I

104TH CONGRESS

1ST SESSION H. R. 1472

To provide for sufficient funding to cover the costs of the Financing Corporation, to provide funds to carry out the purposes of the Savings Association Insurance Fund, and for other purposes.

IN THE HOUSE OF REPRESENTATIVES

APRIL 7, 1995

Mr. LAFALCE introduced the following bill; which was referred to the

Committee on Banking and Financial Services

A BILL

To provide for sufficient funding to cover the costs of the

Financing Corporation, to provide funds to carry out

the purposes of the Savings Association Insurance Fund,

and for other purposes.

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled,

3 SECTION 1. SHORT TITLE.

4 This Act may be cited as the ‘‘Financing Corporation

5 and Savings Association Insurance Fund Restoration Act

6 of 1995’’.
2

•HR 1472 IH

1 SEC. 2. AVAILABILITY OF RTC FUNDS TO RECAPITALIZE

2 SAIF.

3 (a) IN GENERAL.—Section 11(a)(6)(F) of the Fed4 eral Deposit Insurance Act (12 U.S.C. 1821(a)(6)(F)) is

5 amended—

6 (1) in the provisions of such subparagraph pre7 ceding clause (i), by inserting ‘‘to carry out the pur8 poses of this Act’’ after ‘‘as needed by the Fund’’;

9 and

10 (2) by inserting a period after ‘‘not needed by

11 the Resolution Trust Corporation’’ and striking ev12 erything that follows through the end of the sub13 paragraph.

14 (b) TECHNICAL AND CONFORMING AMENDMENT.—

15 Section 11(a)(6)(K) of the Federal Deposit Insurance Act

16 (12 U.S.C. 1821(a)(6)(K)) is amended by striking ‘‘to

17 cover losses incurred by the Fund’’ and inserting ‘‘to carry

18 out the purposes of this Act’’.

19 SEC. 3. SAIF PAYMENTS TO FICO.

20 (a) IN GENERAL.—Section 21(f) of the Federal

21 Home Loan Bank Act (12 U.S.C. 1441(f)) is amended

22 by redesignating paragraph (3) as paragraph (4) and in23 serting after paragraph (2) the following new paragraph:

24 ‘‘(3) PAYMENTS FROM SAIF.—In addition to the

25 amounts available pursuant to paragraphs (1) and

26 (2), the Federal Deposit Insurance Corporation shall
3

•HR 1472 IH

1 make available to the Financing Corporation such

2 amounts as may be prudently transferred from the

3 Savings Association Insurance Fund, taking into ac4 count funds available to such Fund pursuant to sec5 tion 11(a)(6)(F) of the Federal Deposit Insurance

6 Act, to cover the interest payments, issuance costs,

7 and custodial fees on obligations issued by the Fi8 nancing Corporation.’’.

9 (b) TECHNICAL AND CONFORMING AMENDMENT.—

10 Section 11(a)(6)(K) of the Federal Deposit Insurance Act

11 (12 U.S.C. 1821(a)(6)(K)) is amended by striking ‘‘to

12 cover losses incurred by the Fund’’ and inserting ‘‘to carry

13 out the purposes of this Act’’.

14 SEC. 4. REPEAL OF MINIMUM SAIF ASSESSMENT RULE.

15 Section 7(b)(2) of the Federal Deposit Insurance Act

16 (12 U.S.C. 1817(b)(2)) is amended by striking subpara17 graph (E).

18 SEC. 5. CLARIFICATION THAT CERTAIN INSTITUTIONS IN19 SURED BY THE SAIF ARE SUBJECT TO FICO

20 ASSESSMENTS.

21 Section 21(f)(2) of the Federal Home Loan Bank Act

22 (12 U.S.C. 1441(f)(2)) is amended by inserting after

23 ‘‘Savings Association Insurance Fund member’’ the fol24 lowing: ‘‘, including any Savings Association Insurance

25 Fund member referred to in section 5(d)(2)(G) of the Fed-
4

•HR 1472 IH

1 eral Deposit Insurance Act and, in the case of any Bank

2 Insurance Fund member which has deposits which are

3 treated (under section 5(d)(3) of such Act) as deposits

4 which are insured by the Savings Association Insurance

5 Fund, the adjusted attributable deposit amount with re6 spect to such member as determined under subparagraph

7 (C) of section 5(e)(3) of such Act for purposes of subpara8 graph (B)(i) of such section,’’.

Æ