A bill to reduce the cost of the Savings and Loan Crisis and to maximize the recovery of funds on behalf of the American taxpayer by providing the RTC and FDIC a priority relating to its claims against officers, directors and others responsible for losses at insolvent federally insured financial institutions.

Summary

Amends the Federal Deposit Insurance Act to grant the Federal Deposit Insurance Corporation (FDIC) priority in claims against an insured depository institution's personnel (other than a claim asserted by another Federal agency). Sets deadlines for filing of such a suit in order to take such priority. Requires a court to grant the FDIC, upon request, an enlargement of time within which to file suit unless certain circumstances exist. States that the FDIC priority applies both to the prosecution of a claim and to execution on the judgment.

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Documents

2 official files

• Introduced in Senate (text)

  Introduced in Senate · EN

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 30 January 1991

  Open at official source

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