5

1 made by the President, whenever practicable, after consul2 tation with the ranking majority and minority members 3 of the Housing Subcommittees of the Committees on Bank4 ing and Currency of the Senate and House of Representa5 tives.

6

(2) The President shall designate a Chairman and a 7 Vice Chairman of the Commission.

8

(3) Each member shall serve for a term of two years or 9 until his successor has been appointed, except that no person 10 who is appointed while a full-time employee of the Federal 11 Government shall serve in such position after he ceases to 12 be so employed, unless he is reappointed.

13

(4) A vacancy in the Commission shall not affect its 14 powers, but shall be filled in the same manner as the original

15 appointment.

16

(5) Six members of the Commission shall constitute a 17 quorum.

18 (b) Not later than November 1 of each year, the 19 Commission shall submit an annual report to the President 20 and to the Congress making recommendations on

21

225

223

24

(1) the number of new or rehabilitated housing

units which should be provided during the next fiscal

year with and without Government assistance;

(2) the cost to the Federal Government of meeting

42-120 Q-70- 4

6

1

2

3

4

5

6

the recommended housing goal for the next fiscal year;

(3) the fiscal and monetary policies, both long- and short-range, which are necessary to achieve recommended levels of housing production; and

(4) legislative and administrative actions necessary

or desirable to achieve the recommended housing goal.

7 The recommendations made in any such report shall be fully 8 considered and discussed in the annual housing report re

9

quired to be submitted pursuant to title XVI of the Housing 10 and Urban Development Act of 1968.

11

(c) Each department, agency, and instrumentality of 12 the Government is authorized and directed to furnish to 13 the Commission, upon request made by the Chairman or 14 Vice Chairman, such information as the Commission deems necessary to carry out its functions under this section.

15

16

(d) The Chairman, without regard to the provisions 17 of title 5, United States Code, governing appointments in 18 the competitive service, and without regard to the provisions 19 of chapter 51 and subchapter III of chapter 53 of such title 20 relating to classification and General Schedule pay rates, shall

21 have the power

22

(1) to appoint and fix the compensation of such

staff personnel as he deems necessary, and

(2) to procure temporary and intermittent services

to the same extent as is authorized by section 3109 of

7

1

title 5, United States Code, but at rates not to exceed.

3

4

(e) Members of the Commission, other than those who are regular full-time employees of the Government, shall re5 ceive compensation at the rate of $75 per day for each day they are engaged in the performance of their duties as 7 members of the Commission. All members of the Commission 8 shall be entitled to reimbursement for necessary travel and 9 subsistence expenses incurred by them in the performance of 10 the duties of the Commission.

11 (f) There are authorized to be appropriated such sums

12

13

14

as may be necessary to carry out this section.

SAVINGS AND LOAN ASSOCIATIONS

SEC. 4. (a) Section 5 (c) of the Home Owners' Loan

15 Act of 1933 (12 U.S.C. 1464 (c)) is amended—

16

17

18

19

20

21

222 223

(1) by striking out "$40,000" in the first proviso and inserting in lieu thereof "such amount as the Board may determine by regulation"; and

(2) by inserting before the next to the last para

graph a new paragraph as follows:

"Any such association is authorized to act as trustee of

any trust created or organized in the United States and form

23 ing part of a stock bonus, pension, or profit-sharing plan 24 which qualifies or qualified for specific tax treatment under 25 section 401 (d) of the Internal Revenue Code of 1954, if the

8

1 funds of such trust are invested only in savings accounts or 2 deposits in such association or in obligations or securities 3 issued by such association. All funds held in such fiduciary 4 capacity by any such association may be commingled for 5 appropriate purposes of investment, but individual records 6 shall be kept by the fiduciary for each participant and shall 7 show in proper detail all transactions engaged in under the 8 authority of this paragraph."

9 (b) (1) Section 2 of the Home Owners' Loan Act of 1933 (12 U.S.C. 1462) is amended by striking out sub

11 section (b) and inserting in lieu thereof the following: 12 "(b) The term 'primary lending area' means (1) all 13 territory located within a radius of 100 miles from the home 14 office of an association, (2) in the case of an association 15 converted from a State-chartered savings and loan institu16 tion, any additional territory within which that institution 17 was authorized to lend on real estate security prior to the 18 date of its conversion, and (3) any additional area within 19 the State in which such home office is located: Provided, 20 That the Board may, in its discretion, provide by rule or 21 regulation that this clause (3) shall not be applicable in 22 the case of an association having its home office in a State 23 where State-chartered savings and loan associations are not 24 permitted to lend on real estate security in any portion of 25 the additional area described in this clause (3).”

9

1 (2) Section 5 (c) of the Home Owner's Loan Act of 2 1933 (12 U.S.C. 1464 (c)) is amended by striking out in 3 the first sentence "one hundred miles of their home office" 4 and inserting in lieu thereof "their primary lending area". 5 (3) Section 403 (b) of the National Housing Act (12 6 U.S.C. 1726 (b)) is amended by striking out that part of 7 the third sentence which precedes the first semicolon and 8 inserting in lieu thereof the following: "Each applicant for 9 such insurance shall also file with its application an agree10 ment that during the period that the insurance is in force 11 it will not make any loans outside of its primary lending 12 area, except loans which are made pursuant to regulations 13 of the Corporation: Provided, That such agreement shall 14 further provide that any loan made outside of its primary 15 lending area shall also be subject to such regulations". 16 (4) Section 401 of the National Housing Act (12 17 U.S.C. 1724) is amended by adding at the end thereof the 18 following:

19

"(e) The term 'primary lending area' means (1) all 20 territory located within a radius of one hundred miles from 21 the applicant's principal office, (2) any additional territory 22 within which the applicant was operating prior to June 27, 23 1934, and (3) any additional area within the State in which 24 the applicant's principal office is located."