Federal Enterprise Regulatory Act of 1991

Summary

Federal Enterprise Regulatory Act of 1991 - Title I: Establishment of the Federal Enterprise Regulatory Board - Establishes the Federal Enterprise Regulatory Board (the Board) as a mixed-ownership government corporation to oversee Government-sponsored enterprises in order to ensure their safety, soundness and compliance with their public purposes. Vests management of the Board in a Board of Directors. Grants the Board rulemaking authority. Title II: Supervision and Regulation - Outlines the safety and soundness standards and remedial actions to be adopted and implemented by the Board. Require submission of periodic financial status reports to the Board by regulated enterprises. Requires the Board to appoint examiners to examine the enterprises. Title III: General Enforcement Powers - Sets forth the Board's enforcement powers, including: (1) cease and desist order authority; (2) party removal and prohibition authority; (3) suspension or removal authority (with respect to enterprise-affiliated parties charged with felonies); and (4) the imposition of civil and criminal penalties. Title IV: Conservatorship - Sets forth circumstances under which the Board may appoint itself conservator of a troubled enterprise. Title V: Regulatory Restructuring and Conforming Amendments - Subtitle A: Farm Credit Administration Abolished - Terminates the Farm Credit Administration and the Farm Credit Administration Board. Transfers to the Board their respective powers, staff, and property. Vests management responsibility of the Farm Credit System Division in the Board. Subtitle B: Reorganization of Federal Home Loan Banks - Terminates the Federal Housing Finance Board. Transfers its powers, property, and staff to the Board. Subtitle C: Amendments to Related Acts - Amends the Federal National Mortgage Association Charter Act, the Federal Home Loan Mortgage Corporation Act, and the Higher Education Act of 1965 to reflect the amendments made by this Act. Title VI: Miscellaneous Provisions - Grants the Comptroller General of the United States audit and evaluation authority over the Board and over the enterprises within the purview of this Act.

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2 official files

• Introduced in Senate (text)

  Introduced in Senate · EN

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 1 August 1991

  Open at official source

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