Federal Bank Commission Act

[AI summary unavailable — showing source text] Federal Bank Commission Act - Establishes a Federal Bank Commission to consist of five members appointed by the President. Transfers all functions of the Federal Reserve System (except the examination and supervisory powers of the system with respect to Federal Reserve banks), the Comptroller of the Currency (except those functions dealing with currency issue and redemption), and the Board of Directors of the Federal Deposit Insurance Corporation to the Commission. Prohibits the holding by a Commissioner of a financial interest in, or employment by, any institution subject to the jurisdiction of the Commission. Specifies the executive functions vested in the Commission and provides that these functions, except for rulemaking, may be delegated. Authorizes the appropriation of $5,000,000 for the costs and expenses of the Commission. Details the method of transfer of records, facilities, and personnel from such agencies to the Commission. Makes conforming amendments in the provisions of Federal law affected by the provisions of this Act. Provides that no discount, advance or accommodation shall be extended to any member bank to ameliorate the consequence of any unsafe or unsound condi…