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S 419 - 102

Resolution Trust Corporation Funding Act of 1991

Became Public Law No: 102-18.

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Finance and banking
2 evidence matches
Impact 99% Confidence 90%

Finance and Financial Sector

Resolution Trust Corporation Funding Act of 1991 Became Public Law No: 102-18. Finance and Financial Sector

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Summary

48 Conference report filed in House Apr 18, 2002

Resolution Trust Corporation Funding Act of 1991 - Title I: RTC Resolution Process and Funding - Amends the Federal Home Loan Bank Act to authorize additional funding to the Resolution Trust Corporation (RTC). Requires the Oversight Board to transmit to specified congressional committees: (1) RTC's audited financial statements within 180 days after the end of the fiscal year to which those audits apply; and (2) a detailed financial operating plan by the beginning of each calendar quarter. Outlines the contents to be included in the Plan. Requires the Director of the Office of Thrift Supervision to deliver to the Oversight Board on a quarterly basis a list of savings associations in danger of default. States that whenever agency reports are not provided timely to the Congress, the President of the Oversight Board and the head of the responsible agency shall testify before certain congressional committees about the causes and the remedial steps being taken with respect to the reporting delinquency. Amends the Federal Home Loan Bank Act and the Federal Deposit Insurance Act to provide that officials of the RTC, the Oversight Board, and the Federal Deposit Insurance Corporation (FDIC) are not subject to personal civil liability under the Securities Act of 1933 for asset disposition activities undertaken within the scope of their employment. Declares that this does not limit personal liability for criminal acts or omissions, willful or malicious misconduct, acts or omissions for private gain, or any other acts or omissions outside the scope of employment. Amends the Federal Home Loan Bank Act to authorize the RTC and the Oversight Board to indemnify their personnel (including FDIC personnel) against any civil liability for asset disposition activities undertaken within the scope of their employment. Directs the FDIC, when modifying, renegotiating or restructuring specified insolvent institution cases resolved by the FSLIC between January 1, 1988, and August 9, 1989, to pursue all legal means by which it can reduce both the direct outlays and the tax benefits associated with such cases, including restructuring to eliminate tax free interest payments and renegotiating to capture a larger portion of the tax benefits for the FDIC. Title II: RTC Disposition of Affordable Housing - Excludes from the RTC affordable housing disposition program residential properties sold to an insured depository institution (including properties that were formerly assets of a closed savings association). Authorizes the RTC to sell single family property to qualifying households, nonprofit organizations, and public agencies without regard to any minimum purchase price. Title III: RTC Management Reforms - Sets forth specific RTC management goals, including: (1) standardized conservatorship auditing and monitoring procedures; (2) expedited conservatorship resolution; (3) an information resources management program; (4) a securities portfolio management system; (5) a systemized tracking and inventory of real-estate-owned assets; (6) a quarterly asset valuation process; (7) standardization of a due diligence and market format regarding one- to four-family mortgages; and (8) regular review, revision, and dissemination of contracting procedures. Requires the RTC to report to certain congressional committees regarding management reform compliance. Title IV: Minority Contracting Report - Requires the RTC to submit to the Congress biannual descriptions of all actions taken with respect to the outreach program for hiring and contracting with minority- and women-owned businesses.

36 Passed House amended Apr 18, 2002

Resolution Trust Corporation Funding Act of 1991 - Amends the Federal Home Loan Bank Act to mandate that any request for new or additional financing for the Resolution Trust Corporation (RTC) be submitted in writing to specified congressional committees and contain a complete and detailed financial spending plan. Directs the Secretary of the Treasury to provide a specified sum to the RTC. Amends the Federal Home Loan Bank Act to exempt from certain rules under the RTC's statutory mandate to make eligible residential properties available to the low- and moderate-income market any such properties the RTC has contracted to sell to an insured depository institution, including a sale in connection with a transfer of substantially all assets of a closed savings association to such institution. Authorizes the RTC to sell eligible single family property to qualifying households, nonprofit organizations, and public agencies without regard to any minimum purchase price. Sets forth specific RTC management goals, including: (1) standardized conservatorship auditing and monitoring procedures; (2) expedited conservatorship resolution; (3) an information resources management program; (4) a securities portfolio management system; (5) a systemized tracking and inventory of real-estate-owned assets; (6) a quarterly asset valuation process; (7) standardization of a due diligence and market format regarding one- to four-family mortgages; and (8) regular review, revision, and dissemination of contracting procedures. Requires the RTC to report to certain congressional committees regarding management reform compliance. Requires the RTC to submit to the Congress biannual descriptions of all actions taken with respect to the outreach programs for hiring and contracting with minority- and women-owned businesses.

35 Passed Senate amended Apr 18, 2002

Resolution Trust Corporation Funding Act of 1991 - Amends the Federal Home Loan Bank Act to authorize additional funding to the Resolution Trust Corporation (RTC) to cover losses in thrift institutions. Prohibits the obligation of such funds after FY 1991. Requires the Oversight Board to transmit to specified congressional committees: (1) the RTC's audited financial statements within 180 days after the end of the fiscal year to which those audits apply; and (2) a detailed financial operating plan by the beginning of each calendar quarter. Outlines the contents to be included in the Plan. Requires the Director of the Office of Thrift Supervision to deliver to the Oversight Board on a quarterly basis a list of savings associations in danger of default. States that whenever agency reports are not provided timely to the Congress, the President of the Oversight Board and the head of the responsible agency shall testify before certain congressional committees about the causes and the remedial steps taken with respect to the reporting delinquency. Amends the Federal Home Loan Bank Act and the Federal Deposit Insurance Act to provide that officials of the RTC, the Oversight Board, and the Federal Deposit Insurance Corporation (FDIC) are not subject to personal civil liability under the Securities Act of 1933 for asset disposition activities undertaken within the scope of their employment. Amends the Federal Home Loan Bank Act to authorize the RTC and the Oversight Board to indemnify their personnel (including FDIC personnel) against any civil liability for asset disposition activities undertaken within the scope of their employment. Directs the FDIC, when modifying, renegotiating or restructuring specified insolvent institution cases resolved by the FSLIC between January 1, 1988, and August 9, 1989, to pursue all legal means by which it can reduce both the direct outlays and the tax benefits associated with such cases, including restructuring to eliminate tax free interest payments and renegotiating to capture a larger portion of the tax benefits for the FDIC.

00 Introduced in Senate Apr 18, 2002

Resolution Trust Corporation Funding Act of 1991 - Amends the Federal Home Loan Bank Act to authorize additional funding to the Resolution Trust Corporation (RTC) to cover losses in resolving thrift institutions. Prohibits the obligation of such funds after FY 1991. Requires the Oversight Board to transmit to specified congressional committees: (1) RTC's audited financial statements within 180 days after the end of the fiscal year to which those audits apply; and (2) a detailed financial operating plan by the beginning of each calendar quarter. Outlines plan contents. Requires the Director of the Office of Thrift Supervision to deliver to the Oversight Board on a quarterly basis a list of savings associations in danger of default. States that whenever agency reports are not provided timely to the Congress, the President of the Oversight Board and the head of the responsible agency shall testify before certain congressional committees about the causes and the remedial steps taken with respect to the reporting delinquency. Amends the Federal Home Loan Bank Act and the Federal Deposit Insurance Act to provide that officials of the RTC, the Oversight Board, and the Federal Deposit Insurance Corporation are not subject to personal civil liability under the Securities Act of 1933 for asset disposition activities undertaken within the scope of their employment. Amends the Federal Home Loan Bank Act to authorize the RTC and the Oversight Board to indemnify any of their personnel (including FDIC personnel) who perform services for them.

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Timeline

Mar 23, 1991

Signed by President.

Mar 23, 1991

Signed by President.

Mar 23, 1991

Became Public Law No: 102-18.

Mar 23, 1991

Became Public Law No: 102-18.

Mar 21, 1991

Message on Senate action sent to the House.

Mar 21, 1991

Mr. Gonzalez brought up conference report H.Rept. 102-27 by previously agreed to special order.

Mar 21, 1991

DEBATE - The House proceeded with one hour of debate on the conference report.

Mar 21, 1991

The previous question was ordered without objection.

Mar 21, 1991

Conference report agreed to in House: On agreeing to the conference report Agreed to by the Yeas and Nays: 225 - 188 (Roll no. 56).

Mar 21, 1991

Motions to reconsider laid on the table Agreed to without objection.

Mar 21, 1991

On agreeing to the conference report Agreed to by the Yeas and Nays: 225 - 188 (Roll no. 56).

Mar 21, 1991

Measure Signed in Senate.

Mar 21, 1991

Presented to President.

Mar 21, 1991

Presented to President.

Mar 19, 1991

Mr. Gonzalez asked unanimous consent that managers on the part of the House have until midnight on March 19 to file a conference report on S. 419. Agreed to without objection.

Mar 19, 1991

Conference report filed: Conference report H. Rept. 102-27 filed. Filed late, pursuant to previous special order.

Mar 19, 1991

Conference report H. Rept. 102-27 filed. Filed late, pursuant to previous special order.

Mar 19, 1991

Conference committee actions: Conferees agreed to file conference report.

Mar 19, 1991

Conferees agreed to file conference report.

Mar 19, 1991

Conference report agreed to in Senate: Senate agreed to conference report by Voice Vote.

Mar 19, 1991

Senate agreed to conference report by Voice Vote.

Mar 18, 1991

Message on Senate action sent to the House.

Mar 14, 1991

Resolving differences -- Senate actions: Senate disagreed to the House amendment by Voice Vote.

Mar 14, 1991

Senate disagreed to the House amendment by Voice Vote.

Mar 14, 1991

Senate agreed to request for conference. Appointed conferees. Riegle; Sarbanes; Garn.

Mar 13, 1991

Rules Committee Resolution H. Res. 112 Reported to House. Rule provides for consideration of S. 419 with 1 hour 0 of general debate. Upon adoption of this resolution it shall be in order to consider a motion offered by Rep. Gonzalez to take from the Speaker's table the b ill S. 419, strike all after the enacting cl ause and insert in lieu thereof the provisions contained in the report accompanying this resolution. Said motion shall be debatable for not to exc eed one hour, equally divided by the propone nts and opponents of the motion. The pre vious question shall be considered as ordered on the motion to final adoption. Measure will be considered rea d. Bill is closed to amendments. If the motion is agreed to, th e previous question shall be considered a s ordered on the bill to final passage without intervening motion except one motion to recommit. Upon passage of the bill, it shall be in orde r to move to insist on the House amendme nt to S. 419 a...

Mar 13, 1991

Rule H. Res. 112 passed House.

Mar 13, 1991

Considered under the provisions of rule H. Res. 112.

Mar 13, 1991

Rule provides for consideration of S. 419 with 1 hour of general debate. Upon adoption of this resolution it shall be in order to consider a motion offered by Rep. Gonzalez to take from the Speaker's table the bill S. 419, strike all after the enacting clause and insert in lieu thereof the provisions contained in the report accompanying this resolution. Said motion shall be debatable for not to exceed one hour, equally divided by the proponents and opponents of the motion. The previous question shall be considered as ordered on the motion to final adoption. Measure will be considered read. Bill is closed to amendments. If the motion is agreed to, the previous question shall be considered as ordered on the bill to final passage without intervening motion except one motion to recommit. Upon passage of the bill, it shall be in order to move to insist on the House amendment to S. 419 a...

Mar 13, 1991

Mr. Gonzalez moved to recommit with instructions to Banking, Finance + Urban Affrs.

Mar 13, 1991

On motion to recommit with instructions Agreed to by the Yeas and Nays: 213 - 197 (Roll No. 50).

Mar 13, 1991

DEBATE - Pursuant to the provisions of H. Res. 112, the House proceeded with one hour of debate on the Gonzalez motion to take S. 419 from the Speaker's table, strike all after the enacting clause and insert in lieu thereof the provisions printed in the report accompanying H. Res. 112.

Mar 13, 1991

The previous question on the motion to strike and insert was ordered pursuant to the rule.

Mar 13, 1991

The previous question was ordered pursuant to the rule.

Mar 13, 1991

Passed/agreed to in House: On passage Passed by the Yeas and Nays: 192 - 181 (Roll no. 51).

Mar 13, 1991

On passage Passed by the Yeas and Nays: 192 - 181 (Roll no. 51).

Mar 13, 1991

Motion to reconsider laid on the table Agreed to without objection.

Mar 13, 1991

Pursuant to the provisions of H. Res. 112, the House moved to insist upon its amendment, and request a conference.

Mar 13, 1991

On motion that the House insist upon its amendment, and request a conference Agreed to by voice vote.

Mar 13, 1991

Motion to reconsider laid on the table Agreed to without objection.

Mar 13, 1991

The chair appointed conferees from the Committee on Banking, Finance and Urban Affairs, for consideration of the Senate bill, and the House amendment, and modifications committed to conference: Gonzalez, Oakar, Vento, Barnard, Schumer, Frank (MA), Carper, Torres, Wylie, Leach, McCollum, Roukema, and Bereuter.

Mar 13, 1991

The chair appointed conferees from the Committee on Energy and Commerce for consideration of section 4 of the Senate bill, and modifications committed to conference: Dingell, Markey, and Lent.

Mar 13, 1991

Without objection the Speaker reserved the right to make additional appointments at a later date.

Mar 13, 1991

Message on House action received in Senate and held at desk: House amendment to Senate bill.

Mar 12, 1991

Received in the House.

Mar 12, 1991

Message on Senate action sent to the House.

Mar 12, 1991

Held at the desk.

Mar 7, 1991

Considered by Senate.

Mar 7, 1991

Passed/agreed to in Senate: Passed Senate with amendments by Yea-Nay Vote. 69-30. Record Vote No: 25.

Mar 7, 1991

Passed Senate with amendments by Yea-Nay Vote. 69-30. Record Vote No: 25.

Mar 6, 1991

Considered by Senate.

Mar 5, 1991

Considered by Senate.

Feb 27, 1991

Considered by Senate.

Feb 27, 1991

Returned to the Calendar. Calendar No. 22.

Feb 26, 1991

Measure laid before Senate by unanimous consent.

Feb 14, 1991

Introduced in Senate

Feb 14, 1991

Committee on Banking. Original measure reported to Senate by Senator Riegle. With written report No. 102-13. Additional views filed.

Feb 14, 1991

Committee on Banking. Original measure reported to Senate by Senator Riegle. With written report No. 102-13. Additional views filed.

Feb 14, 1991

Placed on Senate Legislative Calendar under General Orders. Calendar No. 22.

Feb 5, 1991

Committee on Banking ordered to be reported an original measure.

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