Government-Sponsored Enterprises Financial Safety and Soundness Act of 1991

Summary

Government-Sponsored Enterprises Financial Safety and Soundness Act of 1991 - Title I: Improvement of Supervision and Regulation of the Federal National Mortgage Association and Federal Home Loan Mortgage Association - Defines specified terms for purposes of this title. Subtitle A: Establishment of Financial Safety and Soundness Regulatory - Establishes in the Department of Housing and Urban Development the Office of Government-Sponsored Enterprise Financial Oversight (Office). Subtitle B: Capital Levels and Special Enforcement Powers - Requires the Office to establish risk-based capital levels for each enterprise. Establishes minimum capital levels, critical capital levels, and enforcement levels. Sets forth mandatory supervisory actions at various capital levels. Subtitle C: General Enforcement Powers - Sets forth provisions regarding: (1) cease-and-desist proceedings; (2) temporary cease-and-desist orders; (3) removal and prohibition authority; (4) director or officer suspension and removal; (5) hearings and judicial review; (6) jurisdiction; (7) civil money penalties; (8) notice; (9) subpoena power; and (10) public disclosure of final orders and agreements. Subtitle D: Conservatorship - Authorizes: (1) the appointment of a conservator for a troubled enterprise; and (2) an enterprise to judicially challenge such appointment. Title II: Primacy of Financial Safety and Soundness for the Federal Housing Finance Board - Amends the Federal Home Loan Bank Act to state that the primary duty of the Board shall be to ensure that the Federal Home Loan Banks operate in a financially safe and sound manner. Title III: Improvement of Supervision and Regulation of the Student Loan marketing Association - Subtitle A: Establishment of Financial Safety and Soundness Regulatory - Requires the Secretary of the Treasury to report annually to the Congress on the financial safety and soundness of the Student Loan Marketing Association. Establishes a separate fund in the Treasury for the deposit of assessments, fees, and other charges collected to carry out the Secretary's responsibilities for the Association. Subtitle B: Capital Levels and Special Enforcement Powers - Directs the Secretary to establish relevant capital measures and minimum risk-based capital levels for each such measure. Subtitle C: General Enforcement Powers - Sets forth provisions regarding: (1) cease-and-desist proceedings; (2) temporary cease-and-desist orders; (3) removal and prohibition authority; (4) director or officer suspension and removal; (5) hearings and judicial review; (6) jurisdiction and enforcement; (7) civil money penalties; (8) notice; (9) subpoena power; and (10) public disclosure of final orders and agreements. Subtitle D: Conservatorship - Authorizes the Secretary to appoint a conservator for the Association when necessary. Title IV: Jurisdiction of Courts in Prompt Corrective Action - Amends Federal law to grant the United States Claims Court exclusive jurisdiction over claims for damages against the United States by any person who has petition for judicial review of certain actions made under this Act. Title V: Farm Credit System - Subtitle A: Improvements to Farm Credit System Safety and Soundness - Amends the Farm Credit Act of 1971 to authorize the Federal Farm Credit Banks Funding Corporation to gather information from, and monitor the financial condition and performance of, Farm Credit System banks and their related associations and to establish and impose certain economic incentives. Authorizes the Corporation, whenever assistance has been provided to any System bank, the authority to determine the amount of additional stock in the bank to be subscribed for to provide capital to meet certain capital requirements. Subtitle B: Farm Credit System Insurance Corporation - Revises the composition of the Board of Directors of the Farm Credit System Insurance Corporation. Directs the Corporation to develop and publish a new risk-based premium structure and to succeed to the rights of the Farm Credit System Assistance Board in the certification of institutions as eligible to issue preferred stock. Subtitle C: Farm Credit System Consolidation - Revises provisions governing the consolidation of farm credit districts. Subtitle D: Repayment of Financial Assistance Corporation Debt Obligations - Replaces the authority of the Financial Assistance Corporation to issue debt obligations with provisions for the prepayment of principal and interest into the Farm Credit Assistance Fund. Subtitle E: Farm Credit System Bank and Institution Management - Requires one-third of the members (currently, one of the members) of the board of directors of the following entities to be elected by the other directors: (1) each Federal land bank association; (2) each production credit association; and (3) each Farm Credit Bank.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 12 June 1991

   Introduced

   Read twice and referred to the Committee on Banking.

   Source: IntroReferral

2. 12 June 1991

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 11 July 1991

   Committee

   Committee on Banking. Hearings held.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · undated · Official file

Documents

2 official files

• Introduced in Senate (text)

  Introduced in Senate · EN

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 12 June 1991

  Open at official source

Sponsors

• Sen. Riegle, Donald W., Jr. [D-MI] · D · Sponsor
• Sen. Garn, E. J. (Jake) [R-UT] · R · Sponsor
• · ssbk00 · Standing

Related records

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