Garn-St. Germain Depository Institutions Act of 1982

Summary

Net Worth Guarantee Act - Amends the Federal Deposit Insurance Act, the National Housing Act, and the Federal Credit Union Act to permit the Federal Deposit Insurance Corporation, the Federal Home Loan Bank Board and the National Credit Union Administration Board to guarantee the net worth of qualified insured institutions. Requires that, to qualify for a guarantee, an institution's net worth be less than two percent of its assets, that it have losses in at least two consecutive quarters, and that at least 20 percent of its loans and investments be in mortgages secured by or securities backed by residential real estate. Requires that an institution use at least 60 percent of its annual net new deposits to issue mortgages which meet specified criteria. Sets forth a formula for determining the amount of any such guarantee. Permits additional guarantees of net worth after a two year period if the certified continued earnings losses are caused by general market conditions and not by the actions of the institution. Requires a qualified institution, when its net worth reaches three percent of its assets, to begin to reduce the amount of guarantees received. Declares that the total annual reduction of guarantees of net worth received by such institution shall not be less than 50 percent of the net income, after taxes, of such bank for the year involved. Declares that outstanding guarantees of net worth provided by the Corporation shall be backed by the Net Worth Guarantee Account established by this Act. Establishes in the Treasury of the United States a Net Worth Guarantee Account which shall be used for the required payment of any guarantee of net worth issued pursuant to this Act. Limits the total amount of guarantees of net worth issued under this Act at any time to $8,500,000,000. Declares that no guarantee of net worth may be issued after Deptember 30, 1984. Requires the Federal Home Loan Bank Board, the Board of Directors of the Federal Deposit Insurance Corporation, and the National Credit Union Administration Board to make quarterly reports to each House of Congress specifying the types and amounts of guarantees of net worth provided to each depository institution and the conditions imposed on each such institution. Requires the Comptroller General to conduct semiannual audits of each guarantee of net worth and of the Net Worth Guarantee Account and transmit such report to Congress.

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

Timeline

1. 4 May 1982

   Introduced

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

   Source: IntroReferral

2. 4 May 1982

   Introduced

   Introduced in House

   Source: IntroReferral

3. 4 May 1982

   Introduced

   Introduced in House

   Source: IntroReferral

4. 5 May 1982

   Committee

   Subcommittee Consideration and Mark-up Session Held.

   Source: Committee

5. 5 May 1982

   Committee

   Forwarded by Subcommittee to Full Committee.

   Source: Committee

6. 5 May 1982

   Referred

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

   Source: Committee

7. 11 May 1982

   Reported

   Ordered to be Reported (Amended).

   Source: Committee

8. 11 May 1982

   Committee

   Committee Consideration and Mark-up Session Held.

   Source: Committee

9. 17 May 1982

   Calendars

   Placed on Union Calendar No: 341.

   Source: Calendars

10. 17 May 1982

    Reported

    Reported to House (Amended) by House Committee on Banking, Finance and Urban Affairs. Report No: 97-550.

    Source: Committee

11. 17 May 1982

    Reported

    Reported to House (Amended) by House Committee on Banking, Finance and Urban Affairs. Report No: 97-550.

    Source: Committee

12. 18 May 1982

    Reported

    Rules Committee Resolution H.Res.471 Reported to House.

    Source: Floor

13. 18 May 1982

    Floor

    Rule Granted Providing an Open Rule with 1 Hour of Debate. Partial Waiver of Points of Order.

    Source: Floor

14. 20 May 1982

    Vote

    Passed House (Amended) by Yea-Nay Vote: 272 - 91 (Record Vote No: 92).

    Source: Floor

15. 20 May 1982

    Vote

    Passed/agreed to in House: Passed House (Amended) by Yea-Nay Vote: 272 - 91 (Record Vote No: 92).

    Source: Floor

16. 20 May 1982

    Floor

    Called up by House by Rule.

    Source: Floor

17. 20 May 1982

    Passed

    Rule Passed House.

    Source: Floor

18. 24 May 1982

    Introduced

    Received in the Senate and read twice and referred to the Committee on Banking.

    Source: IntroReferral

19. 24 September 1982

    Passed

    Senate insists on its amendments, asks for a conference, appoints conferees Garn; Tower; Lugar; D'Amato; Schmitt; Riegle; Proxmire; Cranston (A change in conferees was agreed to on September 27, 1982, by unanimous consent, removing Conferees D'Amato; Schmitt; and Proxmire.).

    Source: ResolvingDifferences

20. 24 September 1982

    Passed

    Passed/agreed to in Senate: Passed Senate in lieu of S. 2879 with an amendment by Voice Vote.

    Source: Floor

21. 24 September 1982

    Floor

    Senate struck all after the Enacting Clause and substituted the language of S. 2879 amended.

    Source: Floor

22. 24 September 1982

    Discharge

    Senate Committee on Banking discharged by Unanimous Consent.

    Source: Discharge

23. 24 September 1982

    Committee

    Senate Committee on Banking discharged by Unanimous Consent.

    Source: Committee

24. 28 September 1982

    Passed

    House Agreed to Request for Conference and Speaker Appointed Conferees: St Germain, Reuss, Annunzio, Stanton, Wylie.

    Source: ResolvingDifferences

25. 28 September 1982

    Passed

    House Disagreed to Senate Amendments by Unanimous Consent.

    Source: ResolvingDifferences

26. 28 September 1982

    Passed

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

    Source: NotUsed

27. 29 September 1982

    Passed

    Conferees agreed to file conference report.

    Source: ResolvingDifferences

28. 29 September 1982

    Passed

    Conference committee actions: Conferees agreed to file conference report.

    Source: ResolvingDifferences

29. 30 September 1982

    Passed

    Conference report agreed to in Senate: Senate agreed to conference report by Voice Vote.

    Source: ResolvingDifferences

30. 30 September 1982

    ResolvingDifferences

    Conference report S. Rept. 97-641 filed in Senate by Senator Garn on the disagreeing votes of the two Houses on the amendment of the Senate.

    Source: ResolvingDifferences

31. 30 September 1982

    ResolvingDifferences

    Conference Report 97-899 Filed in House.

    Source: ResolvingDifferences

32. 30 September 1982

    ResolvingDifferences

    Conference report filed: Conference Report 97-899 Filed in House.

    Source: ResolvingDifferences

33. 30 September 1982

    Reported

    Rules Committee Resolution H.Res.603 Reported to House.

    Source: Floor

34. 30 September 1982

    Floor

    Committee on Rules Granted a Rule Waiving Clause 2, Rule XXVIII against Consideration of the Conference Report and Waiving Clauses 3 and 4 of Rule XXVIII against the Conference Report.

    Source: Floor

35. 1 October 1982

    Passed

    House Agreed to Conference Report by Voice Vote.

    Source: ResolvingDifferences

36. 1 October 1982

    Passed

    Conference report agreed to in House: House Agreed to Conference Report by Voice Vote.

    Source: ResolvingDifferences

37. 1 October 1982

    Passed

    Rule Passed House.

    Source: Floor

38. 12 October 1982

    Floor

    Measure Signed in Senate.

    Source: Floor

39. 13 October 1982

    President

    Presented to President.

    Source: President

40. 13 October 1982

    Floor

    Presented to President.

    Source: Floor

41. 15 October 1982

    Became law

    Became Public Law No: 97-320.

    Source: President

42. 15 October 1982

    Became law

    Signed by President.

    Source: BecameLaw

43. 15 October 1982

    President

    Signed by President.

    Source: President

Votes

No vote records are attached yet.

Versions

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

Documents

6 official files

• Public Law (PDF)

  Public Law · EN · 16 October 1982

  ViewDownloadOpen at official source

• Conference report filed in Senate

  summary · EN · 30 September 1982

  Open at official source

• Passed Senate amended

  summary · EN · 24 September 1982

  Open at official source

• Passed House amended

  summary · EN · 20 May 1982

  Open at official source

• Reported to House with amendment(s)

  summary · EN · 17 May 1982

  Open at official source

• Introduced in House

  summary · EN · 4 May 1982

  Open at official source

Sponsors

• Rep. St Germain, Fernand J. [D-RI-1] · D · Sponsor
• Rep. Reuss, Henry S. [D-WI-5] · D · Sponsor
• Rep. Minish, Joseph G. [D-NJ-11] · D · Sponsor
• Rep. Annunzio, Frank [D-IL-11] · D · Sponsor
• Rep. Mitchell, Parren J. [D-MD-7] · D · Sponsor
• Del. Fauntroy, Walter E. [D-DC-At Large] · D · Sponsor
• Rep. Blanchard, James [D-MI-18] · D · Sponsor
• Rep. Hubbard, Carroll, Jr. [D-KY-1] · D · Sponsor
• Rep. LaFalce, John J. [D-NY-36] · D · Sponsor
• Rep. D'Amours, Norman E. [D-NH-1] · D · Sponsor
• Rep. Oakar, Mary Rose [D-OH-20] · D · Sponsor
• Rep. Mattox, James A. [D-TX-5] · D · Sponsor
• Rep. Vento, Bruce F. [D-MN-4] · D · Sponsor
• Rep. Barnard, Doug, Jr. [D-GA-10] · D · Sponsor
• Rep. Garcia, Robert [D-NY-18] · D · Sponsor
• Sen. Schumer, Charles E. [D-NY] · D · Sponsor
• Steny Hoyer · D · Sponsor
• Rep. McKinney, Stewart B. [R-CT-4] · R · Sponsor
• Rep. Moffett, Toby [D-CT-6] · D · Sponsor
• Rep. Ottinger, Richard L. [D-NY-24] · D · Sponsor
• Rep. Murphy, Austin J. [D-PA-22] · D · Sponsor
• Rep. AuCoin, Les [D-OR-1] · D · Sponsor
• Rep. Howard, James J. [D-NJ-3] · D · Sponsor
• Rep. Pepper, Claude [D-FL-14] · D · Sponsor
• Rep. Ford, William D. [D-MI-15] · D · Sponsor
• Rep. Simon, Paul [D-IL-24] · D · Cosponsor
• Rep. Heftel, Cecil [D-HI-1] · D · Cosponsor
• Rep. Aspin, Les [D-WI-1] · D · Cosponsor
• Rep. Guarini, Frank J. [D-NJ-14] · D · Cosponsor
• · ssbk00 · Standing
• · hsba00 · Standing

Related records

• related to → Reserve Requirements Reform Act of 1982
• related to → A resolution providing for the consideration of the bill (H.R. 6267) to revitalize the housing industry by strengthening the financial stability of home mortgage lending institutions and ensuring the availability of home mortgage loans.
• related to → A resolution providing for the consideration of the conference report on the bill (H.R. 6267) to revitalize the housing industry by strengthening the financial stability of home mortgage lending institutions and ensuring the availability of home mortgage loans.
• related to ← Depository Institutions Amendments of 1982