II

103D CONGRESS

1ST SESSION S. 1273

To enhance the availability of credit in disaster areas by reducing the regulatory burden imposed upon insured depository institutions to the extent

such action is consistent with the safety and soundness of the institutions.

IN THE SENATE OF THE UNITED STATES

JULY 21 (legislative day, JUNE 30), 1993

Mr. BOND (for himself, Mr. D’AMATO, Mr. DOLE, Mr. GRASSLEY, Mr. SIMON,

Mr. DURENBERGER, and Mr. HARKIN) introduced the following bill;

which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs

A BILL

To enhance the availability of credit in disaster areas by

reducing the regulatory burden imposed upon insured

depository institutions to the extent such action is consistent with the safety and soundness of the institutions.

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 ‘‘Disaster Credit Relief

5 Act of 1993’’.
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1 SEC. 2. EMERGENCY WAIVERS OF BURDENSOME REGU2 LATORY REQUIREMENTS FOR DISASTER

3 AREAS.

4 The Federal Deposit Insurance Act (12 U.S.C. 1811

5 et seq.) is amended by adding at the end the following

6 new section:

7 ‘‘SEC. 44. EMERGENCY WAIVERS FOR DISASTER AREAS.

8 ‘‘(a) IN GENERAL.—Each Federal banking agency

9 may, by regulation or order, waive the applicability of any

10 provision of law or regulation to any insured depository

11 institution which is located within, or a significant portion

12 of the service area of which is located within, a disaster

13 area if—

14 ‘‘(1) the waiver takes effect before the end of

15 the 30-month period beginning on the date on which

16 the President determines, pursuant to section 401 of

17 the Robert T. Stafford Disaster Relief and Emer18 gency Assistance Act, that a major disaster exists in

19 the area; and

20 ‘‘(2) the agency determines that the waiver—

21 ‘‘(A) would enhance the institution’s ability

22 to make additional credit available in the disas23 ter area; and

24 ‘‘(B) is consistent with the safety and

25 soundness of the institution.
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1 ‘‘(b) 3-YEAR LIMIT ON WAIVERS.—Any waiver grant2 ed under this section shall expire not later than 3 years

3 after the date of the determination referred to in sub4 section (a)(1).

5 ‘‘(c) PUBLICATION REQUIRED.—After granting any

6 waiver under subsection (a), an appropriate Federal bank7 ing agency shall publish in the Federal Register a state8 ment which—

9 ‘‘(1) describes the waiver; and

10 ‘‘(2) explains how the waiver—

11 ‘‘(A) will enhance the availability of addi12 tional credit in the disaster area; and

13 ‘‘(B) is consistent with safety and sound14 ness of any insured depository institution which

15 is subject to the waiver.

16 ‘‘(d) DISASTER AREA DEFINED.—For purposes of

17 this section, the term ‘disaster area’ means—

18 ‘‘(1) an area in which the President has deter19 mined pursuant to section 401 of the Robert T.

20 Stafford Disaster Relief and Emergency Assistance

21 Act, that a major disaster exists; and

22 ‘‘(2) any area which—

23 ‘‘(A) is adjacent to an area described in

24 paragraph (1); and
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1 ‘‘(B) has suffered damage (including eco2 nomic losses) as a result of the same set of cir3 cumstances giving rise to the determination re4 ferred to in paragraph (1) with respect to the

5 area described in such paragraph.’’.

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