
Office of Thrift Supervision that the Office of Thrift
Supervision, in performing functions transferred by this
subtitle, has proposed before the transfer date, but has not
published as a final regulation before that date, shall be
deemed to be a proposed regulation of the Office of the
Comptroller of the Currency or the Board of Governors, as
appropriate, according to its terms.
(2) Regulations not yet effective.--Any interim or final
regulation of the Office of Thrift Supervision that the
Office of Thrift Supervision, in performing functions
transferred by this subtitle, has published before the
transfer date, but which has not become effective before that
date, shall become effective as a regulation of the Office of
the Comptroller of the Currency or the Board of Governors, as
appropriate, according to its terms.

SEC. 317. REFERENCES IN FEDERAL LAW TO FEDERAL BANKING
AGENCIES.

Except as provided in section 312(d)(2), on and after the
transfer date, any reference in Federal law to the Director
of the Office of Thrift Supervision or the Office of Thrift
Supervision, in connection with any function of the Director
of the Office of Thrift Supervision or the Office of Thrift
Supervision transferred under section 312(b) or any other
provision of this subtitle, shall be deemed to be a reference
to the Comptroller of the Currency, the Office of the
Comptroller of the Currency, the Chairperson of the
Corporation, the Corporation, the Chairman of the Board of
Governors, or the Board of Governors, as appropriate.

SEC. 318. FUNDING.

(a) Funding of Office of the Comptroller of the Currency.--
Chapter 4 of title LXII of the Revised Statutes is amended by
inserting after section 5240 (12 U.S.C. 481, 482) the
following:
``Sec. 5240A.  The Comptroller of the Currency may collect
an assessment, fee, or other charge from any entity described
in section 3(q)(1) of the Federal Deposit Insurance Act (12
U.S.C. 1813(q)(1)), as the Comptroller determines is
necessary or appropriate to carry out the responsibilities of
the Office of the Comptroller of the Currency. In
establishing the amount of an assessment,

[[Page S3011]]

fee, or charge collected from an entity under this section,
the Comptroller of the Currency may take into account the
funds transferred to the Office of the Comptroller of the
Currency under this section, the nature and scope of the
activities of the entity, the amount and type of assets that
the entity holds, the financial and managerial condition of
the entity, and any other factor, as the Comptroller of the
Currency determines is appropriate. Funds derived from any
assessment, fee, or charge collected or payment made pursuant
to this section may be deposited by the Comptroller of the
Currency in accordance with the provisions of section 5234.
Such funds shall not be construed to be Government funds or
appropriated monies, and shall not be subject to
apportionment for purposes of chapter 15 of title 31, United
States Code, or any other provision of law. The authority of
the Comptroller of the Currency under this section shall be
in addition to the authority under section 5240.
``The Comptroller of the Currency shall have sole authority
to determine the manner in which the obligations of the
Office of the Comptroller of the Currency shall be incurred
and its disbursements and expenses allowed and paid, in
accordance with this section.''.
(b) Funding of Board of Governors.--Section 11 of the
Federal Reserve Act (12 U.S.C. 248) is amended by adding at
the end the following:
``(s) Assessments, Fees, and Other Charges for Certain
Companies.--
``(1) In general.--The Board shall collect a total amount
of assessments, fees, or other charges from the companies
described in paragraph (2) that is equal to the total
expenses the Board estimates are necessary or appropriate to
carry out the responsibilities of the Board with respect to
such companies.
``(2) Companies.--The companies described in this paragraph
are--
``(A) all bank holding companies having total consolidated
assets of $50,000,000,000 or more;
``(B) all savings and loan holding companies having total
consolidated assets of $50,000,000,000 or more; and
``(C) all nonbank financial companies supervised by the
Board under section 113 of the Restoring American Financial
Stability Act of 2010.''.
(c) Corporation Examination Fees.--Section 10(e) of the
Federal Deposit Insurance Act (12 U.S.C. 1820(e)) is amended
by striking paragraph (1) and inserting the following:
``(1) Regular and special examinations of depository
institutions.--The cost of conducting any regular examination
or special examination of any depository institution under
subsection (b)(2), (b)(3), or (d) or of any entity described
in section 3(q)(2) may be assessed by the Corporation against
the institution or entity to meet the expenses of the
Corporation in carrying out such examinations, or as the
Corporation determines is necessary or appropriate to carry
out the responsibilities of the Corporation.''.
(d) Effective Date.--This section, and the amendments made
by this section, shall take effect on the transfer date.

SEC. 319. CONTRACTING AND LEASING AUTHORITY.

Notwithstanding the Federal Property and Administrative
Services Act of 1949 (41 U.S.C. 251 et seq.) or any other
provision of law, the Office of the Comptroller of the
Currency may--
(1) enter into and perform contracts, execute instruments,
and acquire, in any lawful manner, such goods and services,
or personal or real property (or property interest) as the
Comptroller deems necessary to carry out the duties and
responsibilities of the Office of the Comptroller of the
Currency; and
(2) hold, maintain, sell, lease, or otherwise dispose of
the property (or property interest) acquired under paragraph
(1).

Subtitle B--Transitional Provisions

SEC. 321. INTERIM USE OF FUNDS, PERSONNEL, AND PROPERTY OF
THE OFFICE OF THRIFT SUPERVISION.

(a) In General.--Before the transfer date, the Office of
the Comptroller of the Currency, the Corporation, and the
Board of Governors shall--
(1) consult and cooperate with the Office of Thrift
Supervision to facilitate the orderly transfer of functions
to the Office of the Comptroller of the Currency, the
Corporation, and the Board of Governors in accordance with
this title;
(2) determine jointly, from time to time--
(A) the amount of funds necessary to pay any expenses
associated with the transfer of functions (including expenses
for personnel, property, and administrative services) during
the period beginning on the date of enactment of this Act and
ending on the transfer date;
(B) which personnel are appropriate to facilitate the
orderly transfer of functions by this title; and
(C) what property and administrative services are necessary
to support the Office of the Comptroller of the Currency, the
Corporation, and the Board of Governors during the period
beginning on the date of enactment of this Act and ending on
the transfer date; and
(3) take such actions as may be necessary to provide for
the orderly implementation of this title.
(b) Agency Consultation.--When requested jointly by the
Office of the Comptroller of the Currency, the Corporation,
and the Board of Governors to do so before the transfer date,
the Office of Thrift Supervision shall--
(1) pay to the Office of the Comptroller of the Currency,
the Corporation, or the Board of Governors, as applicable,
from funds obtained by the Office of Thrift Supervision
through assessments, fees, or other charges that the Office
of Thrift Supervision is authorized by law to impose, such
amounts as the Office of the Comptroller of the Currency, the
Corporation, and the Board of Governors jointly determine to
be necessary under subsection (a);
(2) detail to the Office of the Comptroller of the
Currency, the Corporation, or the Board of Governors, as
applicable, such personnel as the Office of the Comptroller
of the Currency, the Corporation, and the Board of Governors
jointly determine to be appropriate under subsection (a); and
(3) make available to the Office of the Comptroller of the
Currency, the Corporation, or the Board of Governors, as
applicable, such property and provide to the Office of the
Comptroller of the Currency, the Corporation, or the Board of
Governors, as applicable, such administrative services as the
Office of the Comptroller of the Currency, the Corporation,
and the Board of Governors jointly determine to be necessary
under subsection (a).
(c) Notice Required.--The Office of the Comptroller of the
Currency, the Corporation, and the Board of Governors shall
jointly give the Office of Thrift Supervision reasonable
prior notice of any request that the Office of the
Comptroller of the Currency, the Corporation, and the Board
of Governors jointly intend to make under subsection (b).

SEC. 322. TRANSFER OF EMPLOYEES.

(a) In General.--
(1) Office of thrift supervision employees.--
(A) In general.--All employees of the Office of Thrift
Supervision shall be transferred to the Office of the
Comptroller of the Currency or the Corporation for employment
in accordance with this section.
(B) Allocating employees for transfer to receiving
agencies.--The Director of the Office of Thrift Supervision,
the Comptroller of the Currency, and the Chairperson of the
Corporation shall--
(i) jointly determine the number of employees of the Office
of Thrift Supervision necessary to perform or support the
functions that are transferred to the Office of the
Comptroller of the Currency or the Corporation by this title;
and
(ii) consistent with the determination under clause (i),
jointly identify employees of the Office of Thrift
Supervision for transfer to the Office of the Comptroller of
the Currency or the Corporation.
(2) Employees transferred; service periods credited.--For
purposes of this section, periods of service with a Federal
home loan bank, a joint office of Federal home loan banks, or
a Federal reserve bank shall be credited as periods of
service with a Federal agency.
(3) Appointment authority for excepted service
transferred.--
(A) In general.--Except as provided in subparagraph (B),
any appointment authority of the Office of Thrift Supervision
under Federal law that relates to the functions transferred
under section 312, including the regulations of the Office of
Personnel Management, for filling the positions of employees
in the excepted service shall be transferred to the
Comptroller of the Currency or the Chairperson of the
Corporation, as appropriate.
(B) Declining transfers allowed.--The Office of the
Comptroller of the Currency or the Chairperson of the
Corporation may decline to accept a transfer of authority
under subparagraph (A) (and the employees appointed under
that authority) to the extent that such authority relates to
positions excepted from the competitive service because of
their confidential, policy-making, policy-determining, or
policy-advocating character.
(4) Additional appointment authority.--Notwithstanding any
other provision of law, the Office of the Comptroller of the
Currency and the Corporation may appoint transferred
employees to positions in the Office of the Comptroller of
the Currency or the Corporation, respectively.
(b) Timing of Transfers and Position Assignments.--Each
employee to be transferred under subsection (a)(1) shall--
(1) be transferred not later than 90 days after the
transfer date; and
(2) receive notice of the position assignment of the
employee not later than 120 days after the effective date of
the transfer of the employee.
(c) Transfer of Functions.--
(1) In general.--Notwithstanding any other provision of
law, the transfer of employees under this subtitle shall be
deemed a transfer of functions for the purpose of section
3503 of title 5, United States Code.
(2) Priority.--If any provision of this subtitle conflicts
with any protection provided to a transferred employee under
section 3503 of title 5, United States Code, the provisions
of this subtitle shall control.
(d) Employee Status and Eligibility.--The transfer of
functions and employees under this subtitle, and the
abolishment of the Office of Thrift Supervision under section
313, shall not affect the status of the transferred employees
as employees of an agency of the United States under any
provision of law.
(e) Equal Status and Tenure Positions.--

[[Page S3012]]

(1) Status and tenure.--Each transferred employee from the
Office of Thrift Supervision shall be placed in a position at
the Office of the Comptroller of the Currency or the
Corporation with the same status and tenure as the
transferred employee held on the day before the date on which
the employee was transferred.
(2) Functions.--To the extent practicable, each transferred
employee shall be placed in a position at the Office of the
Comptroller of the Currency or the Corporation, as
applicable, responsible for the same functions and duties as
the transferred employee had on the day before the date on
which the employee was transferred, in accordance with the
expertise and preferences of the transferred employee.
(f) No Additional Certification Requirements.--An examiner
who is a transferred employee shall not be subject to any
additional certification requirements before being placed in
a comparable position at the Office of the Comptroller of the
Currency or the Corporation, if the examiner carries out
examinations of the same type of institutions as an employee
of the Office of the Comptroller of the Currency or the
Corporation as the employee was responsible for carrying out
before the date on which the employee was transferred.
(g) Personnel Actions Limited.--
(1) 2-Year protection.--Except as provided in paragraph
(2), during the 2-year period beginning on the transfer date,
an employee holding a permanent position on the day before
the date on which the employee was transferred shall not be
involuntarily separated or involuntarily reassigned outside
the locality pay area (as defined by the Office of Personnel
Management) of the employee.
(2) Exceptions.--The Comptroller of the Currency and the
Chairperson of the Corporation, as applicable, may--
(A) separate a transferred employee for cause, including
for unacceptable performance; or
(B) terminate an appointment to a position excepted from
the competitive service because of its confidential policy-
making, policy-determining, or policy-advocating character.
(h) Pay.--
(1) 2-year protection.--Except as provided in paragraph
(2), during the 2-year period beginning on the date on which
the employee was transferred under this subtitle, a
transferred employee shall be paid at a rate that is not less
than the basic rate of pay, including any geographic
differential, that the transferred employee received during
the pay period immediately preceding the date on which the
employee was transferred.
(2) Exceptions.--The Comptroller of the Currency or the
Chairman of the Board of Governors may reduce the rate of
basic pay of a transferred employee--
(A) for cause, including for unacceptable performance; or
(B) with the consent of the transferred employee.
(3) Protection only while employed.--This subsection shall
apply to a transferred employee only during the period that
the transferred employee remains employed by Office of the
Comptroller of the Currency or the Corporation.
(4) Pay increases permitted.--Nothing in this subsection
shall limit the authority of the Comptroller of the Currency
or the Chairperson of the Corporation to increase the pay of
a transferred employee.
(i) Benefits.--
(1) Retirement benefits for transferred employees.--
(A) In general.--
(i) Continuation of existing retirement plan.--Each
transferred employee shall remain enrolled in the retirement
plan of the transferred employee, for as long as the
transferred employee is employed by the Office of the
Comptroller of the Currency or the Corporation.
(ii) Employer's contribution.--The Comptroller of the
Currency or the Chairperson of the Corporation, as
appropriate, shall pay any employer contributions to the
existing retirement plan of each transferred employee, as
required under each such existing retirement plan.
(B) Definition.--In this paragraph, the term ``existing
retirement plan'' means, with respect to a transferred
employee, the retirement plan (including the Financial
Institutions Retirement Fund), and any associated thrift
savings plan, of the agency from which the employee was
transferred in which the employee was enrolled on the day
before the date on which the employee was transferred.
(2) Benefits other than retirement benefits.--
(A) During first year.--
(i) Existing plans continue.--During the 1-year period
following the transfer date, each transferred employee may
retain membership in any employee benefit program (other than
a retirement benefit program) of the agency from which the
employee was transferred under this title, including any
dental, vision, long term care, or life insurance program to
which the employee belonged on the day before the transfer
date.
(ii) Employer's contribution.--The Office of the
Comptroller of the Currency or the Corporation, as
appropriate, shall pay any employer cost required to extend
coverage in the benefit program to the transferred employee
as required under that program or negotiated agreements.
(B) Dental, vision, or life insurance after first year.--
If, after the 1-year period beginning on the transfer date,
the Office of the Comptroller of the Currency or the
Corporation determines that the Office of the Comptroller of
the Currency or the Corporation, as the case may be, will not
continue to participate in any dental, vision, or life
insurance program of an agency from which an employee was
transferred, a transferred employee who is a member of the
program may, before the decision takes effect and without
regard to any regularly scheduled open season, elect to
enroll in--
(i) the enhanced dental benefits program established under
chapter 89A of title 5, United States Code;
(ii) the enhanced vision benefits established under chapter
89B of title 5, United States Code; and
(iii) the Federal Employees' Group Life Insurance Program
established under chapter 87 of title 5, United States Code,
without regard to any requirement of insurability.
(C) Long term care insurance after 1st year.--If, after the
1-year period beginning on the transfer date, the Office of
the Comptroller of the Currency or the Corporation determines
that the Office of the Comptroller of the Currency or the
Corporation, as appropriate, will not continue to participate
in any long term care insurance program of an agency from
which an employee transferred, a transferred employee who is
a member of such a program may, before the decision takes
effect, elect to apply for coverage under the Federal Long
Term Care Insurance Program established under chapter 90 of
title 5, United States Code, under the underwriting
requirements applicable to a new active workforce member, as
described in part 875 of title 5, Code of Federal Regulations
(or any successor thereto).
(D) Contribution of transferred employee.--
(i) In general.--Subject to clause (ii), a transferred
employee who is enrolled in a plan under the Federal
Employees Health Benefits Program shall pay any employee
contribution required under the plan.
(ii) Cost differential.--The Office of the Comptroller of
the Currency or the Corporation, as applicable, shall pay any
difference in cost between the employee contribution required
under the plan provided to transferred employees by the
agency from which the employee transferred on the date of
enactment of this Act and the plan provided by the Office of
the Comptroller of the Currency or the Corporation, as the
case may be, under this section.
(iii) Funds transfer.--The Office of the Comptroller of the
Currency or the Corporation, as the case may be, shall
transfer to the Employees Health Benefits Fund established
under section 8909 of title 5, United States Code, an amount
determined by the Director of the Office of Personnel
Management, after consultation with the Comptroller of the
Currency or the Chairperson of the Corporation, as the case
may be, and the Office of Management and Budget, to be
necessary to reimburse the Fund for the cost to the Fund of
providing any benefits under this subparagraph that are not
otherwise paid for by a transferred employee under clause
(i).
(E) Special provisions to ensure continuation of life
insurance benefits.--
(i) In general.--An annuitant, as defined in section 8901
of title 5, United States Code, who is enrolled in a life
insurance plan administered by an agency from which employees
are transferred under this title on the day before the
transfer date shall be eligible for coverage by a life
insurance plan under sections 8706(b), 8714a, 8714b, or 8714c
of title 5, United States Code, or by a life insurance plan
established by the Office of the Comptroller of the Currency
or the Corporation, as applicable, without regard to any
regularly scheduled open season or any requirement of
insurability.
(ii) Contribution of transferred employee.--

(I) In general.--Subject to subclause (II), a transferred
employee enrolled in a life insurance plan under this
subparagraph shall pay any employee contribution required by
the plan.
(II) Cost differential.--The Office of the Comptroller of
the Currency or the Corporation, as the case may be, shall
pay any difference in cost between the benefits provided by
the agency from which the employee transferred on the date of
enactment of this Act and the benefits provided under this
section.
(III) Funds transfer.--The Office of the Comptroller of the
Currency or the Corporation, as the case may be, shall
transfer to the Federal Employees' Group Life Insurance Fund
established under section 8714 of title 5, United States
Code, an amount determined by the Director of the Office of
Personnel Management, after consultation with the Comptroller
of the Currency or the Chairperson of the Corporation, as the
case may be, and the Office of Management and Budget, to be
necessary to reimburse the Federal Employees' Group Life
Insurance Fund for the cost to the Federal Employees' Group
Life Insurance Fund of providing benefits under this
subparagraph not otherwise paid for by a transferred employee
under subclause (I).
(IV) Credit for time enrolled in other plans.--For any
transferred employee, enrollment in a life insurance plan
administered by the agency from which the employee
transferred, immediately before enrollment in a life
insurance plan under chapter 87 of title 5, United States
Code, shall be considered as enrollment in a life insurance

[[Page S3013]]

plan under that chapter for purposes of section 8706(b)(1)(A)
of title 5, United States Code.

(j) Incorporation Into Agency Pay System.--Not later than 2
years after the transfer date, the Comptroller of the
Currency and the Chairperson of the Corporation shall place
each transferred employee into the established pay system and
structure of the appropriate employing agency.
(k) Equitable Treatment.--In administering the provisions
of this section, the Comptroller of the Currency and the
Chairperson of the Corporation--
(1) may not take any action that would unfairly
disadvantage a transferred employee relative to any other
employee of the Office of the Comptroller of the Currency or
the Corporation on the basis of prior employment by the
Office of Thrift Supervision; and
(2) may take such action as is appropriate in an individual
case to ensure that a transferred employee receives equitable
treatment, with respect to the status, tenure, pay, benefits
(other than benefits under programs administered by the
Office of Personnel Management), and accrued leave or
vacation time for prior periods of service with any Federal
agency of the transferred employee.
(l) Reorganization.--
(1) In general.--If the Comptroller of the Currency or the
Chairperson of the Corporation determines, during the 2-year
period beginning 1 year after the transfer date, that a
reorganization of the staff of the Office of the Comptroller
of the Currency or the Corporation, respectively, is
required, the reorganization shall be deemed a ``major
reorganization'' for purposes of affording affected employees
retirement under section 8336(d)(2) or 8414(b)(1)(B) of title
5, United States Code.
(2) Service credit.--For purposes of this subsection,
periods of service with a Federal home loan bank or a joint
office of Federal home loan banks shall be credited as
periods of service with a Federal agency.

SEC. 323. PROPERTY TRANSFERRED.

(a) Property Defined.--For purposes of this section, the
term ``property'' includes all real property (including
leaseholds) and all personal property, including computers,
furniture, fixtures, equipment, books, accounts, records,
reports, files, memoranda, paper, reports of examination,
work papers, and correspondence related to such reports, and
any other information or materials.
(b) Property of the Office of Thrift Supervision.--Not
later than 90 days after the transfer date, all property of
the Office of Thrift Supervision that the Comptroller of the
Currency and the Chairperson of the Corporation jointly
determine is used, on the day before the transfer date, to
perform or support the functions of the Office of Thrift
Supervision transferred to the Office of the Comptroller of
the Currency or the Corporation under this title, shall be
transferred to the Office of the Comptroller of the Currency
or the Corporation in a manner consistent with the transfer
of employees under this subtitle.
(c) Contracts Related to Property Transferred.--Each
contract, agreement, lease, license, permit, and similar
arrangement relating to property transferred to the Office of
the Comptroller of the Currency or the Corporation by this
section shall be transferred to the Office of the Comptroller
of the Currency or the Corporation, as appropriate, together
with the property to which it relates.
(d) Preservation of Property.--Property identified for
transfer under this section shall not be altered, destroyed,
or deleted before transfer under this section.

SEC. 324. FUNDS TRANSFERRED.

The funds that, on the day before the transfer date, the
Director of the Office of Thrift Supervision (in consultation
with the Comptroller of the Currency, the Chairperson of the
Corporation, and the Chairman of the Board of Governors)
determines are not necessary to dispose of the affairs of the
Office of Thrift Supervision under section 325 and are
available to the Office of Thrift Supervision to pay the
expenses of the Office of Thrift Supervision--
(1) relating to the functions of the Office of Thrift
Supervision transferred under section 312(b)(1)(B), shall be
transferred to the Office of the Comptroller of the Currency
on the transfer date;
(2) relating to the functions of the Office of Thrift
Supervision transferred under section 312(b)(1)(C), shall be
transferred to the Corporation on the transfer date; and
(3) relating to the functions of the Office of Thrift
Supervision transferred under section 312(b)(1)(A), shall be
transferred to the Board of Governors on the transfer date.

SEC. 325. DISPOSITION OF AFFAIRS.

(a) Authority of Director.--During the 90-day period
beginning on the transfer date, the Director of the Office of
Thrift Supervision--
(1) shall, solely for the purpose of winding up the affairs
of the Office of Thrift Supervision relating to any function
transferred to the Office of the Comptroller of the Currency,
the Corporation, or the Board of Governors under this title--
(A) manage the employees of the Office of Thrift
Supervision who have not yet been transferred and provide for
the payment of the compensation and benefits of the employees
that accrue before the date on which the employees are
transferred under this title; and
(B) manage any property of the Office of Thrift
Supervision, until the date on which the property is
transferred under section 323; and
(2) may take any other action necessary to wind up the
affairs of the Office of Thrift Supervision.
(b) Status of Director.--
(1) In general.--Notwithstanding the transfer of functions
under this subtitle, during the 90-day period beginning on
the transfer date, the Director of the Office of Thrift
Supervision shall retain and may exercise any authority
vested in the Director of the Office of Thrift Supervision on
the day before the transfer date, only to the extent
necessary--
(A) to wind up the Office of Thrift Supervision; and
(B) to carry out the transfer under this subtitle during
such 90-day period.
(2) Other provisions.--For purposes of paragraph (1), the
Director of the Office of Thrift Supervision shall, during
the 90-day period beginning on the transfer date, continue to
be--
(A) treated as an officer of the United States; and
(B) entitled to receive compensation at the same annual
rate of basic pay that the Director of the Office of Thrift
Supervision received on the day before the transfer date.

SEC. 326. CONTINUATION OF SERVICES.

Any agency, department, or other instrumentality of the
United States, and any successor to any such agency,
department, or instrumentality, that was, before the transfer
date, providing support services to the Office of Thrift
Supervision in connection with functions transferred to the
Office of the Comptroller of the Currency, the Corporation or
the Board of Governors under this title, shall--
(1) continue to provide such services, subject to
reimbursement by the Office of the Comptroller of the
Currency, the Corporation, or the Board of Governors, until
the transfer of functions under this title is complete; and
(2) consult with the Comptroller of the Currency, the
Chairperson of the Corporation, or the Chairman of the Board
of Governors, as appropriate, to coordinate and facilitate a
prompt and orderly transition.
Strike section 605.
On page 459, line 17, strike ``bank'' and insert
``nonmember bank, and the Board may, by order, exempt a
transaction of a State member bank,''.
On page 1045, line 19, insert after ``Currency'' the
following: ``, the Board of Governors of the Federal Reserve
System,''.
______