Financial Assistance to Institutions Reform Act of 1991 (FAIR ACT)

Summary

Financial Assistance to Institutions Reform Act of 1991 (FAIR Act) - Directs the Secretary of the Treasury to establish and implement an emergency loan assistance program for the purpose of providing financial institution assistance loans to States in which: (1) depositors cannot access their account funds for certain periods due to the simultaneous insolvency of more than one-third of the State's financial institutions; (2) the Governor has declared a bank holiday due to the insolvency of a non-Federal deposit insurance fund responsible for insuring deposits at certain financial institutions. Sets forth participation requirements including: (1) the submission of a State comprehensive financial institution reorganization plan which meets the Secretary's approval; (2) obtaining Federal deposit insurance by a financial institution that has resumed business as a result of receiving State emergency loan assistance; and (3) loan repayment guidelines for recipient States.

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Documents

2 official files

• Introduced in House (text)

  Introduced in House · EN

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• Introduced in House

  summary · EN · 20 February 1991

  Open at official source

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