SAVINGS ASSOCIATION INSURANCE FUND INDUSTRY ADVISORY COMMITTEE ESTABLISHED.

SEC. 226. SAVINGS ASSOCIATION INSURANCE FUND INDUSTRY ADVISORY COMMITTEE ESTABLISHED. The Federal Deposit Insurance Act (12 U.S.C. 1811 et seq.) is amended by inserting after section 30 (as added by section 225 of this title) the following new section: “SEC. 31. SAVINGS ASSOCIATION INSURANCE FUND INDUSTRY ADVISORY COMMITTEE. “(a) Establishment.—There is hereby established the Savings Association Insurance Fund Industry Advisory Committee (hereinafter referred to in this section as the ‘Committee’). “(b) Membership.—The Committee shall consist of 18 members, appointed as follows: “(1) 1 member elected from each Federal home loan bank district (by the members of the Board of Directors of each such bank who were elected by the members of such bank) from among individuals residing therein who are officers of insured depository institutions that are Savings Association Insurance Fund members. “(2) 6 members appointed by the Corporation from among individuals who shall represent the public interest. “(c) Vacancies.—Any vacancy on the Committee shall be filled in the same manner in which the original appointment was made. “(d) Pay and Expenses.—Members of the Committee shall serve without pay, but each member shall be reimbursed, in such manner as the Corporation shall prescribe by regulation, for expenses incurred in connection with attendance of such members at meetings of the Committee. “(e) Terms.—Members shall be appointed or elected for terms of 1 year. “(f) Authority of the Committee.—The Committee may select its Chairperson, Vice Chairperson, and Secretary, and adopt methods of procedure, and shall have power— “(1) to confer with the Board of Directors on general and special business conditions and regulatory and other matters affecting insured financial institutions that are members of the Savings Association Insurance Fund; and “(2) to request information, and to make recommendations, with respect to matters within the jurisdiction of the Corporation. “(g) Meetings.—The Committee shall meet 4 times each year, and more frequently if requested by the Corporation. “(h) Reports.—The Committee shall submit a semiannual written report to the Committee on Banking, Finance and Urban Affairs of the House and to the Committee on Banking, Housing, and Urban Affairs of the Senate. Such report shall describe the activities of the 103 STAT. 277Committee for such semiannual period and contain such recommendations as the Committee considers appropriate. “(i) Provision of Staff and Other Resources.—The Corporation shall provide the Committee with the use of such resources, including staff, as the Committee reasonably shall require to carry out its duties, including the preparation and submission of reports to Congress, under this section. “(j) Federal Advisory Committee Act Does Not Apply.—The Federal Advisory Committee Act shall not apply to the Committee. “(k) Sunset.—The Committee shall cease to exist 10 years after the enactment of this section.”.