Clerk session vote number: 56
Description: RESOLUTION TRUST CORPORATION FUNDING ACT OF 1991
Bill summary: 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.
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Bill titles: An original bill to amend the Federal Home Loan Bank Act to enable the Resolution Trust Corporation to meet its obligations to depositors and others by the least expensive means.
Links for more info on the vote: congress.gov