A joint resolution to make technical corrections in certain banking and related statutes.
Public Law 97-457 · S.J.Res. 271 · 97th Congress · began in the Senate
Signed by Ronald Reagan (R) on Jan 12, 1983 · Finance and Financial Sector
Sponsor: Sen. Jake Garn (R-UT)
Cosponsors: None
Passage votes
- HouseUnanimous consent
- SenateVoice vote
Data notes
The final version of the law, as each chamber passed it. A chamber that passed it by voice vote or unanimous consent has no count. “Method not stated” means the record does not say how the chamber voted. Where the record has a member-by-member vote, the “Who voted for it” section shows who voted yea.
Summary
The Congressional Research Service’s plain-language summary of what the law does.
Makes technical corrections to the Garn-St. Germain Depository Institutions Act of 1982. Amends the Federal Deposit Insurance Act and the National Housing Act to provide that deferral of, or exemption from, State franchise taxes on deposits during a period of Federal assistance to an insured bank applies to both interest and dividends paid on such deposits.
Amends the Home Owner's Loan Act of 1933 to permit the Federal Home Loan Bank Board to examine savings banks that convert to Federal charter but maintain Federal Deposit Insurance Corporation insurance.
States that certain sunset provisions shall not apply to outstanding net worth certificates.
Amends the Home Owners' Loan Act of 1933 to allow savings and loan associations to open demand accounts for themselves.
Amends the Depository Institutions Deregulation Act of 1980 to declare that money market deposit accounts in all depository institutions will not be subject to the phase-in of certain reserve requirements under the Monetary Control Act of 1980.
Amends the Home Owners' Loan Act of 1933 to grant savings and loan associations a five percent construction lending authority.
Amends the Federal Home Loan Bank Act to allow banks that withdrew from membership in the Federal Home Loan System to be readmitted.
Provides that the relocation of a bank's headquarters within community limits does not necessitate shareholder approval.
States that name approval by the Comptroller of the Currency is not required when a State bank converts to a Federal charter so long as the name contains the word "national."
Allows that a State as well as a State official can declare holidays for national banks.
Amends the Bank Holding Company Act of 1956 to provide that the limitations on life insurance activities are applicable to small bank holding companies and their subsidiaries.
States that the student loan exemption from truth-in-lending provisions applies to loans made on the date of enactment of the Garn-St. Germain Depository Institutions Act of 1982.
Amends the Bank Service Corporation Act to allow that bank service corporations owned by national banks may perform the same services a national bank may perform.
Amends the National Housing Act to apply provisions concerning the suspension or removal of officials to savings banks that become insured by the Federal Deposit Insurance Corporation.
Committees
The committees the bill was sent to, and what each did with it.
Data notes
A committee links to its page only where it exists in the current Congress; older and renamed committees are named without a link.
Timeline
From introduction to signing, newest first: the committees, the floor and the president. 11 actions.
- Jan 12, 1983Became lawBecame law · Became Public Law No: 97-457.
- Became lawBecame law · Signed by President.
- Jan 3, 1983PresidentPresident · Presented to President.
- Dec 21, 1982Resolving differencesResolving differences · Senate agreed to the House amendments. By Voice Vote.
- FloorFloor · Passed House (Amended) by Unanimous Consent.
- FloorFloor · Called up by House by Unanimous Consent.
- Dec 16, 1982FloorFloor · Passed Senate with an amendment by Voice Vote.
- CommitteeCommittee · Reported by Senate Banking, Housing, and Urban Affairs Committee
- CommitteeCommittee · Markup by Senate Banking, Housing, and Urban Affairs Committee
- Dec 13, 1982CommitteeCommittee · Referred to Senate Banking, Housing, and Urban Affairs Committee
- IntroducedIntroduced · Introduced in the Senate
Data notes
Shows the introduction, each committee and subcommittee step the source dates (referral, hearings, markup, report, discharge), and the floor, conference, presidential and became-law steps. Calendar placements, messages between the chambers, amendments and committee report numbers are not shown for laws before the 108th Congress. Two entries the source lists twice are shown once.
Official record
The bill’s full text and every action, including introduction and committee steps, are on Congress.gov. Data through Oct 7, 2026.