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CONSUMER, TAXPAYER, SHAREHOLDER PROTECTION ASSOCIATION ACT Sec. 1201. Short Title. This Act may be cited as the "Consumer, Taxpayer, Shareholder Protection Association Act of 2002." SEC. 1202. FINDINGS AND PURPOSES. (a) FINDINGS. The Congress hereby finds that: (1) The unfolding scandals involving deceptive and fraudulent business practices are bringing public confidence in the integrity and fairness of many of the nation’s largest corporations to an all-time low and threatening the basic strengths of our economic system. (2) Contributing to the loss of public confidence are revelations of lax oversight and a cozy relationship between the corporations and their regulators at both the federal and state levels of government. (3) The collapse of major corporations resulting from fraudulent practices has caused the loss of jobs of thousands of workers and billions of dollars of their life-time savings in 401(k) plans and pensions. (4) Workers, consumers and families whose livelihoods and futures are threatened by the fraudulent practices of these corporations lack adequate representation before Congress, state legislatures and state and federal regulatory agencies to make their case and seek remedies. (5) Resources available for representation of consumers, workers and community interests need to be expanded so that in the tradition of self-government citizens can better monitor the performance of state and federal agencies which regulate corporations and participate in the public debate concerning the oversight of these corporations. (6) The federal government has a substantial interest in the creation of a public-purpose, democratically controlled, self-funded, nation-wide membership Association of consumers, taxpayers, shareholders to enhance their representation and to effectively combat corporate fraud. (7) The requirement that informational and statutory inserts be included in the mailings of entities subject to this act is essential to the creation of the Association.
(b) PURPOSES.--It is the purpose of this Act: (1) to establish a public-purpose, nonprofit, democratically controlled, membership Association of consumers, taxpayers and shareholders; (2) to give the Association a mandate to inform and represent consumers, taxpayers, and shareholders and the broad public interests in furthering effective and vigorous oversight of corporations. (3) to establish democratic rules of governance for the Association; (4) to require any entity subject to this act to periodically include inserts concerning the Association within their statements and billings to consumers; and (5) to prescribe the text and format of the statutory insert. SEC. 1203 POLICY. The policy of Congress is that it is in the public interest to authorize the establishment, through the exercise of the powers provided in this chapter, of an orderly procedure for developing, and financing (through the insert mechanism) the creation of the Consumer, Taxpayer, Shareholder Protection Association (CTSPA). (a) Federal Charter. Consumer, Taxpayer, Shareholder Protection Association ("Association"), a nonprofit corporation incorporated in the District of Columbia, is a federally chartered corporation. (b) Non-Governmental Status. The corporation is a private corporation, not a department, agency, or instrumentality of the United States Government. An officer or employee of the corporation is not an officer or employee of the Government. SEC. 1205. DEFINITIONS. For purposes of this Act (a) ASSOCIATION.--The term "association" means the Consumer, Taxpayer, Shareholder Protection Association (CTSPA) authorized to be established under this Act. (b) CONSUMER. The term "consumer" means any person who uses, purchases, leases, or acquires any real or personal property, tangible or intangible goods, services or credit. (c) COMMISSION. The term "Commission" shall mean Federal Trade Commission (FTC). (d) MEMBER. The term "member" means any person who meets the requirements for membership in the consumers Association set forth in section 1204 of this Act. (e) ASSOCIATION DIRECTOR. The terms "association director" and "director" mean any person duly elected or appointed to the Association board of directors pursuant to this Act. (f) REGULATORY AGENCY. The term "regulatory agency" means any governmental office, agency, department, or commission at the federal, state or local level, which regulates, monitors, directs or governs financial services. (g) REGULATORY PROCEEDING. The term "regulatory proceeding" means any rulemaking, adjudication, or ancillary proceeding conducted by any governmental office, agency, department, or commission at the federal, state or local level, which affects financial services. (h) ENTITIES SUBJECT TO THIS ACT. The term "entities subject to this act" shall mean: (1) any company filing periodic reports under section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m, 78o(d)), with revenues during their last fiscal year of greater than $1.2 billion; or (2) any federal depository institution as defined in section 101(7) of the Federal Deposit Insurance Act. (i) STATUTORY INSERT, ASSOCIATION INSERT. The term "insert" means any digital or printed statement, card or envelope and statement combination or the statement, application, and pre-addressed business reply envelope that is used by the Association to solicit information and contributions or membership fees from consumers, taxpayers and shareholders and explain the purpose, history, nature, activities and achievements and membership criteria of the Association. (j) INSERT CARRIER. The term "insert carrier" shall include, but not be limited to, any deposit account statement which: (A) indicates the balance on a deposit account; (B) involves an outstanding deposit account contract or agreement between a federally insured depository institution and a customer of such institution; (C) any shareholder proxy mailing or statement mailed or otherwise distributed to a customer or shareholder by a broker or dealer. SEC. 1206. ESTABLISHMENT OF THE ASSOCIATION.-- (a) CHARTER. There is hereby authorized to be established a nonprofit corporation by the interim board of directors which will not be an agency or establishment of the United States Government, to be known as the "Consumer, Taxpayer, Shareholder Protection Association Act" (CTSPA) hereinafter referred to as the Association. The Association shall be subject to the provisions of this Act, and, to the extent consistent with this Act, to the District of Columbia Nonprofit Corporations Act. The Association's head office shall be located in Washington, D.C. (b) REGIONAL AND LOCAL OFFICES. The Association may establish regional offices as needed, in any of the several States. (c) BYLAWS. Except as provided in this Act and in the District of Columbia Nonprofit Corporation Act, the affairs of the Association shall be regulated as determined in the Bylaws. (e) NONPROFIT, NONSTOCK STATUS. The Association chartered under this section-- (1) shall be a nonprofit corporation; and (2) may not issue any shares of stock or other securities or pay any dividends. (f) MEMBERSHIP. The membership of the Association shall consist of all individuals who-- (1) are 16 years of age or older; (2) have contributed the required annual membership fee to the Association. (g) MEMBERSHIP FEE. (1) INITIAL FEE. Until the end of the 180-day period beginning on the date of the first election of directors, the Association's annual membership fee shall be $10.00. (2) PERMANENT FEE DETERMINED BY BOARD OF DIRECTORS. After the end of the 180-day period referred to in paragraph (f) above, the Association may, by vote of the board of directors, alter the annual membership fee, including the adoption of a sliding fee structure related to a member's income. (h) POLITICAL CONTRIBUTIONS PROHIBITED. The Association shall not make any contributions to any political candidate or party or any political action committee as defined in 2 U.S.C. § 431. SEC. 1207. AUTHORIZATION OF APPROPRIATIONS AND ALLOTMENTS OF GRANTS. There is authorized to be appropriated for the purpose of establishing the Consumer Association $5,000,000 for the fiscal year ending one year after enactment of this Act. SEC. 1208. DUTIES AND POWERS OF THE ASSOCIATION. (a) DUTIES. The Association shall have the following duties, and all actions by the Association shall be directed toward the performance of such duties: (1) To inform, educate, and advise consumers, taxpayers and shareholders about the actions of entities subject to this act. (2) To represent and promote the interests of consumers collectively and to, when necessary, negotiate on behalf of consumers, taxpayers and shareholders, with entities subject to this act. (3) To take affirmative measures to encourage membership by low- and moderate-income and minority consumers, to disseminate information and advice to consumers. (4) To inform, insofar as possible, consumers about the Association, including the procedures for obtaining membership in the Association. (5) To provide workers, shareholders, taxpayers and consumers with information about how corporate initiatives will affect them. (6) To monitor the availability and quality of financial and other services to low- and moderate income constituencies and the elderly. (7) To develop data to assist workers, shareholders, taxpayers and consumers in making informed decisions in the marketplace. (b) POWERS.--In addition to the rights and powers provided by other provisions of this Act, the Association shall have the following powers: (1) To represent the interests of consumers before local, state and federal regulatory agencies, legislative bodies, the courts, and in other public forums. (2) To initiate, to intervene as a party, or otherwise participate on behalf of financial-service consumers in any regulatory proceeding which the Association reasonably determines may affect their interests. (3) To sue on behalf of any member, group of members, or all members for judicial relief, including damages, in any court of competent jurisdiction in regard to any consumer matter. (4) To conduct, support, and assist research, surveys, and investigations in consumer matters. (c) STANDING. The Association shall be deemed to have an interest sufficient to obtain judicial review or enforcement in any court of competent jurisdiction of any regulatory decision or other regulatory action which the Association reasonably determines may affect the interest of consumers, taxpayers, and shareholders, pursuant to this act. (a) ESTABLISHMENT OF THE INTERIM BOARD. The interim board of directors of the Association shall be appointed as follows: Three shall be appointed by the President of the United States. Three shall be appointed by the Speaker of the House of Representatives. Three shall be appointed by the President Pro Tempore of the Senate. One interim director shall be appointed by the minority leader of the House of Representatives, and one shall be appointed by the minority leader of the Senate. Individuals considered for appointment to the interim board shall, to the extent possible, represent different regions of the United States and represent the following categories of citizens' organizations: consumer groups; institutional shareholder groups, labor unions; and civil rights groups, neighborhood groups; elderly groups; and organizations representing low-income persons. (b) ELIGIBILITY. To qualify for nomination or appointment as an interim director representing a designated category of citizens' organizations, an individual must currently be an officer, employee, or member of a citizens' organization within such category or previously have been an officer or employee of one or more citizens' organizations within such category for a cumulative period of at least 2 years. (c) DUTIES OF INTERIM BOARD. The interim board of directors shall have the following duties to perform: (1) Within 60 days of appointment, incorporate the Association under the laws of the District of Columbia but subject to the provisions and limitations of this Act. (2) Manage the affairs of the Association until the first elected board of directors takes office. (3) Inform the public of the existence, nature, and purpose of the Association, and encourage such persons to join the Association, participate in its activities, and to contribute to the Association. (4) Adopt procedures and standards, consistent with the requirements of this Act, for the nomination and election of the Association's first elected board of directors. (5) Make all necessary preparations for the Association's first election and oversee the election campaign and tally the votes. (6) Employ such interim staff as the interim directors deem necessary to carry out their responsibilities under this act. (d) APPLICABILITY OF CERTAIN OTHER PROVISIONS OF THIS ACT.--Interim directors shall be subject to the requirements of the applicable subsections of this Act. (e) LIMITATION ON AUTHORITY TO APPEAR BEFORE OTHER BODIES.--The interim board of directors shall not engage in representation or intervention on behalf of consumers except to the extent necessary to maintain or exercise the powers granted and the duties imposed upon it by this Act. (f) CONDUCT FIRST GENERAL ELECTION. (1) IN GENERAL. Once the membership of the Association reaches 50,000 or within 18 months of the appointment of the last interim director, whichever occurs first, the interim board of directors shall set a date for the first general election and shall promptly notify every member. (2) TIMELY ELECTION REQUIREMENT. The date set for the election shall be not more than 90 days after such notification. SEC. 1210. INSERT AND NOTICE PROVISIONS. (a) STATUTORY INSERT. The term "statutory insert" means a statement containing in the following information: "The Consumer, Taxpayer, Shareholder Protection Association is a consumer, taxpayer, and shareholder membership organization established under Federal law to inform and represent consumers. "Deceptive and fraudulent business practices have undermined public confidence in the integrity and fairness of many of the nation’s largest corporations. "The Association will work on behalf of consumers, shareholders, and taxpayers to prevent corporate fraud and deceptive business practices and to ensure the protection of retirement funds and investments. "The Association provides consumers with information and advice on a range of consumer issues. "The Association also represents consumers before regulatory agencies and legislative bodies. "The Association is a democratically controlled consumer membership organization. "Although the Association has been established under Federal law, as a consumer membership organization, the Association is primarily supported by membership fees, not public funds. Thus the Consumer, Taxpayer, Shareholder Protection Association depends on its membership base for funding to undertake its information and representation activities. "Anyone who is 16 years of age or older is entitled to become a member of the Association by paying the annual membership fee. The amount of the annual membership fee is $_____. "You may become a member simply by filling out the attached application and mailing it and the membership fee to the Consumer, Taxpayer, Shareholder Protection Association in the attached pre-addressed envelope." (b) an application for Association membership which requests the applicant's name and indicates the annual membership fee; and (c) a pre-addressed, business reply envelope for mailing the application and membership fee to the Association. (d) REQUIREMENTS APPLICABLE TO STATUTORY INSERTS. The statutory insert required by this section shall be subject to the following requirements: (1) The statutory insert shall contain only the statement, application and pre-addressed business reply envelope specified in subsections (a) (4). (2) The statement, application, and pre-addressed business reply envelope shall be presented to the customer as a single document, although the document may be separable into different parts by tearing along perforated lines. (3) The statement and application shall be printed in at least ten point type. (4) The Consumers Association shall pay the cost of printing and placing the statutory insert in all appropriate mailings but shall not pay any postage costs if the insert weighs less than .35 ounces. (e) STATUTORY INSERT REQUIRED TO BE INCLUDED IN STATEMENTS OF ALL ENTITIES SUBJECT TO THIS ACT. (1) IN GENERAL. Entities subject to this act shall include, or cause its agent to include, a statutory insert or a Consumer, Taxpayer, Shareholder Protection Association insert in four mailings to its shareholders or customers each year and in any proxy communication made to shareholders. (2) STATUTORY INSERT. The Consumer, Taxpayer, Shareholder Protection Association shall have the right to include statutory inserts in the mailings of each entity subject to this act once each calendar quarter. The Association shall also have the right to require entities subject to this Act to send the information contained in the statutory insert to customers and shareholders once each year via electronic email. The Association shall only pay the reasonable incremental costs of the electronic distribution of this information. (3) CONSUMER, TAXPAYER, SHAREHOLDER PROTECTION ASSOCIATION INSERTS.--In addition, the Consumer, Taxpayer, Shareholder Protection Association shall have the right to include in the mailings referred to in paragraph (2) once each calendar quarter an insert that it prepares and furnishes to any institution required to carry the statutory insert. (4) The insert furnished by the Association shall be limited to soliciting information and contributions or membership fees from consumers and explaining: (A) the purpose, history, nature, activities and achievements of the Association; (B) that the Association membership is open to any resident of the United States who is 16 years of age; (C) that the Association is not connected to any financial services entity; (D) that the Association is a nonprofit Association directed by its consumer members; (E) the procedure for contributing to or becoming a member of the Association, and (F) the yearly membership fee. (5) Prior to furnishing an insert to an entity subject to this act for mailing, the Association shall submit the insert to the Federal Trade Commission (FTC). The FTC may disapprove the insert for mailing if it finds that the insert is false or misleading or contains information not permitted by this section. The FTC shall review the insert and make a determination promptly, but in no event later than twenty-one calendar days after receipt of the insert. SEC. 1211. BOARD OF DIRECTORS. (a) MANAGEMENT OF ASSOCIATION. The affairs of the Association shall be managed by a board of directors which shall be elected by the members of the Association in accordance with the provisions of section 1208. The board of directors shall consist of 17 members. Twelve directors shall constitute a quorum. (b) ONE-PERSON ONE-VOTE. Each director shall have one vote on the board of directors. (c) TERMS OF OFFICE. The term of office for a director shall be three years, except as provided otherwise in this Act, and no director shall serve more than two consecutive terms. (d) POWERS AND DUTIES OF BOARD. The board of directors shall, in addition to its other responsibilities, have the following powers and duties: (1) Conduct meetings of the board of directors at least once every 6 months, which shall be open to the public, unless the board of directors by a 2/3 majority votes to adjourn into executive session. The only matters which shall be discussed in executive session are personnel actions, potential or pending civil or criminal proceedings involving the Association, and material which would result in an unwarranted invasion of personal privacy if discussed in open sessions. (2) Keep minutes, financial records, and other records which shall reflect the acts and transactions of the board of directors. (3) Cause the Association's financial books to be audited by a qualified certified public accountant at least once each fiscal year. (4) Prepare quarterly statements and an annual report indicating the substantive activities and financial operations of the Association. (5) Approve the Bylaws of the Association consistent with the requirements of this Act. (6) Make available to the public any of the following documents prepared by or filed with the Association within the preceding five years: minutes of the board of directors meeting, directors' or executive directors' financial statements, candidates' financial statements, and candidates' statements. This information shall also be placed on the Association’s webpage. (7) Conduct three mailings each year to the membership to inform the membership about the work of the Association and to conduct the business of the Association. (e) ELECTION OF OFFICERS. At the first regular meeting of the board of directors at which a majority of its members are present subsequent to the installation of new directors following each annual election, the board shall elect by majority vote of directors present and voting and from among the directors a president, a vice-president, a secretary and a treasurer. The board shall also have the power to elect a comptroller and such other officers as it deems necessary. (f) EXECUTIVE DIRECTOR OF ASSOCIATION. (1) IN GENERAL. The board of directors shall hire and supervise an executive director for the Association. (2) DUTIES OF EXECUTIVE DIRECTOR. The executive director shall implement the policies established by the board of directors, employ and discharge Association employees, and manage the offices, facilities, and employees of the Association. (3) ELIGIBILITY STANDARDS. Any applicant for the position of executive director and each executive director shall satisfy the requirements for director eligibility established by this Act. (4) TERM LIMIT. The Executive Director shall only be eligible to serve as an employee of the Association for six years. After this six-year term, the Executive Director will be prohibited from serving as an agent, consultant, attorney, accountant or sub-contractor for to the Association and shall be ineligible to receive any monetary compensation from the Association. (h) NO COMPENSATION FOR ASSOCIATION DIRECTORS. An Association director may not receive any compensation for his or her services but shall be reimbursed for wages actually lost in an amount not to exceed $160 per day and for necessary expenses, including travel expenses incurred in the discharge of duties. (i) BONDING REQUIREMENT FOR STAFF. Any director or staff eligible to receive, handle, or disburse funds on behalf of the Association shall be bonded. The cost of such bonds shall be paid for by the Association. (j) ANNUAL FINANCIAL STATEMENTS OF DIRECTORS. Each director and the executive director shall file annually with the board of directors a director's financial statement which shall include the same information required in 5 USC § 102. (k) ANNUAL MEETINGS. (1) An annual meeting of members shall be held in the month of January on a date and at a place within the United States to be determined by the Board of Directors at least six months in advance of the meeting. (2) Items may be placed on the meeting's agenda by the following methods: (A) By request of any Director not less than ten days and not more than four months in advance of the date of such meeting; or (B) By petition containing the valid signatures or at least one (1) percent of the total membership. Such petition must be filed with the Board of Directors not less than ten days and not more than four months in advance of the date of such meeting. (C) The Executive Director shall present proposed agenda items to the membership through its regular mailings. (3) The annual meeting of Association Members shall be open to the public, seating preference, will however be given to Association Members. Association Members shall be given a reasonable opportunity at such meetings to present comments, criticisms and suggestions concerning the Association. (4) Complete minutes of the annual meetings shall be kept and distributed to all depository libraries in the United States and placed on the Association’s webpage. (l) VACANCY. In the event that a Board Member position becomes vacant, the board of directors shall install the person having the highest vote total in the last election who was not elected to the board. If this is impossible the board of directors by vote of no less than two-thirds of all directors, shall appoint within 60 days a successor for the remainder of the current term. The person appointed by the Board of Directors shall meet the qualifications for board members. (m) RECALL. Upon receipt by the President of the Board of Directors of a petition to recall any Director with the valid signatures of at least five percent of the members, the President shall call an election, to be held not less than four months and not more than six months after his or her receipt of the petition, for the purpose of selecting a Director; provided, that no petition to recall a Director may be filed within six months of his or her election. An election pursuant to the filing of a recall petition shall be conducted in accordance with the provisions of this Act. A Director may become a candidate in the election triggered by the filing of the recall petition. The Director recalled shall continue to serve until the installment in office of his or her successor or until his or her reelection. The election triggered by the filing of a recall petition shall be conducted via one of the Association’s quarterly mailings. SEC. 1212. ELECTIONS OF DIRECTORS. (a) ELECTION OF THE BOARD OF DIRECTORS. Each member shall cast up to seventeen votes and may distribute them among candidates in any manner the member chooses, including casting more than one vote for a candidate. The seventeen candidates receiving the most votes shall be elected. There shall be no runoff. Ties shall be broken by lot. (b) ELIGIBILITY STANDARDS FOR THE BOARD OF DIRECTORS. To qualify for nomination as a candidate for election to the Board of Directors, a person must: (1) be a member of the association; (2) be nominated by 100 other members; and (3) to the extent possible, represent the following categories of citizens' organizations: consumer groups; institutional shareholder groups, labor unions; and civil rights groups, neighborhood groups; elderly groups; and organizations representing low-income persons. (c) APPLICABILITY TO ALL BOARD ELECTIONS. The requirements of this section shall apply to the first election of directors conducted by the interim board of directors pursuant to section 1208 of this Act as well as to all subsequent elections. (a) CANDIDATE'S STATEMENT. Any person seeking nomination as a candidate for election to the board of directors shall file with the Association, no less than 60 days and no more than 120 days prior to the election, a candidate's statement. The contents of a candidate's statement may not contain false statements and the Association may, by Bylaw or interim board of directors' procedure, impose a uniform limitation on the length of all candidate's statements. (b) FINANCIAL STATEMENT. Any person seeking nomination as a candidate for election as a delegate or to the board of directors shall file with the Association, no less than 60 days and no more than 120 days prior to the election, a report containing the information required by 5 USC § 102. (c) INELIGIBILITY OF INTERIM DIRECTORS AND STAFF DURING FIRST ELECTION.--No interim director shall be eligible for election to the board of directors during the first election. The executive director and other Association staff persons, including interim staff persons, shall not be eligible for election to the board of directors while serving as executive director or staff person or for one year after such service is terminated. (d) INELIGIBILITY OF DIRECTORS TO HOLD OTHER PUBLIC OFFICE. No director shall hold any elective Federal, State, or local office or be a candidate for such office, or be appointed to hold such office, unless such appointee receives no compensation other than reimbursement of expenses. (e) INELIGIBILITY OF OFFICERS, DIRECTORS OF AN ENTITY SUBJECT TO THIS ACT.--No present director, or officer, of any entity subject to this act, or agent, consultant, attorney, or accountant for a financial-service provider nor members of the immediate family of such persons shall be eligible to be a delegate or a director. (f) INELIGIBILITY OF OFFICERS AND EMPLOYEES OF FEDERAL OR STATE DEPOSITORY INSTITUTION REGULATORY AGENCIES. No officer or employee of any Local, State or Federal agency that regulates any entity subject to this act shall be eligible to be a delegate or a director. SEC. 1214. BALLOT ISSUES. (a) Issues may be placed on a ballot for vote by the general membership, provided a majority of the Board votes to place an issue before the membership for vote. The rules and procedures for placing an issue before the membership for a vote shall be developed by the Commission. SEC. 1215. ACCESS TO MEMBER MAILINGS. No person shall use any list of Members to the Association, or any part of such list, for purposes other than the conduct of business of the Association as prescribed in this Act. The board of directors shall, however, develop criteria for providing Association member access through Association mailings to the Association's membership for Association purposes. (a) No entity subject to this act or officer, employee, or agent of any entity subject to this Act may interfere or threaten to interfere with or cause any interference with the utility service of, or penalize or threaten to penalize or cause to be penalized, any person who contributes to the Association or participates in any of its activities, in retribution for such contribution or participation. (b) No person may act with intent to prevent, interfere with or hinder the activities permitted under this Act. (c) No person shall use any list of Members of the Association, nor any part of such list, for purposes other than the conduct of business of the Association as prescribed in this Act. No person shall disclose any such list or part thereof to another person unless there is substantial reason to believe that such list or part thereof is intended to be used for the lawful purposes described in this Act. Any person who violates this subdivision shall be subject to the penalties prescribed by this Act. SEC. 1217. PENALTIES. A violation of any provision of this Act by an entity subject to this Act or officer, employee, or agent thereof or of the Association shall be subject to a civil penalty of not more than $10,000 for each violation to be levied by the Federal Trade Commission. SEC. 1218. ADMINISTRATIVE ENFORCEMENT. Compliance with the provisions of this Act shall be enforced by the Federal Trade Commission in the same manner and with the same power and authority as the Commission has under (15 U.S.C. § 41 et seq.). SEC. 1219. DISSOLUTION. If, after the end of the 3-year period beginning on the date the Association is incorporated, the Association's membership remains below 25, 000 members during any 1-year period, the board of directors of the Association shall dissolve the Association. Upon the termination, dissolution, or winding up of the Association in any manner or for any reason, voluntary or involuntary, its assets, if any, remaining after the payment or provision for payment of all liabilities of the Association shall be distributed to, and only to, one or more charitable organizations. No part of the income or assets of the Association shall inure to any of its members, directors, or officers, or be distributed to any of them during the life of the Association or upon its dissolution. At the time of dissolution, any unexpended funds appropriated by Congress for the establishment of the organization shall be returned to the United States Treasury.
SEC. 1220. RELATIONSHIP TO EXISTING LAW. Nothing in this Act shall be construed to limit the right of any individual or group of individuals to initiate, intervene in, or otherwise participate in any proceeding before a regulatory agency or court, nor to relieve any regulatory agency, court, or other public body of any obligation, or affect its discretion to permit intervention or participation by a consumer or group or class of consumers or citizens in any proceeding or activity. SEC. 1221. CONSTRUCTION. The provisions of this Act shall be construed in such a manner as best to enable the Association to effectively represent and protect the interests of the financial service consumers of the United States. SEC. 1222. SEVERABILITY. If any provision of this Act shall be declared unconstitutional or invalid, the other provisions shall remain in effect notwithstanding. SEC. 1223. EFFECTIVE DATE. This Act shall become effective on the date of its adoption. |