Competitive Equality Banking Act of 1987

Summary

Federal Savings and Loan Insurance Corporation Recapitalization Act of 1987 - Amends the Federal Home Loan Bank Act to require the Federal Home Loan Bank Board (FHLBB) to charter the Financing Corporation. Requires the Corporation to be under the management of a Directorate consisting of the Director of the Office of Finance of the Federal Home Loan Banks (Banks) and two other members selected by the Chairman of the Board from presidents of the Banks. Empowers the Corporation to borrow, to issue stock to Banks, to invest in Federal Savings and Loan Insurance Corporation (FSLIC) securities, to issue obligations the proceeds of which shall be invested in the FSLIC, and to make semiannual assessments of insured institutions to provide for the issuance costs, interest, and custodian fees of such obligations. Limits the aggregate amount of such obligations that may be outstanding at any time. Provides that such obligations shall be treated by the Securities and Exchange Commission as exempt securities, shall be tax-exempt (excluding interest), and shall not be guaranteed by the FSLIC, the Banks, or the United States. Requires each Bank to invest in nonvoting capital stock of the Corporation. Limits the cumulative investment of all Banks to $3,000,000,000 and of each Bank to the sum of specified required reserves plus undivided profits, as prescribed by this Act. Sets forth a formula for determining the prorated portion of funds to be invested by each Bank. Restricts dividend payments by a Bank for which other Banks must invest its required amount. Limits the use and disposition of Corporation assets not invested in the FSLIC. Prohibits the Corporation from making any net new borrowing after December 31, 1996. Requires the Corporation to submit to specified congressional committees quarterly reports on its activities, financial condition, income, and expenditures. Creates a Federal Savings and Loan Insurance Corporation Industry Advisory Committee. Directs the Committee to: (1) review, and confer with the FHLBB regarding quarterly reports and budgets on the activities, receipts, and expenditures of the FSLIC; and (2) submit an annual report to specified congressional committee chairmen on its activities and its reports and recommendations to the FHLBB and the FSLIC. Terminates the Committee and the Corporation as soon as practicable after the earlier of: (1) the date by which all FSLIC stock purchased by the Corporation has been retired; or (2) December 31, 2026. Amends the Government Corporations Control Act to establish the Corporation as a mixed-ownership Government corporation. Amends the National Housing Act to authorize the FSLIC to issue nonredeemable capital certificates and redeemable nonvoting capital stock which shall be sold only to the Corporation, shall pay no dividends, and the proceeds of which shall be considered part of the FSLIC's primary reserve. Directs the FSLIC to establish and maintain an equity return account until all such certificates and stock have been paid off and retired. Sets forth forumulae for calculating the FSLIC's annual contributions to such account beginning in 1997 based on the fraction of the aggregate amount of all accounts of all insured members equal to FSLIC reserves. Authorizes the FSLIC to invest amounts accumulated in such account as it determines appropriate. Directs the FSLIC to use only amounts accumulated in such account to pay off and retire its stock. Provides that certain statutorily prescribed suspensions or reductions of FSLIC premiums based on the FSLIC's primary and secondary reserve levels shall not apply as long as shares of its capital stock are outstanding. Reduces the total premiums paid by an insured institution to the FSLIC by the amount of any assessments paid to the Corporation during the same period. Amends the Federal Home Loan Bank Act to allow the FHLBB to authorize a Bank to declare and pay dividends out of its undivided profits or legal reserves, only after such Bank has reduced all other reserves to zero, if: (1) the Bank incurs a charge-off or expense related to its investment in the Corporation; and (2) the FHLBB determines that there is an extraordinary need for such Bank's member institutions to receive dividends. Amends the National Housing Act to prescribe limitations on special assessments by the FSLIC to cover losses and expenses for 1987 through 1991. Directs the FSLIC to: (1) complete quarterly reports and budgets explaining its activities, receipts, and expenditures, including the activities, receipts, and expenditures of the Federal Asset Disposition Association (FADA), for the current and preceding quarters; and (2) submit to specified congressional committee chairmen semiannual reports and budgets on its activities, receipts, and expenditures for the preceding semiannual period. Repeals provisions of the National Banking Act which authorize the FSLIC to terminate distribution of shares of its secondary reserve and use such reserve on the same basis as its primary reserve under extraordinary financial conditions. Establishes the FADA as a mixed-ownership Government corporation to be treated as a Government corporation which has U.S. capital whether or not Government funds have been invested. Requires the Comptroller General to audit the FADA annually. Directs the FADA to submit to certain congressional committees quarterly reports describing its activities, financial condition, income, and expenditures and the amount of capital of the FSLIC returned to the FSLIC. Requires FADA meetings to be open to the public.

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

Timeline

1. 6 January 1987

   Introduced

   Introduced in House

   Source: IntroReferral

2. 6 January 1987

   Introduced

   Introduced in House

   Source: IntroReferral

3. 6 January 1987

   Introduced

   Referred to House Committee on Banking, Finance and Urban Affairs.

   Source: IntroReferral

4. 21 January 1987

   Committee

   Committee Hearings Held.

   Source: Committee

5. 22 January 1987

   Committee

   Committee Hearings Held.

   Source: Committee

6. 2 February 1987

   Referred

   Referred to Subcommittee on Financial Institutions Supervision, Regulation and Insurance.

   Source: Committee

7. 3 March 1987

   Committee

   Subcommittee Hearings Held.

   Source: Committee

8. 4 March 1987

   Committee

   Subcommittee Hearings Held.

   Source: Committee

9. 31 March 1987

   Committee

   Forwarded by Subcommittee to Full Committee (Amended).

   Source: Committee

10. 31 March 1987

    Committee

    Subcommittee Consideration and Mark-up Session Held.

    Source: Committee

11. 1 April 1987

    Reported

    Ordered to be Reported (Amended).

    Source: Committee

12. 1 April 1987

    Committee

    Committee Consideration and Mark-up Session Held.

    Source: Committee

13. 22 April 1987

    Calendars

    Placed on Union Calendar No: 49.

    Source: Calendars

14. 22 April 1987

    Reported

    Reported to House (Amended) by House Committee on Banking, Finance and Urban Affairs. Report No: 100-62.

    Source: Committee

15. 22 April 1987

    Reported

    Reported to House (Amended) by House Committee on Banking, Finance and Urban Affairs. Report No: 100-62.

    Source: Committee

16. 30 April 1987

    Floor

    Committee on Rules Granted a Modified Open Rule Providing One Hour of Debate.

    Source: Floor

17. 4 May 1987

    Reported

    Rules Committee Resolution H.Res.154 Reported to House.

    Source: Floor

18. 5 May 1987

    Vote

    Passed/agreed to in House: Passed House (Amended) by Yea-Nay Vote: 402 - 6 (Record Vote No: 85).

    Source: Floor

19. 5 May 1987

    Passed

    House Agreed to Amendments Adopted by the Committee of the Whole.

    Source: Floor

20. 5 May 1987

    Floor

    Called up by House by Rule.

    Source: Floor

21. 5 May 1987

    Passed

    Rule Passed House.

    Source: Floor

22. 5 May 1987

    Vote

    Passed House (Amended) by Yea-Nay Vote: 402 - 6 (Record Vote No: 85).

    Source: Floor

23. 7 May 1987

    Introduced

    Received in the Senate. Read twice. Placed on Senate Legislative Calendar under General Orders. Calendar No. 115.

    Source: Calendars

24. 14 May 1987

    ResolvingDifferences

    Senate requests a conference. Appoints conferees. Proxmire; Cranston; Riegle; Sarbanes; Dodd; Dixon; Garn; Heinz; Armstrong; D'Amato; Gramm.

    Source: ResolvingDifferences

25. 14 May 1987

    Floor

    Measure laid before Senate by unanimous consent.

    Source: Floor

26. 14 May 1987

    Passed

    Passed/agreed to in Senate: Passed Senate in lieu of S. 790 with an amendment and an amendment to the Title by Voice Vote.

    Source: Floor

27. 18 May 1987

    Floor

    Message on Senate action sent to the House.

    Source: Floor

28. 11 June 1987

    Passed

    House Agreed to Request for Conference and Speaker Appointed Conferees: St Germain, Hubbard, LaFalce, Oakar, Vento, Schumer, Lehman (CA), Roemer, Kaptur, Nelson (FL), Wylie, Leach (IA), Shumway, Parris, Wortley, Dreier (CA), McCollum, Neal, Bartlett.

    Source: ResolvingDifferences

29. 11 June 1987

    Passed

    House Disagreed to Senate Amendments by Unanimous Consent.

    Source: ResolvingDifferences

30. 11 June 1987

    Passed

    Resolving differences -- House actions: House Disagreed to Senate Amendments by Unanimous Consent.

    Source: NotUsed

31. 23 June 1987

    ResolvingDifferences

    Conference held.

    Source: ResolvingDifferences

32. 23 June 1987

    ResolvingDifferences

    Conference committee actions: Conference held.

    Source: ResolvingDifferences

33. 24 June 1987

    ResolvingDifferences

    Conference held.

    Source: ResolvingDifferences

34. 24 June 1987

    ResolvingDifferences

    Conference committee actions: Conference held.

    Source: ResolvingDifferences

35. 25 June 1987

    ResolvingDifferences

    Conference held.

    Source: ResolvingDifferences

36. 25 June 1987

    ResolvingDifferences

    Conference committee actions: Conference held.

    Source: ResolvingDifferences

37. 30 June 1987

    ResolvingDifferences

    Conference held.

    Source: ResolvingDifferences

38. 30 June 1987

    ResolvingDifferences

    Conference committee actions: Conference held.

    Source: ResolvingDifferences

39. 1 July 1987

    Passed

    Conferees agreed to file conference report.

    Source: ResolvingDifferences

40. 1 July 1987

    Passed

    Conference committee actions: Conferees agreed to file conference report.

    Source: ResolvingDifferences

41. 30 July 1987

    Reported

    Rules Committee Resolution H.Res.236 Reported to House.

    Source: Floor

42. 30 July 1987

    Floor

    Committee on Rules Granted a Rule Waiving All Points of Order Against the Consideration of the Conference Report.

    Source: Floor

43. 31 July 1987

    ResolvingDifferences

    Conference Report 100-261 Filed in House.

    Source: ResolvingDifferences

44. 31 July 1987

    ResolvingDifferences

    Conference report filed: Conference Report 100-261 Filed in House.

    Source: ResolvingDifferences

45. 3 August 1987

    ResolvingDifferences

    Conference papers: message on House action held at the desk.

    Source: ResolvingDifferences

46. 3 August 1987

    Vote

    House Agreed to Conference Report by Yea-Nay Vote: 382 - 12 (Record Vote No: 294).

    Source: ResolvingDifferences

47. 3 August 1987

    Passed

    Rule Passed House.

    Source: Floor

48. 3 August 1987

    Vote

    Conference report agreed to in House: House Agreed to Conference Report by Yea-Nay Vote: 382 - 12 (Record Vote No: 294).

    Source: ResolvingDifferences

49. 4 August 1987

    ResolvingDifferences

    Conference report considered in Senate.

    Source: ResolvingDifferences

50. 4 August 1987

    Vote

    Conference report agreed to in Senate: Senate agreed to conference report by Yea-Nay Vote. 96-2. Record Vote No: 226.

    Source: ResolvingDifferences

51. 5 August 1987

    Floor

    Message on Senate action sent to the House.

    Source: Floor

52. 6 August 1987

    Floor

    Measure Signed in Senate.

    Source: Floor

53. 7 August 1987

    Floor

    Presented to President.

    Source: Floor

54. 7 August 1987

    President

    Presented to President.

    Source: President

55. 10 August 1987

    Became law

    Became Public Law No: 100-86.

    Source: President

56. 10 August 1987

    Became law

    Signed by President.

    Source: BecameLaw

57. 10 August 1987

    President

    Signed by President.

    Source: President

Votes

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

6 official files

• Public Law (PDF)

  Public Law · EN · 11 August 1987

  ViewDownloadOpen at official source

• Conference report filed in House

  summary · EN · 31 July 1987

  Open at official source

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• Passed Senate amended

  summary · EN · 14 May 1987

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• Passed House amended

  summary · EN · 5 May 1987

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• Reported to House with amendment(s)

  summary · EN · 22 April 1987

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• Introduced in House

  summary · EN · 6 January 1987

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Sponsors

• Rep. St Germain, Fernand J. [D-RI-1] · D · Sponsor
• Rep. Wylie, Chalmers P. [R-OH-15] · R · Sponsor
• · hsba00 · Standing

Related records

• related to → Expedited Funds Availability Act
• related to → A resolution providing for the consideration of the bill (H.R. 27) to facilitate the provisions of additional financial resources to the Federal Savings and Loan Insurance Corporation.
• related to → A resolution waiving certain points of order against the conference report on the bill (H.R. 27) to facilitate the provision of additional financial resources to the Federal Savings and Loan Insurance Corporation and, for purposes of strengthening the reserves of the Corporation, to establish a forbearance program for thrift institutions and to provide additional congressional oversight of the Federal Home Loan Bank Board and the Federal home loan bank system, and against the consideration of such conference report.
• related to ← A bill to extend until February 1, 1988, the emergency acquisition and net worth guarantee provisions of the Garn-St Germain Depository Institutions Act of 1982.
• related to ← Funds Availability Act
• related to ← Thrift Institution Forbearance Act
• related to ← A bill to facilitate the provision of additional financial resources to the Federal Savings and Loan Insurance Corporation and, for purposes of strengthening the reserves of the Corporation, to establish a forbearance program for thrift institutions and to provide additional congressional oversight of the Federal Home Loan Bank Board and the Federal home loan bank system and to limit the number of days a depository institution may restrict the availability of funds which are deposited in any account, and for other purposes.
• related to ← Competitive Equality Banking Act of 1987
• amends ← An amendment to require that savings and loan institutions convert from Regulatory Accounting Principles (RAP) to Generally Accepted Accounting Principles (GAPP) which are used by commercial banks, for all accounting purposes by 1994.
• amends ← An amendment to instruct the FSLIC to use forebearance in closing all minority-owned institutions, not just those which have made loans in areas adversely affected by the energy and agricultural economies, if such institutions otherwise meet forebearance standards established in the bill. The amendment also directs the Treasury Department to develop a program to expand the use of minority-owned savings institutions through the deposit of federal funds.
• amends ← An amendment to increase from $5 billion to $15 billion the amount of funds raised to cover defaults of savings and loan institutions insured by the Federal Savings and Loan Insurance Corporation (FSLIC). The amendment uses the same procedure as the bill to raise such funding, and it limits annual borrowing by the newly created Financing Corporation to $3.5 billion, and it also permits Congress to sunset the Financing Corporation's borrowing after two years if Congress enacts a joint resolution to do so.

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