PERMANENT AUTHORIZATION OF CREDIT STANDARDS BOARD.

SEC. 422. PERMANENT AUTHORIZATION OF CREDIT STANDARDS BOARD. (a) In General.— Section 1205 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 1818 note) is amended by adding at the end the following new subsection: “(f) Federal Advisory Committee Act Does not Apply.— The Federal Advisory Committee Act shall not apply with respect to the Committee.”. (b) Chairperson.— Section 1205(b)(3) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 1818 note) is amended to read as follows: “(3) Chairperson.— The Chairperson of the Committee shall be designated by the President from among the members appointed under paragraph (1)(F).”.