I

103D CONGRESS

1ST SESSION H. R. 1299

To provide funding for the Resolution Trust Corporation to meet immediate

needs and to authorize additional funding for the Corporation subject

to a requirement that the President submit a plan for fully paying

for such funding, including interest costs, over the next 5 years, and

for other purposes.

IN THE HOUSE OF REPRESENTATIVES

MARCH 10, 1993

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

Committee on Banking, Finance and Urban Affairs

A BILL

To provide funding for the Resolution Trust Corporation

to meet immediate needs and to authorize additional

funding for the Corporation subject to a requirement

that the President submit a plan for fully paying for

such funding, including interest costs, over the next 5

years, 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 ‘‘Resolution Trust

5 Corporation Fair Funding Act of 1993’’.
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1 SEC. 2. APPROPRIATION OF FUNDING FOR IMMEDIATE

2 NEEDS.

3 Section 21A(i) of the Federal Home Loan Bank Act

4 (12 U.S.C. 1441a(i)) is amended by adding at the end

5 the following new paragraph:

6 ‘‘(4) ADDITIONAL FUNDING.—In addition to

7 amounts provided under paragraphs (2) and (3), the

8 Secretary of the Treasury shall provide to the Cor9 poration, out of any money in the Treasury not oth10 erwise appropriated, the sum of $5,000,000,000 to

11 carry out the purposes of this section.’’.

12 SEC. 3. AUTHORIZATION OF APPROPRIATION UPON SUB13 MISSION AND APPROVAL OF PLAN FOR

14 FULLY PAYING FOR SPENDING OVER 5-YEAR

15 PERIOD.

16 Section 21A(i) of the Federal Home Loan Bank Act

17 (12 U.S.C. 1441a(i)) is amended by inserting after para18 graph (4) (as added by section 2 of this Act) the following

19 new paragraph:

20 ‘‘(5) VIRTUAL PAY-AS-YOU-GO FUNDING ON AN

21 EQUITABLE BASIS.—

22 ‘‘(A) CONDITIONAL AUTHORIZATION OF

23 APPROPRIATION.—Subject to subparagraph (B)

24 and in addition to amounts provided under

25 paragraphs (2), (3), and (4), there is author26 ized to be appropriated to the Corporation for
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1 fiscal years 1993 and 1994 not more than

2 $37,000,000,000 to carry out the purposes of

3 this section.

4 ‘‘(B) CONDITION.—No amount is author5 ized to be appropriated to the Corporation

6 under subparagraph (A) until—

7 ‘‘(i) the President submits to the Con8 gress a plan which ensures that—

9 ‘‘(I) an amount equal to the sum

10 of the amount appropriated by para11 graph (4), the amount of any appro12 priation pursuant to subparagraph

13 (A), and the interest costs and other

14 costs incurred by the Secretary of the

15 Treasury which are attributable to fi16 nancing any such amount (as deter17 mined on the basis of the average cost

18 to the Government for borrowing

19 funds for an equivalent period) is re20 paid to the Government by the end of

21 fiscal year 1998; and

22 ‘‘(II) the money for repaying the

23 appropriations and other costs in ac24 cordance with subclause (I) will be ob25 tained in a manner such that the li-
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1 abilities of all persons for the payment

2 of amounts which will be used directly

3 or indirectly for such purpose are dis4 tributed among such persons in ac5 cordance with the ability of each per6 son to pay; and

7 ‘‘(ii) the Congress approves such plan

8 in legislation.

9 ‘‘(C) OPTIONS TO BE CONSIDERED.—In

10 addition to any other option for funding an ap11 propriation under subparagraph (A) which the

12 President considers to be appropriate and which

13 meets the requirement of subparagraph (B), the

14 President shall consider—

15 ‘‘(i) a fee based on the value of trans16 fers made through large-dollar electronic

17 fund transfers in the United States;

18 ‘‘(ii) a stock transfer fee;

19 ‘‘(iii) a tax on accumulated wealth;

20 ‘‘(iv) an antispeculation tax on capital

21 gains from assets held for very short peri22 ods of time; and

23 ‘‘(v) an alternative minimum tax on

24 corporations which import products into
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1 the United States at artificially high

2 prices.’’.

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