Resolution Trust Corporation Reform Act of 1991

Summary

Resolution Trust Corporation Reform Act of 1991 - Title I: Reform of the RTC - Abolishes the Oversight Board of the Resolution Trust Corporation (the Corporation). Vests management of the Corporation in its Board of Directors. Directs the Board of Directors to establish a National Housing Advisory Board to advise it on issues related to low-income housing. Requires the Corporation to provide the Secretary of the Treasury with quarterly financing reports. Sets forth the rights of Federal Deposit Insurance Corporation employees assigned to the Corporation. Title II: Disposition of Property by Resolution Trust Corporation - Amends the Federal Home Loan Bank Act to: (1) require the Corporation to record the reasons for selling any property in a distressed area for less than the minimum disposition price; (2) set forth condominium disposition and anti-speculation guidelines; (3) require the Corporation to make available for acquisition by any minority or women's depository institution those savings association branches located in predominatly minority neighborhoods for which it has been appointed conservator or receiver; (4) require the Corporation to review its seller financing procedures and endeavor to arrange appropriate financing to State and local governments seeking to acquire real property assets of institutions subject to the Corporation's jurisdiction; (5) require the Corporation to use competitive bidding methods; (6) set forth guidelines for the identification, disposition, and protection of Corporation properties with natural, cultural, recreational, or scientific value of special significance; and (7) require the Corporation to establish an Office of Dispute Resolution. Title III: Miscellaneous - Suspends Corporation funding if it does not provide the Congress with independently audited financial statements within specified deadlines. Precludes insurance coverage for uninsured depositors. Mandates disclosure of certain Corporation salaried executives whose compensation exceeds a specified level. Provides employee protections and remedies for Corporation employees and the employees of a Corporation contractor with respect to whistle-blowing activities. Requires the Comptroller General to report to the Congress regarding a feasibility study on the privatization of Corporation functions.

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Timeline

1. 7 November 1991

   Introduced

   Read twice and referred to the Committee on Banking.

   Source: IntroReferral

2. 7 November 1991

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

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Versions

• Introduced in Senate · — · Download file

Documents

2 official files

• Introduced in Senate (text)

  Introduced in Senate · EN

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 7 November 1991

  Open at official source

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Sponsors

• Sen. Riegle, Donald W., Jr. [D-MI] · D · Sponsor
• Sen. Dixon, Alan J. [D-IL] · D · Sponsor
• Sen. Dodd, Christopher J. [D-CT] · D · Sponsor
• Sen. Graham, Bob [D-FL] · D · Sponsor
• Sen. Wirth, Timothy [D-CO] · D · Sponsor
• Sen. Kerrey, J. Robert [D-NE] · D · Sponsor
• Sen. Sanford, Terry [D-NC] · D · Cosponsor
• · ssbk00 · Standing

Related records

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