Resolution Trust Corporation Refinancing Act of 1991

Summary

Resolution Trust Corporation Refinancing Act of 1991 - Title I: Resolution Trust Corporation Refinancing - Amends the Federal Home Loan Bank Act to provide additional funding to the RTC to complete the resolution of failed thrifts. Increases the RTC working capital borrowing limit. Amends the Federal Deposit Insurance Act to extend until September 30, 1993, the period during which the Office of Thrift Supervision must appoint the RTC as conservator or receiver of failed thrifts. Title II: Restructuring of the Oversight Board and the Resolution Trust Corporation - Resolution Trust Corporation Restructuring Act of 1991 - Amends the Federal Home Loan Bank Act to limit the accountability of the Oversight Board to performance of its duties under such Act. Revises the composition of the Board. Authorizes the RTC to develop and establish overall goals and policies and authorizes the Board to review and require modification of such goals and policies. Provides for the management of the RTC by its Board of Directors instead of the FDIC. Revises the composition of the RTC Board of Directors. Revises RTC personnel provisions with respect to the use of FDIC employees. Provides for the appointment of a chief executive officer to the RTC by the Oversight Board. Amends the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 provide for the rights of FDIC empoyees assigned to the RTC at the time of its termination. Authorizes the Oversight Board to remove the RTC Board of Directors for cause and to appoint a new Board of Directors. Title III: RTC Disposition of Affordable Housing - Amends the Resolution Trust Corporation Funding Act of 1991 to extend from the end of FY 1991 to the end of FY 1992 the period during which the RTC may: (1) transfer certain residential property to an insured depository institution; and (2) disregard minimum purchase price considerations when selling eligible single family property to specified entities.

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2 official files

• Introduced in House (text)

  Introduced in House · EN

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• Introduced in House

  summary · EN · 17 September 1991

  Open at official source

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