Political Quotes

“Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 975) to amend the Federal Credit Union Act to modify the frequency of board of directors meetings, and for other purposes. The Clerk read the title of the bill. The text of the bill is as follows: H.R. 975 Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Credit Union Board Modernization Act''. SEC. 2. FREQUENCY OF BOARD OF DIRECTORS MEETINGS. Section 113 of the Federal Credit Union Act (12 U.S.C. 1761b) is amended-- (1) by striking ``monthly'' each place such term appears; (2) in the matter preceding paragraph (1), by striking ``The board of directors'' and inserting the following: ``(a) In General.--The board of directors''; (3) in subsection (a) (as so designated), by striking ``shall meet at least once a month and''; and (4) by adding at the end the following: ``(b) Meetings.--The board of directors of a Federal credit union shall meet as follows: ``(1) With respect to a de novo Federal credit union, not less frequently than monthly during each of the first five years of the existence of such Federal credit union.…”