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124 STAT. 2126 PUBLIC LAW 111–203—JULY 21, 2010

(B) file a petition for involuntary bankruptcy on behalf
of the company under section 303 of title 11, United States
Code.

SEC. 1107. FEDERAL RESERVE ACT AMENDMENTS ON FEDERAL
RESERVE BANK GOVERNANCE.
The 5th subparagraph of the 4th undesignated paragraph of
section 4 of the Federal Reserve Act (12 U.S.C. 341) is amended
by striking the 2nd sentence and inserting the following: ‘‘The
president shall be the chief executive officer of the bank and shall
be appointed by the Class B and Class C directors of the bank,
with the approval of the Board of Governors of the Federal Reserve
System, for a term of 5 years; and all other executive officers
and all employees of the bank shall be directly responsible to
the president.’’.

SEC. 1108. FEDERAL RESERVE ACT AMENDMENTS ON SUPERVISION
AND REGULATION POLICY.
(a) ESTABLISHMENT OF THE POSITION OF VICE CHAIRMAN FOR
SUPERVISION.—
(1) POSITION ESTABLISHED.—The second undesignated para-
graph of section 10 of the Federal Reserve Act (12 U.S.C.
242) (relating to the Chairman and Vice Chairman of the Board)
is amended by striking the third sentence and inserting the
following: ‘‘Of the persons thus appointed, 1 shall be designated
by the President, by and with the advice and consent of the
Senate, to serve as Chairman of the Board for a term of 4
years, and 2 shall be designated by the President, by and
with the advice and consent of the Senate, to serve as Vice
Chairmen of the Board, each for a term of 4 years, 1 of whom
shall serve in the absence of the Chairman, as provided in
the fourth undesignated paragraph of this section, and 1 of
whom shall be designated Vice Chairman for Supervision. The
Vice Chairman for Supervision shall develop policy rec-
ommendations for the Board regarding supervision and regula-
tion of depository institution holding companies and other finan-
cial firms supervised by the Board, and shall oversee the super-
vision and regulation of such firms.’’.
12 USC 242 note. (2) EFFECTIVE DATE.—The amendment made by subsection
(a) takes effect on the date of enactment of this title and
applies to individuals who are designated by the President
on or after that date to serve as Vice Chairman of Supervision.
(b) APPEARANCES BEFORE CONGRESS.—Section 10 of the Federal
Reserve Act (12 U.S.C. 241 et seq.) is amended by adding at the
end the following:
12 USC 247b. ‘‘(12) APPEARANCES BEFORE CONGRESS.—The Vice Chair-
man for Supervision shall appear before the Committee on
Banking, Housing, and Urban Affairs of the Senate and the
Committee on Financial Services of the House of Representa-
tives and at semi-annual hearings regarding the efforts, activi-
ties, objectives, and plans of the Board with respect to the
conduct of supervision and regulation of depository institution
holding companies and other financial firms supervised by the
Board.’’.
(c) BOARD RESPONSIBILITY TO SET SUPERVISION AND REGU-

LAWS LATORY POLICY.—Section 11 of the Federal Reserve Act (12 U.S.C. 248) (relating to enumerated powers of the Board) is amended by adding at the end of subsection (k) (relating to delegation)PUBLIC with on anorris VerDate Nov 24 2008 22:28 Sep 03, 2010 Jkt 089139 PO 00203 Frm 00752 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL203.111 PUBL203