12 U.S.C. § 2403 : US Code - Section 2403: Functions of Commission

Search 12 U.S.C. § 2403 : US Code - Section 2403: Functions of Commission

(a) Study, investigation, and recommendations; considerations
The Commission shall conduct a thorough study and investigation
and recommend appropriate administrative action and legislation
necessary in connection with the possible development of public or
private electronic fund transfer systems, taking into account,
among other things -
(1) the need to preserve competition among the financial
institutions and other business enterprises using such a system;
(2) the need to promote competition among financial
institutions and to assure Government regulation and involvement
or participation in a system competitive with the private sector
be kept to a minimum;
(3) the need to prevent unfair or discriminatory practices by
any financial institution or business enterprise using or
desiring to use such a system;
(4) the need to afford maximum user and consumer convenience;
(5) the need to afford maximum user and consumer rights to
privacy and confidentiality;
(6) the impact of such a system on economic and monetary
policy;
(7) the implications of such a system on the availability of
credit;
(8) the implications of such a system expanding internationally
and into other forms of electronic communications; and
(9) the need to protect the legal rights of users and
consumers.
(b) Interim and final reports; submission dates; transmittal of
final report to President and Congress; contents; availability to
public; termination date of Commission
The Commission shall make an interim report within one year of
the date of the confirmation by the Senate of the Chairperson or
the appointment by the President of an acting Chairperson and at
such other times as it deems advisable and shall transmit to the
President and to the Congress not later than two years after the
date of the confirmation by the Senate of the Chairperson or the
appointment by the President of an acting Chairperson, a final
report of its findings and recommendations. Any such report shall
include all hearing transcripts, staff studies, and other material
used in preparation of the report. The interim and final reports
shall be made available to the public upon transmittal. Sixty days
after transmission of its final report the Commission shall cease
to exist.
(c) Clearance by Federal agencies prior to transmittal of interim
or final report
The Commission shall not be required to obtain the clearance of
any Federal agency prior to the transmittal of any interim or final
report.