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[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1340 Reported in House (RH)]

                                                  Union Calendar No. 72

103d CONGRESS

  1st Session

                               H. R. 1340

                  [Report No. 103-103, Parts I and II]

_______________________________________________________________________

                                 A BILL

 To provide funding for the resolution of failed savings associations, 
                        and for other purposes.

_______________________________________________________________________

                             June 15, 1993

Reported with amendments, committed to the Committee of the Whole House 
          on the State of the Union, and ordered to be printed

                                                  Union Calendar No. 72
103d CONGRESS
  1st Session
                                H. R. 1340

                  [Report No. 103-103, Parts I and II]

 To provide funding for the resolution of failed savings associations, 
                        and for other purposes.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                             March 16, 1993

Mr. Gonzalez (for himself, Mr. Leach, Mr. Neal of North Carolina, Mrs. 
    Roukema, Mr. Schumer, Mr. Kennedy, Mr. Flake, and Mr. Frank of 
 Massachusetts) (all by request) introduced the following bill; which 
  was referred to the Committee on Banking, Finance and Urban Affairs

                              May 24, 1993

 Reported with amendments, referred to the Committee on the Judiciary 
for a period ending not later than June 11, 1993, for consideration of 
     such provisions of the bill and amendments as fall within the 
     jurisdiction of that committee pursuant to clause 1(l), rule X
 [Strike out all after the enacting clause and insert the part printed 
                               in italic]

                             June 10, 1993

Referral to the Committee on the Judiciary extended for a period ending 
                      not later than June 15, 1993

                             June 15, 1993

Reported from the Committee on the Judiciary with amendments, committed 
   to the Committee of the Whole House on the State of the Union and 
                         ordered to be printed
    [Omit the part in black brackets and insert the part printed in 
                            boldface roman]
 [For text of introduced bill, see copy of bill as introduced on March 
                               16, 1993]

_______________________________________________________________________

                                 A BILL

 
 To provide funding for the resolution of failed savings associations, 
                        and for other purposes.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Resolution Trust Corporation 
Completion Act''.

SEC. 2. FINAL FUNDING FOR RTC.    

    Section 21A(i) of the Federal Home Loan Bank Act (12 U.S.C. 
1441a(i)) is amended--
            (1) in paragraph (3), by striking ``until April 1, 1992''; 
        and
            (2) by adding at the end the following new paragraphs:
            ``(4) Conditions on availability of final funding in excess 
        of $10,000,000,000.--
                    ``(A) Certification required.--Of the funds 
                appropriated under paragraph (3) which are provided 
                after April 1, 1993, any amount in excess of 
                $10,000,000,000 shall not be available to the 
                Corporation before the date on which the Secretary of 
                the Treasury certifies to the Congress that, since the 
                date of the enactment of the Resolution Trust 
                Corporation Completion Act, the Corporation has taken 
                such action as may be necessary to comply with the 
                requirements of subsection (w) or that, as of the date 
                of the certification, the Corporation is continuing to 
                make adequate progress toward full compliance with such 
                requirements.
                    ``(B) Appearance upon request.--The Secretary of 
                the Treasury shall appear before the Committee on 
                Banking, Finance and Urban Affairs of the House of 
                Representatives and the Committee on Banking, Housing, 
                and Urban Affairs of the Senate, upon the request of 
                the chairman of the respective committee, to report on 
                any certification made to the Congress under 
                subparagraph (A).
            ``(5) Return to treasury.--If the aggregate amount of funds 
        transferred to the Corporation pursuant to this subsection 
        exceeds the amount needed to carry out the purposes of this 
        section or to meet the requirements of section 11(a)(6)(F) of 
        the Federal Deposit Insurance Act, such excess amount shall be 
        deposited in the general fund of the Treasury.
            ``(6) Funds only for depositors.--Notwithstanding any other 
        provision of law other than section 13(c)(4)(G) of the Federal 
        Deposit Insurance Act, funds appropriated under this section 
        shall--
                    ``(A) be used only for the purposes of protecting 
                insured depositors or the administrative expenses of 
                the Corporation; and
                    ``(B) not be used in any manner to benefit 
                shareholders of an insured depository institution in 
                connection with any type of resolution by the 
                Corporation or the Federal Deposit Insurance 
                Corporation of an insured depository institution for 
                which the Corporation has been appointed conservator or 
                receiver or any other insured depository institution in 
                default (as defined in section 3(x)(1) of the Federal 
                Deposit Insurance Act) under any provision of law, or 
                the provision of assistance in any form under section 
                11, 12, or 13 of the Federal Deposit Insurance Act.''.

SEC. 3. RTC MANAGEMENT REFORMS.

    (a) In General.--Section 21A of the Federal Home Loan Bank Act (12 
U.S.C. 1441a) is amended by adding at the end the following new 
subsection:
    ``(w) RTC Management Reforms.--
            ``(1) Comprehensive business plan.--The Corporation shall 
        establish and maintain a comprehensive business plan covering 
        the operations of the Corporation, including the disposition of 
        assets, for the remainder of the Corporation's existence.
            ``(2) Marketing real property on an individual basis.--The 
        Corporation shall--
                    ``(A) market all assets consisting of real property 
                (other than assets transferred in connection with the 
                transfer of substantially all of the assets of an 
                insured depository institution for which the 
                Corporation has been appointed conservator or receiver) 
                on an individual basis, including sales by auction, for 
                no fewer than 120 days before such assets may be made 
                available for sale or other disposition on a portfolio 
                basis or otherwise included in a multiasset sales 
                initiative; and
                    ``(B) prescribe regulations--
                            ``(i) to require that the sale or other 
                        disposition of any asset consisting of real 
                        property on a portfolio basis or in connection 
                        with any multiasset sales initiative after the 
                        end of the 120-day period described in 
                        subparagraph (A) be justified in writing; and
                            ``(ii) to carry out the requirement of 
                        subparagraph (A).
            ``(3) Disposition of real estate related assets.--
                    ``(A) Procedures for disposition of real-estate 
                related assets.--The Corporation shall not sell real 
                property or nonperforming real estate loans which the 
                Corporation has acquired as receiver or conservator, 
                unless--
                            ``(i) the Corporation has assigned 
                        responsibility for the management and 
                        disposition of such assets to a qualified 
                        person or entity to--
                                    ``(I) analyze each asset on an 
                                asset-by-asset basis and consider 
                                alternative disposition strategies for 
                                such asset;
                                    ``(II) develop a written management 
                                and disposition plan; and
                                    ``(III) implement that plan for a 
                                reasonable period of time; or
                            ``(ii) the Corporation has made a 
                        determination in writing, that a bulk 
                        transaction would maximize net recovery to the 
                        Corporation, while providing opportunity for 
                        broad participation by qualified bidders, 
                        including minority- and women-owned businesses.
                    ``(B) Definitions.--
                            ``(i) In general.--The Corporation may, by 
                        regulation, define any term in subparagraph (A) 
                        for purposes of such subparagraph.
                            ``(ii) Special rule.--In defining terms 
                        pursuant to clause (i) for purposes of 
                        subparagraph (A), the Corporation may define--
                                    ``(I) the term `asset' so as to 
                                include properties or loans which are 
                                legally separate and distinct 
                                properties or loans, but which have 
                                sufficiently common characteristics 
                                such that they may be logically treated 
                                as a single asset; and
                                    ``(II) the term `qualified person 
                                or entity' so as to include any 
                                employee of the Thrift Depositor 
                                Protection Oversight Board or any 
                                employee assigned to the Corporation 
                                under subsection (b)(8).
                    ``(C) Implementation.--The Corporation may 
                implement the requirements of this paragraph in such 
                manner as the Corporation considers, in the 
                Corporation's discretion, to be appropriate.
                    ``(D) Exceptions.--This paragraph shall not apply 
                to--
                            ``(i) assets transferred in connection with 
                        the transfer of substantially all the assets of 
                        an insured depository institution for which the 
                        Corporation has been appointed conservator or 
                        receiver;
                            ``(ii) nonperforming real estate loans with 
                        a book value equal to or less than $1,000,000;
                            ``(iii) real property with a book value 
                        equal to or less than $200,000; or
                            ``(iv) real property with a book value in 
                        excess of $200,000 or nonperforming real estate 
                        loans with a book value in excess of $1,000,000 
                        for which the Corporation determines, in 
                        writing, that a disposition not in conformity 
                        with the requirements of subparagraph (A) will 
                        bring a greater return to the Corporation.
                    ``(E) Coordination with paragraph (2).--No 
                provision of this paragraph shall supersede the 
                requirements of paragraph (2).
            ``(4) Division of minorities and women's programs.--
                    ``(A) In general.--The Corporation shall maintain a 
                division of minorities and women's programs.
                    ``(B) Vice president.--The head of the division 
                shall be a vice president of the Corporation and a 
                member of the executive committee of the Corporation.
            ``(5) Chief financial officer.--
                    ``(A) In general.--The chief executive officer of 
                the Corporation shall appoint a chief financial officer 
                for the Corporation.
                    ``(B) Authority.--The chief financial officer of 
                the Corporation shall--
                            ``(i) have no operating responsibilities 
                        with respect to the Corporation other than as 
                        chief financial officer;
                            ``(ii) report directly to the chief 
                        executive officer of the Corporation; and
                            ``(iii) have such authority and duties of 
                        chief financial officers of agencies under 
                        section 902 of title 31, United States Code, as 
                        the Thrift Depositor Protection Oversight Board 
                        determines to be appropriate with respect to 
                        the Corporation.
            ``(6) Basic ordering agreements.--
                    ``(A) Revision of procedures.--The Corporation 
                shall revise the procedure for reviewing and qualifying 
                applicants for eligibility for future contracts in a 
                specified service area (commonly referred to as `basic 
                ordering agreements' or `task ordering agreements') in 
                such manner as may be necessary to ensure that small 
                businesses, minorities, and women are not inadvertently 
                excluded from eligibility for such contracts.
                    ``(B) Review of lists.--The Corporation shall--
                            ``(i) review all lists of contractors 
                        determined to be eligible for future contracts 
                        in a specified service area (commonly referred 
                        to as `basic ordering agreements' or `task 
                        ordering agreements') and other contracting 
                        mechanisms; and
                            ``(ii) prescribe appropriate regulations 
                        and procedures,
                to ensure the maximum participation level possible of 
                minority- and women-owned businesses.
            ``(7) Improvement of contracting systems and contractor 
        oversight.--The Corporation shall--
                    ``(A) maintain such procedures and uniform 
                standards for--
                            ``(i) entering into contracts between the 
                        Corporation and private contractors; and
                            ``(ii) overseeing the performance of 
                        contractors and subcontractors under such 
                        contracts and compliance by contractors and 
                        subcontractors with the terms of contracts and 
                        applicable regulations, orders, policies, and 
                        guidelines of the Corporation,
                as may be appropriate for the Corporation's operations 
                to be carried out in as efficient and economical a 
                manner as may be practicable;
                    ``(B) commit sufficient resources, including 
                personnel, to contract oversight and the enforcement of 
                all laws, regulations, orders, policies, and standards 
                applicable to contracts with the Corporation; and
                    ``(C) maintain uniform procurement guidelines for 
                basic goods and administrative services to prevent the 
                acquisition of such goods and services at widely 
                different prices.
            ``(8) Audit committee.--
                    ``(A) Establishment.--The Thrift Depositor 
                Protection Oversight Board shall establish and maintain 
                an audit committee.
                    ``(B) Duties.--The audit committee shall have the 
                following duties:
                            ``(i) Monitor the internal controls of the 
                        Corporation.
                            ``(ii) Monitor the audit findings and 
                        recommendations of the inspector general of the 
                        Corporation and the Comptroller General of the 
                        United States and the Corporation's response to 
                        the findings and recommendations.
                            ``(iii) Maintain a close working 
                        relationship with the inspector general of the 
                        Corporation and the Comptroller General of the 
                        United States.
                            ``(iv) Regularly report the findings and 
                        any recommendation of the audit committee to 
                        the Corporation and the Thrift Depositor 
                        Protection Oversight Board.
                            ``(v) Monitor the financial operations of 
                        the Corporation and report any incipient 
                        problem identified by the audit committee to 
                        the Corporation and the Thrift Depositor 
                        Protection Oversight Board.
            ``(9) Corrective responses to audit problems.--The 
        Corporation shall maintain procedures which provide for a 
        prompt and determinative response to problems identified by 
        auditors of the Corporation's financial and asset-disposition 
        operations, including problems identified in audit reports by 
        the inspector general of the Corporation, the Comptroller 
        General of the United States, and the audit committee.
            ``(10) Assistant general counsel for professional 
        liability.--
                    ``(A) Appointment.--The chief executive officer 
                shall appoint, within the division of legal services of 
                the Corporation, an assistant general counsel for 
                professional liability.
                    ``(B) Duties.--The assistant general counsel for 
                professional liability appointed under subparagraph (A) 
                shall--
                            ``(i) direct the investigation, evaluation, 
                        and prosecution of all professional liability 
                        cases involving the Corporation; and
                            ``(ii) supervise all legal, investigative, 
                        and other personnel and contractors involved in 
                        the litigation of such claims.
                    ``(C) Reports to the congress.--The assistant 
                general counsel for professional liability shall submit 
                semiannual reports to the Congress not later than April 
                30 and October 31 of each year concerning the 
                activities of the counsel under subparagraph (B).
            ``(11) Management information system.--The Corporation 
        shall maintain an effective management information system 
        capable of providing complete and current information to the 
        extent the provision of such information is appropriate and 
        cost-effective.
            ``(12) Internal controls against fraud, waste, and abuse.--
        The Corporation shall maintain effective internal controls 
        designed to prevent fraud, waste, and abuse, identify any such 
        activity should it occur, and promptly correct any such 
        activity.
            ``(13) Failure to appoint certain officers of the 
        corporation.--The failure to fill any position established 
        under this section or any vacancy in any such position, shall 
        be treated as a failure to comply with the requirements of this 
        subsection for purposes of subsection (i)(4).
            ``(14) Reports.--
                    ``(A) Detailed disclosure of expenditures.--The 
                Corporation shall include in the annual report 
                submitted pursuant to subsection (k)(4) a detailed 
                itemization of the expenditures of the Corporation 
                during the year for which funds provided pursuant to 
                subsection (i)(3) were used.
                    ``(B) Public disclosure of salaries.--The 
                Corporation shall include in the annual report 
                submitted pursuant to subsection (k)(4) a disclosure of 
                the salaries and other compensation paid during the 
                year covered by the report to directors and senior 
                executive officers at any depository institution for 
                which the Corporation has been appointed conservator or 
                receiver.
                    ``(C) Comprehensive litigation report.--The 
                Corporation shall develop and provide semiannually a 
                comprehensive litigation report of all civil actions 
                which--
                            ``(i) are filed by the Corporation pursuant 
                        to section 11(k) of the Federal Deposit 
                        Insurance Act or any other provision of 
                        applicable law asserted by the Corporation as a 
                        basis for liability of--
                                    ``(I) directors or officers of 
                                depository institutions described in 
                                subsection (b)(3)(A); or
                                    ``(II) attorneys, accountants, 
                                appraisers, or other licensed 
                                professionals who performed 
                                professional services for such 
                                depository institutions; and
                            ``(ii) have been filed before January 1, 
                        1993, and remain open, or are initiated, on or 
                        after January 1, 1993.
            ``(15) Minority- and women-owned businesses contract parity 
        guidelines.--The Corporation shall establish guidelines for 
        achieving a reasonably even distribution of contracts awarded 
        to the various subgroups of the class of minority- and women-
        owned businesses whose total number of registered contractors 
        comprise not less than five percent of all minority- or women-
        owned registered contractors.
            ``(16) Conditions on discretionary waivers of conflicts of 
        interest.--The Corporation may not grant any waiver from the 
        requirements of any regulations prescribed by the Corporation 
        relating to conflicts of interest to any minority or 
        nonminority contractor who is otherwise eligible (under such 
        regulations) for such waiver unless the contractor is under 
        subcontract with a minority- or women-owned business, or is 
        part of a joint venture described in subsection (r)(2), for the 
        performance of a portion of the contractor's obligation under 
        the contract.
            ``(17) Contract sanctions for failure to comply with 
        subcontract and joint venture requirements.--The Corporation 
        shall prescribe regulations which provide sanctions, including 
        contract penalties and suspensions, for violations by 
        contractors of requirements relating to subcontractors and 
        joint ventures.
            ``(18) Minority priority in acquisition of institutions in 
        predominantly minority neighborhoods.--
                    ``(A) In general.--In considering offers to acquire 
                any insured depository institution, or any branch of an 
                insured depository institution, located in a 
                predominantly minority neighborhood (as defined in 
                regulations prescribed under subsection (s)), the 
                Corporation shall give a first priority to an offer 
                from any minority individual, minority-owned business, 
                or a minority depository institution.
                    ``(B) Coordination with subsection (u).--Any offer 
                from any minority individual, minority-owned business, 
                or a minority depository institution to acquire any 
                depository institution or branch described in 
                subparagraph (A) shall be eligible for capital 
                assistance under the minority interim capital 
                assistance program established under subsection (u)(1).
                    ``(C) Performing assets.--In the case of an 
                acquisition of any depository institution or branch 
                described in subparagraph (A) by any minority 
                individual, minority-owned business, or a minority 
                depository institution, the Corporation may provide, in 
                connection with such acquisition and in addition to 
                performing assets of the depository institution or 
                branch, other performing assets under the control of 
                the Corporation in an amount (as determined on the 
                basis of the Corporation's estimate of the fair market 
                value of the assets) not greater than the amount of net 
                liabilities carried on the books of the institution or 
                branch, including deposits, which are assumed in 
                connection with the acquisition.
                    ``(D) First priority for disposition of assets.--In 
                the case of an acquisition of any depository 
                institution or branch described in subparagraph (A) by 
                any minority individual, minority-owned business, or a 
                minority depository institution, the disposition of the 
                performing assets of the depository institution or 
                branch to such individual, business, or minority 
                depository institution shall have a first priority over 
                the disposition by the Corporation of such assets for 
                any other purpose.
                    ``(E) Applicability of least-cost test.--
                            ``(i) In general.--Section 13(c)(4)(A) of 
                        the Federal Deposit Insurance Act shall not 
                        apply with respect to any action by the 
                        Corporation under this paragraph.
                            ``(ii) Duty of corporation to conduct 
                        transactions in least-costly manner.--The 
                        Corporation shall take such action as may be 
                        appropriate to ensure that any transaction 
                        under this paragraph is carried out at the 
                        least possible cost to the Corporation as may 
                        be practicable.
                    ``(F) Definitions.--For purposes of this 
                paragraph--
                            ``(i) Acquire.--The term `acquire' has the 
                        meaning given to such term in section 
                        13(f)(8)(B) of the Federal Deposit Insurance 
                        Act.
                            ``(ii) Minority.--The term `minority' has 
                        the meaning given to such term in section 
                        1204(c)(3) of the Financial Institutions 
                        Reform, Recovery and Enforcement Act of 1989.
                            ``(ii) Minority depository institution.--
                        The term `minority depository institution' has 
                        the meaning given to such term in subsection 
                        (s)(2).
                            ``(iv) Minority-owned business.--The term 
                        `minority-owned business' has the meaning given 
                        to such term in subsection (r)(4).
            ``(19) Subcontracts with minority- and women-owned 
        businesses.--
                    ``(A) In general.--The Corporation may not enter 
                into any contract for the provision of services to the 
                Corporation, including legal services, under which the 
                contractor would receive fees or other compensation or 
                remuneration in an amount equal to or greater than 
                $500,000 unless the Corporation requires the contractor 
                to subcontract with any minority- or women-owned 
                business, including any law firm, and to pay fees or 
                other compensation or remuneration to such business in 
                an amount commensurate with the percentage of services 
                provided by the business.
                    ``(B) Limited waiver authority.--
                            ``(i) In general.--The Corporation may 
                        grant a waiver from the application of this 
                        paragraph to any contractor with respect to a 
                        contract described in subparagraph (A) if the 
                        contractor certifies to the Corporation that 
                        the contractor has determined that no eligible 
                        minority- or women-owned business is available 
                        to enter into a subcontract (with respect to 
                        such contract) and provides an explanation of 
                        the basis for such determination.
                            ``(ii) Waiver procedures.--Any 
                        determination to grant a waiver under clause 
                        (i) shall be made in writing by the chief 
                        executive officer of the Corporation.
                    ``(C) Report.--Each quarterly report submitted by 
                the Corporation pursuant to subsection (k)(7) shall 
                contain a description of each waiver granted under 
                subparagraph (B) during the quarter covered by the 
                report.
                    ``(D) Definitions.--For the purposes of this 
                paragraph--
                            ``(i) Minority.--The term `minority' has 
                        the meaning given to such term by section 
                        1204(c)(3) of the Financial Institutions 
                        Reform, Recovery, and Enforcement Act of 1989.
                            ``(ii) Minority- and women-owned 
                        business.--The terms `minority-owned business' 
                        and `women-owned business' have the meaning 
                        given to such terms in subsection (r)(4).''.
    (b) Borrower Appeals.--Section 21A(b)(4) of the Federal Home Loan 
Bank Act (12 U.S.C. 1441a(b)(4)) is amended by adding at the end the 
following new subparagraph:
                    ``(C) Appeals.--The Corporation shall implement and 
                maintain a program, in a manner acceptable to the 
                Thrift Depositor Protection Oversight Board, to provide 
                an appeals process for business and commercial 
                borrowers to appeal decisions by the Corporation (when 
                acting as a conservator) which would have the effect of 
                terminating or otherwise adversely affecting credit or 
                loan agreements, lines of credit, and similar 
                arrangements with such borrowers who have not defaulted 
                on their obligations.''.
    (c) GAO Study of Progress of Implementation of Reforms.--
            (1) Study required.--The Comptroller General of the United 
        States shall conduct a study of the manner in which the reforms 
        required pursuant to the amendment made by subsection (a) are 
        being implemented by the Resolution Trust Corporation and the 
        progress being made by the Corporation toward the achievement 
        of full compliance with such requirements.
            (2) Interim report to congress.--Not later than 6 months 
        after the date of the enactment of this Act, the Comptroller 
        General of the United States shall submit an interim report to 
        the Congress containing the preliminary findings of the 
        Comptroller General in connection with the study required under 
        paragraph (1).
            (3) Final report to congress.--Not later than 1 year after 
        the date of the enactment of this Act, the Comptroller General 
        of the United States shall submit a report to the Congress 
        containing--
                    (A) the findings of the Comptroller General in 
                connection with the study required under paragraph (1); 
                and
                    (B) such recommendations for legislative and 
                administrative action as the Comptroller General may 
                determine to be appropriate.
            (4) Disclosure of performing asset transfers.--
                    (A) Report required.--The Comptroller General of 
                the United States shall submit an annual report to the 
                Congress on transfers of performing assets by the 
                Corporation to any acquirer during the year covered by 
                the report.
                    (B) Contents.--Each report submitted under 
                subparagraph (A) shall contain--
                            (i) the number and a detailed description 
                        of asset transfers during the year covered by 
                        the report;
                            (ii) the number of assets provided in 
                        connection with each transaction during such 
                        year; and
                            (iii) the fair market value, as determined 
                        by the Comptroller General, of each transferred 
                        asset at the time of transfer.

SEC. 4. EXTENSION OF STATUTE OF LIMITATIONS.

    (a) Resolution Trust Corporation.--Section 11(d)(14) of the Federal 
Deposit Insurance Act (12 U.S.C. 1821(d)(14)) is amended--
            (1) in subparagraph (A)(ii), by inserting ``except as 
        provided in subparagraph (B),'' before ``in the case of'';
            (2) by redesignating subparagraph (B) as subparagraph (C);
            (3) by inserting after subparagraph (A) the following new 
        subparagraph:
                    [``(B) Tort actions brought by the rtc.--The 
                applicable statute of limitations with regard to any 
                action in tort, other than negligence, brought by the 
                Resolution Trust Corporation in such Corporation's 
                capacity as conservator or receiver of a failed savings 
                association] ``(B) Certain actions brought by the 
                resolution trust corporation.--The applicable statute 
                of limitations with regard to any action for fraud or 
                intentional misconduct resulting in unjust enrichment 
                brought by the Resolution Trust Corporation in its 
                capacity as conservator or receiver of a failed savings 
                association shall be the longer of--
                            ``(i) the 5-year period beginning on the 
                        date the claim accrues; or
                            ``(ii) the period applicable under State 
                        law;''; and
            (4) in subparagraph (C), as redesignated--
                    (A) by striking ``subparagraph (A)'' and inserting 
                ``subparagraphs (A) and (B)''; and
                    (B) by inserting ``any'' before ``such 
                subparagraph''.
    (b) Effective Date; Termination; FDIC as Successor.--
            (1) Effective date.--The amendments made by subsection (a) 
        shall take effect as if such amendments had been included in 
        the amendment made by section 212(a) of the Financial 
        Institutions Reform, Recovery, and Enforcement Act of 1989, as 
        of the effective date of such amendment.
            (2) Sunset provision.--Section 11(d)(14)(B) of the Federal 
        Deposit Insurance Act (as amended by subsection (a) of this 
        section) shall cease to apply as of the date of the termination 
        of the Resolution Trust Corporation.
            (3) FDIC as successor to the rtc.--The Federal Deposit 
        Insurance Corporation, as successor to the Resolution Trust 
        Corporation, shall have the right to pursue any tort action to 
        which the amendment made by subsection (a) applies that was 
        properly brought by the Resolution Trust Corporation before the 
        termination of the Resolution Trust Corporation.

SEC. 5. LIMITATION ON BONUSES AND COMPENSATION PAID BY THE RTC AND THE 
              THRIFT DEPOSITOR PROTECTION OVERSIGHT BOARD.

    (a) In General.--Section 21A of the Federal Home Loan Bank Act (12 
U.S.C. 1441a) is amended by adding after subsection (w) (as added by 
section 3(a) of this Act) the following new subsections:
    ``(x) Performance-Based Cash Awards.--
            ``(1) Establishment of performance appraisal system 
        required.--The Corporation shall be treated as an agency for 
        purposes of sections 4302 and 4304 of title 5, United States 
        Code.
            ``(2) Procedures for payment of performance-based cash 
        awards.--
                    ``(A) In general.--Section 4505a of title 5, United 
                States Code, shall apply with respect to the 
                Corporation.
                    ``(B) Limitation on amount of cash awards.--For 
                purposes of determining the amount of any performance-
                based cash award payable to any employee of the 
                Corporation, under section 4505a of title 5, United 
                States Code, the amount of basic pay of the employee 
                which may be taken into account under such section 
                shall not exceed the amount which is equal to the 
                annual rate of basic pay payable for level I of the 
                Executive Schedule.
            ``(3) All other bonuses prohibited.--Except as provided in 
        paragraph (2), no bonus or other cash payment based on 
        performance may be made to any employee of the Corporation.
            ``(4) Employee defined.--For purposes of this subsection, 
        subsection (y), and sections 4302 and 4505a of title 5, United 
        States Code (as applicable with respect to this subsection), 
        the term `employee' includes any officer or employee assigned 
        to the Corporation under subsection (b)(8) and any officer or 
        employee of the Thrift Depositor Protection Oversight Board.
    ``(y) Limitations on Excessive Compensation.--
            ``(1) Compensation.--Notwithstanding any other provision of 
        this section, no employee (as defined in subsection (x)) may 
        receive a total amount of allowances, benefits, basic pay, and 
        other compensation, including bonuses and other awards, in 
        excess of the total amount of allowances, benefits, basic pay, 
        and other compensation, including bonuses and other awards, 
        which are provided to the chief executive officer of the 
        Corporation.
            ``(2) No reduction in rate of pay.--Notwithstanding 
        paragraph (1), the annual rate of basic pay and benefits, 
        including any regional pay differential, payable to any 
        employee who was an employee as of the date of the enactment of 
        the Resolution Trust Corporation Completion Act for any year 
        ending after such date of enactment shall not be reduced, by 
        reason of paragraph (1), below the annual rate of basic pay and 
        benefits, including any regional pay differential, paid to such 
        employee, by reason of such employment, as of such date.
            ``(3) Employees serving in acting or temporary capacity.--
        Notwithstanding paragraph (1), in the case of any employee who, 
        as of the date of the enactment of the Resolution Trust 
        Corporation Completion Act, is serving in an acting capacity or 
        is otherwise temporarily employed at a higher grade than such 
        employee's regular grade or position of employment--
                    ``(A) the annual rate of basic pay and benefits, 
                including any regional pay differential, payable to 
                such employee in such capacity or at such higher grade 
                shall not be reduced by reason of paragraph (1) so long 
                as such employee continues to serve in such capacity or 
                at such higher grade; and
                    ``(B) after such employee ceases to serve in such 
                capacity or at such higher grade, paragraph (2) shall 
                be applied with respect to such employee by taking into 
                account only the annual rate of basic pay and benefits, 
                including any regional pay differential, payable to 
                such employee in such employee's regular grade or 
                position of employment.
            ``(4) Allowances defined.--For purposes of paragraph (1), 
        the term `allowances' does not include any allowance for travel 
        and subsistence expenses incurred by an employee while away 
        from home or designated post of duty on official business.''.
    (b) Technical and Conforming Amendment.--
            (1) Section 5314 of title 5, United States Code, is amended 
        by striking the item added to such section by section 315(c) of 
        the Resolution Trust Corporation Refinancing, Restructuring, 
        and Improvement Act of 1991.
            (2) Section 21A(a)(6) of the Federal Home Loan Bank Act (12 
        U.S.C. 1441a(a)(6)) is amended by adding at the end the 
        following new subparagraph:
                    ``(K) To establish the rate of basic pay, benefits, 
                and other compensation for the chief executive officer 
                of the Corporation.''.

SEC. 6. FDIC--RTC TRANSITION TASK FORCE.

    (a) Establishment Required.--The Federal Deposit Insurance 
Corporation and the Resolution Trust Corporation shall establish an 
interagency transition task force for the purpose of facilitating the 
transfer, in accordance with section 21A of the Federal Home Loan Bank 
Act, of the operations and personnel of the Resolution Trust 
Corporation to the Federal Deposit Insurance Corporation or the FSLIC 
Resolution Fund, as the case may be, in a coordinated manner which best 
preserves and utilizes the operational systems and personnel teams of 
the Resolution Trust Corporation which have successfully performed 
management, conservatorship, receivership, or asset-disposition 
functions.
    (b) Members.--
            (1) In general.--The transition task force shall consist of 
        such number of officers and employees of the Federal Deposit 
        Insurance Corporation and the Resolution Trust Corporation as 
        the Chairperson of the Board of Directors of the Federal 
        Deposit Insurance Corporation and the chief executive officer 
        of the Resolution Trust Corporation may jointly determine to be 
        appropriate.
            (2) Appointment.--The Chairperson of the Board of Directors 
        of the Federal Deposit Insurance Corporation and the chief 
        executive officer of the Resolution Trust Corporation shall 
        appoint the members of the transition task force.
            (3) No additional pay.--Members of the transition task 
        force shall receive no additional pay, allowances, or benefits 
        by reason of their service on the task force.
    (c) Duties.--The transition task force shall have the following 
duties:
            (1) Examine the operations of the Federal Deposit Insurance 
        Corporation and the Resolution Trust Corporation to identify 
        differences in the operations of the 2 corporations which 
        should be resolved to facilitate an orderly merger of such 
        operations.
            (2) Evaluate the differences in the operational systems of 
        the Federal Deposit Insurance Corporation and the Resolution 
        Trust Corporation.
            (3) Recommend which of the operational systems of the 
        Resolution Trust Corporation should be preserved for use by the 
        Federal Deposit Insurance Corporation.
            (4) Recommend procedures to be followed by the Federal 
        Deposit Insurance Corporation and the Resolution Trust 
        Corporation in connection with the transition which will 
        promote--
                    (A) coordination between the 2 corporations before 
                the termination of the Resolution Trust Corporation; 
                and
                    (B) an orderly transfer of assets, personnel, and 
                operations.
            (5) Evaluate the management enhancement goals applicable to 
        the Resolution Trust Corporation under section 21A(p) of the 
        Federal Home Loan Bank Act and recommend which of such goals 
        should apply to the Federal Deposit Insurance Corporation.
            (6) Evaluate the management reforms applicable to the 
        Resolution Trust Corporation under section 21A(w) of the 
        Federal Home Loan Bank Act and recommend which of such reforms 
        should apply to the Federal Deposit Insurance Corporation.
    (d) Reports to Banking Committees.--
            (1) Reports required.--The transition task force shall 
        submit a report to the Committee on Banking, Finance and Urban 
        Affairs of the House of Representative and the Committee on 
        Banking, Housing, and Urban Affairs of the Senate no later than 
        January 1, 1995, and a 2d report no later than July 1, 1995, on 
        the progress made by the transition task force in meeting the 
        requirements of this section.
            (2) Contents of report.--The reports required to be 
        submitted under paragraph (1) shall contain the findings and 
        recommendations made by the transition task force in carrying 
        out the duties of the task force under subsection (c) and such 
        recommendations for legislative and administrative action as 
        the task force may determine to be appropriate.
    (e) Followup Report by FDIC.--Not later than January 1, 1996, the 
Federal Deposit Insurance Corporation shall submit a report to the 
Committee on Banking, Finance and Urban Affairs of the House of 
Representative and the Committee on Banking, Housing, and Urban Affairs 
of the Senate containing--
            (1) a description of the recommendations of the transition 
        task force which have been adopted by the Corporation;
            (2) a description of the recommendations of the transition 
        task force which have not been adopted by the Corporation;
            (3) a detailed explanation of the reasons why the 
        Corporation did not adopt each recommendation described in 
        paragraph (2); and
            (4) a description of the actions taken by the Corporation 
        to comply with section 21A(m)(3) of the Federal Home Loan Bank 
        Act.

SEC. 7. AMENDMENTS RELATING TO THE TERMINATION OF THE RTC.

    (a) Amendment Relating to Transfer of Personnel and Systems.--
Section 21A(m) of the Federal Home Loan Bank Act (12 U.S.C. 1441a(m)) 
is amended by adding at the end the following new paragraph:
            ``(3) Transfer of personnel and systems.--In connection 
        with the assumption by the Federal Deposit Insurance 
        Corporation of conservatorship and receivership functions with 
        respect to institutions described in subsection (b)(3)(A) and 
        the termination of the Corporation pursuant to paragraph (1)--
                    ``(A) any management, resolution, or asset-
                disposition system of the Corporation which the 
                Secretary of the Treasury determines, after considering 
                the recommendations of the interagency transfer task 
                force under section 5(c)(3) of the Resolution Trust 
                Corporation Completion Act, has been of positive 
                benefit to the operations of the Corporation (including 
                any personal property of the Corporation which is used 
                in operating any such system) shall, notwithstanding 
                paragraph (2), be transferred to and used by the 
                Federal Deposit Insurance Corporation in a manner which 
                preserves the integrity of the system for so long as 
                such system is efficient and cost-effective; and
                    ``(B) any personnel of the Corporation involved 
                with any such system who are otherwise eligible to be 
                transferred to the Federal Deposit Insurance 
                Corporation shall be transferred to the Federal Deposit 
                Insurance Corporation for continued employment, subject 
                to section 404(9) of the Financial Institutions Reform, 
                Recovery, and Enforcement Act of 1989 and other 
                applicable provisions of this section, with respect to 
                such system.''.
    (b) Amendment Relating to Date of Termination.--Section 21A(m)(1) 
of the Federal Home Loan Bank Act (12 U.S.C. 1441a(m)(1)) is amended by 
striking ``December 31, 1996'' and inserting ``December 31, 1995''.

SEC. 8. SAIF FUNDING AUTHORIZATION AMENDMENTS.

    (a) Amendment to SAIF Funding Provision.--Section 11(a)(6)(D) of 
the Federal Deposit Insurance Act (12 U.S.C. 1821(a)(6)(D)) is amended 
to read as follows:
                    ``(D) Treasury payments to fund.--To the extent of 
                the availability of amounts provided in appropriation 
                Acts and subject to subparagraphs (E) and (G), the 
                Secretary of the Treasury shall pay to the Savings 
                Association Insurance Fund such amounts as may be 
                needed to pay losses incurred by the Fund in fiscal 
                years 1994 through 1998.''.
    (b) Certification of Need for Funds and Other Conditions on SAIF 
Funding.--Section 11(a)(6)(E) of the Federal Deposit Insurance Act (12 
U.S.C. 1821(a)(6)(E)) is amended to read as follows:
                    ``(E) Certification conditions on availability of 
                funding.--Notwithstanding subparagraph (J), no amount 
                is authorized to be appropriated for payments by the 
                Secretary of the Treasury in accordance with 
                subparagraph (D) for any fiscal year unless the 
                Chairperson of the Board of Directors certifies to the 
                Congress, at any time before the beginning of or during 
                such fiscal year, that--
                            ``(i) such amount is needed to pay for 
                        losses which can reasonably be expected to be 
                        incurred by the Savings Association Insurance 
                        Fund during such year;
                            ``(ii) the Board of Directors has 
                        determined that--
                                    ``(I) Savings Association Insurance 
                                Fund members, in the aggregate, are 
                                unable to pay additional semiannual 
                                assessments under section 7(b) during 
                                such year at the assessment rates which 
                                would be required in order to cover, 
                                from such additional assessments, 
                                losses incurred by the Fund during such 
                                year; and
                                    ``(II) an increase in the 
                                assessment rates for Savings 
                                Association Insurance Fund members to 
                                cover such losses could reasonably be 
                                expected to result in greater losses to 
                                the Government (through an increase in 
                                the number of institutions in default);
                            ``(iii) the Board of Directors has 
                        determined that--
                                    ``(I) Savings Association Insurance 
                                Fund members, in the aggregate, are 
                                unable to pay additional semiannual 
                                assessments under section 7(b) during 
                                such year at the assessment rates which 
                                would be required in order to meet the 
                                repayment schedule required under 
                                section 14(c) for any amount borrowed 
                                under section 14(a) to cover losses 
                                incurred by the Fund during such year; 
                                and
                                    ``(II) an increase in the 
                                assessment rates for Savings 
                                Association Insurance Fund members to 
                                meet any such repayment schedule could 
                                reasonably be expected to result in 
                                greater losses to the Government 
                                (through an increase in the number of 
                                institutions in default);
                            ``(iv) as of the date of certification, the 
                        Corporation has in effect procedures designed 
                        to ensure that the activities of the Savings 
                        Association Insurance Fund and the affairs of 
                        any Savings Association Insurance Fund member 
                        for which a conservator or receiver has been 
                        appointed are conducted in an efficient manner 
                        and the Corporation is in compliance with such 
                        procedures; and
                            ``(v) with respect to the most recent audit 
                        of the Savings Association Insurance Fund by 
                        the Comptroller General of the United States 
                        before the date of the certification--
                                    ``(I) the Corporation has taken or 
                                is taking appropriate action to 
                                implement any recommendation made by 
                                the Comptroller General; or
                                    ``(II) no corrective action is 
                                necessary or appropriate as a result of 
                                such audit.''.
    (c) Availability of Unexpended RTC Funding for SAIF.--Section 
11(a)(6)(F) of the Federal Deposit Insurance Act (12 U.S.C. 
1821(a)(6)(F)) is amended to read as follows:
                    ``(F) Availability of rtc funding.--At any time 
                before the end of the 2-year period beginning on the 
                date of the termination of the Resolution Trust 
                Corporation, the Secretary of the Treasury shall 
                provide, out of funds appropriated to the Resolution 
                Trust Corporation pursuant to section 21A(i)(3) of the 
                Federal Home Loan Bank Act and not expended by the 
                Resolution Trust Corporation, to the Savings 
                Association Insurance Fund for any year such amounts as 
                are needed by the Fund and are not needed by the 
                Resolution Trust Corporation if the Chairperson of the 
                Board of Directors has certified to the Congress that--
                            ``(i) such amounts are needed by the 
                        Savings Association Insurance Fund;
                            ``(ii) any amount transferred shall be used 
                        only for losses incurred by the Fund;
                            ``(iii) the Board of Directors has 
                        determined that--
                                    ``(I) Savings Association Insurance 
                                Fund members, in the aggregate, are 
                                unable to pay additional semiannual 
                                assessments under section 7(b) during 
                                such year at the assessment rates which 
                                would be required in order to cover, 
                                from such additional assessments, 
                                losses incurred by the Fund during such 
                                year; and
                                    ``(II) an increase in the 
                                assessment rates for Savings 
                                Association Insurance Fund members to 
                                cover such losses could reasonably be 
                                expected to result in greater losses to 
                                the Government (through an increase in 
                                the number of institutions in default); 
                                and
                            ``(iv) the Board of Directors has 
                        determined that--
                                    ``(I) Savings Association Insurance 
                                Fund members, in the aggregate, are 
                                unable to pay additional semiannual 
                                assessments under section 7(b) during 
                                such year at the assessment rates which 
                                would be required in order to meet the 
                                repayment schedule required under 
                                section 14(c) for any amount borrowed 
                                under section 14(a) to cover losses 
                                incurred by the Fund during such year; 
                                and
                                    ``(II) an increase in the 
                                assessment rates for Savings 
                                Association Insurance Fund members to 
                                meet any such repayment schedule could 
                                reasonably be expected to result in 
                                greater losses to the Government 
                                (through an increase in the number of 
                                institutions in default).''.
    (d) Appearances Before the Banking Committees.--Section 11(a)(6)(H) 
of the Federal Deposit Insurance Act (12 U.S.C. 1821(a)(6)(H)) is 
amended to read as follows:
                    ``(H) Appearance upon request.--The Secretary of 
                the Treasury and the Chairperson of the Board of 
                Directors of the Federal Deposit Insurance Corporation 
                shall appear before the Committee on Banking, Finance 
                and Urban Affairs of the House of Representatives and 
                the Committee on Banking, Housing, and Urban Affairs of 
                the Senate, upon the request of the chairman of the 
                respective committee, to report on any certification 
                made to the Congress under subparagraph (E) or (F).''.
    (e) Amendments to Authorization of Appropriation.--Section 
11(a)(6)(J) of the Federal Deposit Insurance Act (12 U.S.C. 
1821(a)(6)(J)) is amended--
            (1) by striking ``There are'' and inserting ``Subject to 
        subparagraph (E), there are''; and
            (2) by striking ``of this paragraph, except'' and all that 
        follows through the period and inserting the following: ``of 
        subparagraph (D) for fiscal years 1994 through 1998, except 
        that the aggregate amount appropriated pursuant to this 
        authorization may not exceed $16,000,000,000.''.
    (f) Return of Transferred and Unexpended Amounts to Treasury.--
Section 11(a)(6) of the Federal Deposit Insurance Act (12 U.S.C. 
1821(a)(6)) is amended by adding at the end the following new 
subparagraph:
                    ``(K) Return to treasury.--If the aggregate amount 
                of funds transferred to the Savings Association 
                Insurance Fund under subparagraph (D) or (F) exceeds 
                the amount needed to cover losses incurred by the Fund, 
                such excess amount shall be deposited in the general 
                fund of the Treasury.''.
    (g) Technical and Conforming Amendments.--
            (1) Section 11(a)(6)(G) of the Federal Deposit Insurance 
        Act (12 U.S.C. 1821(a)(6)(G)) is amended by striking 
        ``subparagraphs (E) and (F)'' and inserting ``subparagraph 
        (D)''.
            (2) The heading of section 11(a)(6)(G) of the Federal 
        Deposit Insurance Act (12 U.S.C. 1821(a)(6)(G)) is amended by 
        striking ``subparagraphs (e) and (f)'' and inserting 
        ``subparagraph (d)''.

SEC. 9. MORATORIUM EXTENSION.

    (a) Conversion Moratorium Until SAIF Recapitalized.--Section 
5(d)(2)(A)(ii) of the Federal Deposit Insurance Act is amended--
            (1) by striking ``before the end'' and inserting ``before 
        the later of the end''; and
            (2) by inserting ``or the date on which the Savings 
        Association Insurance Fund first meets or exceeds the 
        designated reserve ratio for such fund'' before the period.
    (b) Clarification of Definition.--Section 5(d)(2)(B) of the Federal 
Deposit Insurance Act (12 U.S.C. 1815(d)(2)(B)) is amended--
            (1) by striking the period at the end of clause (iv) and 
        inserting ``; and''; and
            (2) by adding at the end the following new clause:
                            ``(v) the transfer of deposits--
                                    ``(I) from a Bank Insurance Fund 
                                member to a Savings Association 
                                Insurance Fund member; or
                                    ``(II) from a Savings Association 
                                Insurance Fund member to a Bank 
                                Insurance Fund member,
                        in a transaction in which the deposit is 
                        received from a depositor at an insured 
                        depository institution for which a receiver has 
                        been appointed and the receiving insured 
                        depository institution is acting as agent for 
                        the Corporation in connection with the payment 
                        of such deposit to the depositor at the 
                        institution for which a receiver has been 
                        appointed.''.
    (c) Technical and Conforming Amendments.--Clauses (ii) and (iii) of 
section 5(d)(2)(C) of the Federal Deposit Insurance Act and section 
5(d)(3)(I)(i) of such Act are each amended by striking ``5-year period 
referred to in'' and inserting ``moratorium period established by''.

SEC. 10. REPAYMENT SCHEDULE FOR PERMANENT FDIC BORROWING AUTHORITY.

    Section 14(c) of the Federal Deposit Insurance Act (12 U.S.C. 
1824(c)) is amended by adding the following new paragraph:
            ``(3) Industry repayment.--
                    ``(A) BIF member payments.--No agreement or 
                repayment schedule under paragraph (1) shall require 
                any payment by a Bank Insurance Fund member for funds 
                obtained under subsection (a) for purposes of the 
                Savings Association Fund.
                    ``(B) SAIF member payments.--No agreement or 
                repayment schedule under paragraph (1) shall require 
                any payment by a Savings Association Insurance Fund 
                member for funds obtained under subsection (a) for 
                purposes of the Bank Insurance Fund.''.

SEC. 11. DEPOSIT INSURANCE FUNDS.

    Section 11(a)(4) of the Federal Deposit Insurance Act (12 U.S.C. 
1821(a)(4)) is amended--
            (1) by striking ``and'' at the end of subparagraph (B);
            (2) in subparagraph (C) by striking the period and 
        inserting ``; and''; and
            (3) by adding at the end the following new subparagraph:
                    ``(D) notwithstanding any other provision of law 
                other than section 13(c)(4)(G), used only for the 
                purposes of protecting insured depositors and shall not 
                be used in any manner to benefit shareholders of an 
                insured depository institution in connection with any 
                type of resolution by the Corporation or the Resolution 
                Trust Corporation of any insured depository institution 
                for which the Corporation or the Resolution Trust 
                Corporation has been appointed conservator or receiver 
                or any other insured depository institution in default 
                under any provision of law, or the provision of 
                assistance in any form under this section or section 12 
                or 13.''.

SEC. 12. MAXIMUM DOLLAR LIMITS FOR ELIGIBLE CONDOMINIUM AND SINGLE 
              FAMILY PROPERTIES UNDER RTC AFFORDABLE HOUSING PROGRAM.

    Section 21A(c)(9) of the Federal Home Loan Bank Act (12 U.S.C. 
1441a(c)(9)) is amended--
            (1) in subparagraph (D), by striking clause (ii) and 
        inserting the following new clause:
                            ``(ii) that has an appraised value that 
                        does not exceed--
                                    ``(I) $67,500 in the case of a 1-
                                family residence, $76,000 in the case 
                                of a 2-family residence, $92,000 in the 
                                case of a 3-family residence, and 
                                $107,000 in the case of a 4-family 
                                residence; or
                                    ``(II) only to the extent or in 
                                such amounts as are provided in 
                                appropriation Acts for additional costs 
                                and losses to the Corporation resulting 
                                from this subclause taking effect, the 
                                amount provided in section 203(b)(2)(A) 
                                of the National Housing Act, except 
                                that such amount shall not exceed 
                                $101,250 in the case of a 1-family 
                                residence, $114,000 in the case of a 2-
                                family residence, $138,000 in the case 
                                of a 3-family residence, and $160,500 
                                in the case of a 4-family residence.''; 
                                and
            (2) in subparagraph (G)--
                    (A) by moving subclause (I) two ems to the left and 
                redesignating such subclause as clause (i); and
                    (B) by striking subclause (II) and inserting the 
                following new clause:
                            ``(ii) that has an appraised value that 
                        does not exceed--
                                    ``(I) $67,500 in the case of a 1-
                                family residence, $76,000 in the case 
                                of a 2-family residence, $92,000 in the 
                                case of a 3-family residence, and 
                                $107,000 in the case of a 4-family 
                                residence; or
                                    ``(II) only to the extent or in 
                                such amounts as are provided in 
                                appropriation Acts for additional costs 
                                and losses to the Corporation resulting 
                                from this subclause taking effect, the 
                                amount provided in section 203(b)(2)(A) 
                                of the National Housing Act, except 
                                that such amount shall not exceed 
                                $101,250 in the case of a 1-family 
                                residence, $114,000 in the case of a 2-
                                family residence, $138,000 in the case 
                                of a 3-family residence, and $160,500 
                                in the case of a 4-family residence.''.

SEC. 13. INCLUSION OF SUBSIDIARIES' PROPERTIES IN FDIC AFFORDABLE 
              HOUSING PROGRAM.

    Section 40(p) of the Federal Deposit Insurance Act (12 U.S.C. 
1831q(p)) is amended in paragraphs (4)(A), (5)(A), and (7)(A), by 
inserting before ``; and'' each place it appears the following: 
``(including in its capacity as the sole owner of a subsidiary 
corporation of a depository institution under conservatorship or 
receivership, which subsidiary has as its principal business the 
ownership of real property)''.

SEC. 14. CHANGES AFFECTING BOTH RTC AND FDIC AFFORDABLE HOUSING 
              PROGRAMS.

    (a) Notice to Clearinghouses Regarding Properties not Included in 
Programs.--
            (1) RTC.--Section 21A(c) of the Federal Home Loan Bank Act 
        (12 U.S.C. 1441a(c)) is amended by adding at the end the 
        following new paragraph:
            ``(16) Notice to clearinghouses regarding ineligible 
        properties.--
                    ``(A) In general.--Within a reasonable period of 
                time after acquiring title to an ineligible residential 
                property, the Corporation shall provide written notice 
                to clearinghouses.
                    ``(B) Content.--For ineligible single family 
                properties, such notice shall contain the same 
                information about such properties that the notice 
                required under paragraph (2)(A) contains with respect 
                to eligible single family properties. For ineligible 
                multifamily housing properties, such notice shall 
                contain the same information about such properties that 
                the notice required under paragraph (3)(A) contains 
                with respect to eligible multifamily housing 
                properties. For ineligible condominium properties, such 
                notice shall contain the same information about such 
                properties that the notice required under paragraph 
                (14)(A) contains with respect to eligible condominium 
                properties.
                    ``(C) Availability.--The clearinghouses shall make 
                such information available, upon request, to other 
                public agencies, other nonprofit organizations, 
                qualifying households, qualifying multifamily 
                purchasers, and other purchasers, as appropriate.
                    ``(D) Definitions.--For purposes of this paragraph:
                            ``(i) Ineligible condominium property.--The 
                        term `ineligible condominium property' means a 
                        condominium unit, as such term is defined in 
                        section 604 of the Housing and Community 
                        Development Act of 1980--
                                    ``(I) to which the Corporation 
                                acquires title in its corporate 
                                capacity, its capacity as conservator, 
                                or its capacity as receiver (including 
                                its capacity as the sole owner of a 
                                subsidiary corporation of a depository 
                                institution under conservatorship or 
                                receivership, which subsidiary 
                                corporation has as its principal 
                                business the ownership of real 
                                property);
                                    ``(II) that has an appraised value 
                                that does not exceed the applicable 
                                dollar amount limitation for the 
                                property under paragraph 
                                (9)(D)(ii)(II); and
                                    ``(III) that is not an eligible 
                                condominium property.
                            ``(ii) Ineligible multifamily housing 
                        property.--The term `ineligible multifamily 
                        housing property' means a property consisting 
                        of more than 4 dwelling units--
                                    ``(I) to which the Corporation 
                                acquires title in its capacity as 
                                conservator (including its capacity as 
                                the sole owner of a subsidiary 
                                corporation of a depository institution 
                                under conservatorship, which subsidiary 
                                corporation has as its principal 
                                business the ownership of real 
                                property);
                                    ``(II) that has an appraised value 
                                that does not exceed, for such part of 
                                the property as may be attributable to 
                                dwelling use (excluding exterior land 
                                improvements), the dollar amount 
                                limitations under paragraph 
                                (9)(E)(i)(II); and
                                    ``(III) that is not an eligible 
                                multifamily housing property.
                            ``(iii) Ineligible single family 
                        property.--The term `ineligible single family 
                        property' means a 1- to 4-family residence 
                        (including a manufactured home)--
                                    ``(I) to which the Corporation 
                                acquires title in its corporate 
                                capacity, its capacity as conservator, 
                                or its capacity as receiver (including 
                                its capacity as the sole owner of a 
                                subsidiary corporation of a depository 
                                institution under conservatorship or 
                                receivership, which subsidiary 
                                corporation has as its principal 
                                business the ownership of real 
                                property);
                                    ``(II) that has an appraised value 
                                that does not exceed the applicable 
                                dollar amount limitation for the 
                                property under paragraph 
                                (9)(G)(ii)(II); and
                                    ``(III) that is not an eligible 
                                single family property.
                            ``(iv) Ineligible residential property.--
                        The term `ineligible residential property' 
                        includes ineligible single family properties, 
                        ineligible multifamily housing properties, and 
                        ineligible condominium properties.''.
            (2) FDIC.--Section 40 of the Federal Deposit Insurance Act 
        (12 U.S.C. 1831q) is amended by adding at the end the following 
        new subsection:
    ``(q) Notice to Clearinghouses Regarding Ineligible Properties.--
            ``(1) In general.--Within a reasonable period of time after 
        acquiring title to an ineligible residential property, the 
        Corporation shall provide written notice to clearinghouses.
            ``(2) Content.--For ineligible single family properties, 
        such notice shall contain the same information about such 
        properties that the notice required under subsection (c)(1) 
        contains with respect to eligible single family properties. For 
        ineligible multifamily housing properties, such notice shall 
        contain the same information about such properties that the 
        notice required under subsection (d)(1) contains with respect 
        to eligible multifamily housing properties. For ineligible 
        condominium properties, such notice shall contain the same 
        information about such properties that the notice required 
        under paragraph (l)(1) contains with respect to eligible 
        condominium properties.
            ``(3) Availability.--The clearinghouses shall make such 
        information available, upon request, to other public agencies, 
        other nonprofit organizations, qualifying households, 
        qualifying multifamily purchasers, and other purchasers, as 
        appropriate.
            ``(4) Definitions.--For purposes of this subsection:
                    ``(A) Ineligible condominium property.--The term 
                `ineligible condominium property' means any eligible 
                condominium property to which the provisions of this 
                section do not apply as a result of the limitations 
                under subsection (b)(2)(A).
                    ``(B) Ineligible multifamily housing property.--The 
                term `ineligible multifamily housing property' means 
                any eligible multifamily housing property to which the 
                provisions of this section do not apply as a result of 
                the limitations under subsection (b)(2)(A).
                    ``(C) Ineligible single family property.--The term 
                `ineligible single family property' means any eligible 
                single family property to which the provisions of this 
                section do not apply as a result of the limitations 
                under subsection (b)(2)(A).
                    ``(D) Ineligible residential property.--The term 
                `ineligible residential property' includes ineligible 
                single family properties, ineligible multifamily 
                housing properties, and ineligible condominium 
                properties.''.
    (b) Negotiated Sale Preference for Use for Homeless Families.--
            (1) RTC.--Section 21A(c)(13) of the Federal Home Loan Bank 
        Act (12 U.S.C. 1441a(c)(13)) is amended by adding at the end 
        the following new subparagraph:
                    ``(C) Preference for use for homeless families.--In 
                negotiating and selling an eligible residential 
                property under this paragraph, the Corporation shall 
                give preference to any offer to purchase the property 
                for use in providing housing or shelter for homeless 
                individuals (as such term is defined in section 103 of 
                the Stewart B. McKinney Homeless Assistance Act) or 
                homeless families, but only if the Corporation 
                determines that such sale will result in net present 
                value proceeds substantially similar to the amount of 
                such proceeds that would have resulted from sale of the 
                property under this subsection (other than under this 
                paragraph).''.
            (2) FDIC.--Section 40(k) of the Federal Deposit Insurance 
        Act (12 U.S.C. 1831q(k)) is amended by adding at the end the 
        following new paragraph:
            ``(3) Preference for use for homeless families.--In 
        negotiating and selling an eligible residential property under 
        this subsection, the Corporation shall give preference to any 
        offer to purchase the property for use in providing housing or 
        shelter for homeless individuals (as such term is defined in 
        section 103 of the Stewart B. McKinney Homeless Assistance Act) 
        or homeless families, but only if the Corporation determines 
        that such sale will result in net present value proceeds 
        substantially similar to the amount of such proceeds that would 
        have resulted from sale of the property under this section 
        (other than under this subsection).''.
    (c) Affordable Housing Advisory Board.--
            (1) Establishment.--There is hereby established the 
        Affordable Housing Advisory Board (in this subsection referred 
        to as the ``Advisory Board'') to advise the Thrift Depositor 
        Protection Oversight Board and the Board of Directors of the 
        Federal Deposit Insurance Corporation on policies and programs 
        related to the provision of affordable housing, including the 
        operation of the affordable programs.
            (2) Membership.--The Advisory Board shall consist of--
                    (A) the Secretary of Housing and Urban Development;
                    (B) the Chairperson of the Board of Directors of 
                the Federal Deposit Insurance Corporation (or the 
                Chairperson's delegate), who shall be a nonvoting 
                member;
                    (C) the Chairperson of the Thrift Depositor 
                Protection Oversight Board (or the Chairperson's 
                delegate), who shall be a nonvoting member;
                    (D) 4 persons appointed by the Secretary of Housing 
                and Urban Development not later than the expiration of 
                the 90-day period beginning on the date of the 
                enactment of this Act, who represent the interests of 
                individuals and organizations involved in using the 
                affordable housing programs (including nonprofit 
                organizations, public agencies, and for-profit 
                organizations that purchase properties under the 
                affordable housing programs, organizations that provide 
                technical assistance regarding the affordable housing 
                programs, and organizations that represent the interest 
                of low- and moderate-income families); and
                    (E) 2 persons who are members of the National 
                Housing Advisory Board pursuant to section 
                21A(d)(2)(B)(ii) of the Federal Home Loan Bank Act (as 
                in effect before the date of the effectiveness of the 
                repeal under subsection (c)(2)), who shall be appointed 
                by such Board before such effective date.
            (3) Terms.--Each member shall be appointed for a term of 4 
        years, except as provided in paragraphs (4) and (5).
            (4) Terms of initial appointees.--
                    (A) Permanent positions.--As designated by the 
                Secretary of Housing and Urban Development at the time 
                of appointment, of the members first appointed under 
                paragraph (2)(D)--
                            (i) 1 shall be appointed for a term of 1 
                        year;
                            (ii) 1 shall be appointed for a term of 2 
                        years;
                            (iii) 1 shall be appointed for a term of 3 
                        years; and
                            (iv) 1 shall be appointed for a term of 4 
                        years.
                    (B) Interim members.--The members of the Advisory 
                Board under paragraph (2)(E) shall be appointed for a 
                single term of 4 years, which shall begin upon the 
                earlier of (i) the expiration of the 90-day period 
                beginning on the date of the enactment of this Act, or 
                (ii) the first meeting of the Advisory Board.
            (5) Vacancies.--Any member appointed to fill a vacancy 
        occurring before the expiration of the term for which the 
        member's predecessor was appointed shall be appointed only for 
        the remainder of that term. A member may serve after the 
        expiration of that member's term until a successor has taken 
        office. A vacancy in the Commission shall be filled in the 
        manner in which the original appointment was made.
            (6) Meetings.--
                    (A) Timing and location.--The Advisory Board shall 
                meet 4 times a year, or more frequently if requested by 
                the Thrift Depositor Protection Oversight Board or the 
                Board of Directors of the Federal Deposit Insurance 
                Corporation. In each year, the Advisory Board shall 
                conduct such meetings at various locations in different 
                regions of the United States in which substantial 
                residential property assets of the Federal Deposit 
                Insurance Corporation or the Resolution Trust 
                Corporation are located. The first meeting of the 
                Advisory Board shall take place not later than the 
                expiration of the 90-day period beginning on the date 
                of the enactment of this Act.
                    (B) Advice.--The Advisory Board shall submit 
                information and advice resulting from each meeting, in 
                such form as the Board considers appropriate, to the 
                Thrift Depositor Protection Oversight Board and the 
                Board of Directors of the Federal Deposit Insurance 
                Corporation.
            (7) Annual reports.--For each year, the Advisory Board 
        shall submit a report containing its findings and 
        recommendations to the Congress, the Federal Deposit Insurance 
        Corporation, and the Resolution Trust Corporation. The first 
        such report shall be made not later than the expiration of the 
        6-month period beginning on the date of the enactment of this 
        Act.
            (8) Definition.--For purposes of this subsection, the term 
        ``affordable housing programs'' means the program under section 
        21A(c) of the Federal Home Loan Bank Act and the program under 
        section 40 of the Federal Deposit Insurance Act.
            (9) Appointment of certain advisory board members.--Members 
        appointed under paragraph (2)(D) shall be appointed to 
        represent specific interests and shall not be considered 
        employees of the executive branch or special Government 
        employees for purposes of sections 203 through 209 of title 18, 
        United States Code.
    (d) Termination of National Housing Advisory Board.--
            (1) Termination.--The National Housing Advisory Board under 
        section 21A(d)(2) of the Federal Home Loan Bank Act shall 
        terminate upon the expiration of the 90-day period beginning on 
        the date of the enactment of this Act.
            (2) Repeal.--Paragraph (2) of section 21A(d) of the Federal 
        Home Loan Bank Act is repealed upon the expiration of the 
        period referred to in paragraph (1).
    (e) Provision of Information Regarding Seller Financing to 
Minority- and Women-Owned Businesses.--
            (1) RTC.--Section 21A(c)(6)(A)(ii) of the Federal Home Loan 
        Bank Act is amended by adding at the end the following new 
        sentences: ``The Corporation shall periodically provide, to a 
        wide range of minority- and women-owned businesses engaged in 
        providing affordable housing and to nonprofit organizations, 
        more than 50 percent of the control of which are held by 1 or 
        more minority individuals, that are engaged in providing 
        affordable housing, information that is sufficient to inform 
        such businesses and organizations of the availability and terms 
        of financing under this clause; such information may be 
        provided directly, by notices published in periodicals and 
        other publications that regularly provide information to such 
        businesses or organizations, and through persons and 
        organizations that regularly provide information or services to 
        such businesses or organizations. For purposes of this clause, 
        the terms `women-owned business' and `minority-owned business' 
        have the meanings given such terms in subsection (r), and the 
        term `minority' has the meaning given such term in section 
        1204(c)(3) of the Financial Institutions Reform, Recovery, and 
        Enforcement Act of 1989.''.
            (2) FDIC.--Section 40(g)(1)(B) of the Federal Deposit 
        Insurance Act (12 U.S.C. 1831q(g)(1)(B)) is amended by adding 
        at the end the following new sentences: ``The Corporation shall 
        periodically provide, to a wide range of minority- and women-
        owned businesses engaged in providing affordable housing and to 
        nonprofit organizations, more than 50 percent of the control of 
        which are held by 1 or more minority individuals, that are 
        engaged in providing affordable housing, information that is 
        sufficient to inform such businesses and organizations of the 
        availability and terms of financing under this subparagraph; 
        such information may be provided directly, by notices published 
        in periodicals and other publications that regularly provide 
        information to such businesses or organizations, and through 
        persons and organizations that regularly provide information or 
        services to such businesses or organizations. For purposes of 
        this subparagraph, the terms `women-owned business' and 
        `minority-owned business' have the meanings given such terms in 
        section 21A(r) of the Federal Home Loan Bank Act, and the term 
        `minority' has the meaning given such term in section 
        1204(c)(3) of the Financial Institutions Reform, Recovery, and 
        Enforcement Act of 1989.''.
    (f) Authority to Carry Out Unified Affordable Housing Program.--
            (1) RTC.--Section 21A(c) of the Federal Home Loan Bank Act 
        (12 U.S.C. 1441a(c)), as amended by the preceding provisions of 
        this Act, is further amended by adding at the end the following 
        new paragraph:
            ``(17) Unified affordable housing program with fdic.--
                    ``(A) RTC authority.--During the period ending at 
                the end of September 30, 1994, the Corporation shall 
                have the authority and shall carry out the 
                responsibilities of the Federal Deposit Insurance 
                Corporation under section 40 of the Federal Deposit 
                Insurance Act, subject to the agreement under 
                subparagraph (B). To the extent practicable, the 
                Resolution Trust Corporation shall coordinate its 
                activities under this subsection with activities 
                involved in carrying out such responsibilities to 
                provide for effective and efficient management and 
                operation of all such activities.
                    ``(B) Agreement and consultation.--Not later than 
                60 days after the date of the enactment of this Act, 
                the Resolution Trust Corporation and the Federal 
                Deposit Insurance Corporation shall enter into an 
                agreement for the Resolution Trust Corporation to carry 
                out the responsibilities described in subparagraph (A) 
                during the period referred to in such subparagraph. 
                Such agreement shall provide--
                            ``(i) for the Resolution Trust Corporation 
                        to act as a contractor of the Federal Deposit 
                        Insurance Corporation for the purpose of 
                        carrying out such responsibilities of the 
                        Federal Deposit Insurance Corporation;
                            ``(ii) for the payment of fees for 
                        administrative costs incurred by the Resolution 
                        Trust Corporation in carrying out such 
                        responsibilities;
                            ``(iii) a method for determining the extent 
                        to which the provisions of section 40 of the 
                        Federal Deposit Insurance Act shall be 
                        effective, in accordance with the limitations 
                        under subsection (b)(2) of such section;
                            ``(iv) for the disposition of proceeds from 
                        the sales of properties under such section 40; 
                        and
                            ``(v) a method for making seller financing 
                        available to purchasers of properties, in 
                        accordance to the provisions of section 
                        40(g)(1) of such Act.
                The Resolution Trust Corporation shall consult with the 
                Affordable Housing Advisory Board under section 13(c) 
                of the Resolution Trust Corporation Completion Act in 
                preparing to carry out such responsibilities.
                    ``(B) Transfer to fdic.--On and after October 1, 
                1994, the authority and responsibilities of the 
                Resolution Trust Corporation under this subsection 
                shall be carried out by the Federal Deposit Insurance 
                Corporation. Beginning not later than April 1, 1994, 
                the Resolution Trust Corporation shall consult with the 
                Federal Deposit Insurance Corporation and such Advisory 
                Board to prepare for the Federal Deposit Insurance 
                Corporation to carry out such authority and 
                responsibilities.''.
            (2) FDIC.--Section 40(n) of the Federal Deposit Insurance 
        Act (12 U.S.C. 1831q(n)) is amended to read as follows:
    ``(n) Responsibility to Carry Out Program.--
            ``(1) Affordable housing program office.--The Corporation 
        shall establish an Affordable Housing Program Office within the 
        Corporation to carry out the provisions of this section after 
        October 1, 1994, and to carry out the provisions of section 
        21A(c) of the Federal Home Loan Bank Act after such date with 
        respect to any eligible residential properties and eligible 
        condominium properties under such section not disposed of by 
        the Resolution Trust Corporation before such date. The Federal 
        Deposit Insurance Corporation shall dedicate certain staff of 
        the Corporation to the Office and shall consult with the 
        Resolution Trust Corporation and the Affordable Housing 
        Advisory Board under section 13(c) of the Resolution Trust 
        Corporation Completion Act in carrying out its 
        responsibilities. Beginning not later than April 1, 1994, the 
        Federal Deposit Insurance Corporation shall consult with the 
        Resolution Trust Corporation and such Advisory Board to prepare 
        for the Affordable Housing Program Office of the Federal 
        Deposit Insurance Corporation to carry out the authority and 
        responsibilities of the Resolution Trust Corporation under such 
        section 21A(c).
            ``(2) Unified affordable housing program with rtc.--During 
        the period ending at the end of September 30, 1994, the 
        authority and responsibilities of the Corporation under this 
        section shall be carried out by the Resolution Trust 
        Corporation pursuant to the agreement entered into under 
        section 21A(c)(17)(B) of the Federal Home Loan Bank Act by the 
        Federal Deposit Insurance Corporation and the Resolution Trust 
        Corporation.''.
    (g) Liability Provisions.--
            (1) RTC.--Section 21A(c)(11) of the Federal Home Loan Bank 
        Act (12 U.S.C. 1441a(c)(11)) is amended by adding at the end 
        the following new subparagraph:
                    ``(D) Corporation.--The Corporation shall not be 
                liable to any depositor, creditor, or shareholder of 
                any insured depository institution for which the 
                Corporation has been appointed receiver, or of any 
                subsidiary corporation of a depository institution 
                under conservatorship or receivership, or any claimant 
                against such an institution or subsidiary, because the 
                disposition of assets of the institution or the 
                subsidiary under this subsection affects the amount of 
                return from the assets.''.
            (2) FDIC.--Section 40(m)(4) of the Federal Deposit 
        Insurance Act (12 U.S.C. 1831q(m)(4)) is amended--
                    (A) by inserting after ``receiver,'' the following: 
                ``or of any subsidiary corporation of a depository 
                institution under conservatorship or receivership,'';
                    (B) by inserting ``or subsidiary'' after ``an 
                institution''; and
                    (C) by inserting ``or the subsidiary'' after ``the 
                institution''.

SEC. 15. RIGHT OF FIRST REFUSAL FOR TENANTS TO PURCHASE SINGLE FAMILY 
              PROPERTY.

    (a) RTC.--Section 21A(b) of the Federal Home Loan Bank Act (12 
U.S.C. 1441a(b)) is amended by adding at the end the following new 
paragraph:
            ``(14) Purchase rights of tenants.--
                    ``(A) Notice.--Except as provided in subparagraph 
                (C), the Corporation may make available for sale a 1- 
                to 4-family residence (including a manufactured home) 
                to which the Corporation acquires title only after the 
                Corporation has provided the household residing in the 
                property notice (in writing and mailed to the property) 
                of the availability of such property and the preference 
                afforded such household under subparagraph (B).
                    ``(B) Preference.--In selling such a property, the 
                Corporation shall give preference to any bona fide 
                offer made by the household residing in the property, 
                if--
                            ``(i) such offer is substantially similar 
                        in amount to other offers made within such 
                        period (or expected by the Corporation to be 
                        made within such period);
                            ``(ii) such offer is made during the period 
                        beginning upon the Corporation making such 
                        property available and of a reasonable 
                        duration, as determined by the Corporation 
                        based on the normal period for sale of such 
                        properties; and
                            ``(iii) the household making the offer 
                        complies with any other requirements applicable 
                        to purchasers of such property, including any 
                        downpayment and credit requirements.
                    ``(C) Exceptions.--Subparagraphs (A) and (B) shall 
                not apply to--
                            ``(i) any residence transferred in 
                        connection with the transfer of substantially 
                        all of the assets of an insured depository 
                        institution for which the Corporation has been 
                        appointed conservator or receiver;
                            ``(ii) any eligible single family property 
                        (as such term is defined in subsection (c)(9)); 
                        or
                            ``(iii) any residence for which the 
                        household occupying the residence was the 
                        mortgagor under a mortgage on such residence 
                        and to which the Corporation acquired title 
                        pursuant to default on such mortgage.''.
    (b) FDIC.--Section 11 of the Federal Deposit Insurance Act (12 
U.S.C. 1821) is amended by adding at the end the following new 
subsection:
    ``(u) Purchase Rights of Tenants.--
            ``(1) Notice.--Except as provided in paragraph (3), the 
        Corporation may make available for sale a 1- to 4-family 
        residence (including a manufactured home) to which the 
        Corporation acquires title only after the Corporation has 
        provided the household residing in the property notice (in 
        writing and mailed to the property) of the availability of such 
        property and the preference afforded such household under 
        paragraph (2).
            ``(2) Preference.--In selling such a property, the 
        Corporation shall give preference to any bona fide offer made 
        by the household residing in the property, if--
                    ``(A) such offer is substantially similar in amount 
                to other offers made within such period (or expected by 
                the Corporation to be made within such period);
                    ``(B) such offer is made during the period 
                beginning upon the Corporation making such property 
                available and of a reasonable duration, as determined 
                by the Corporation based on the normal period for sale 
                of such properties; and
                    ``(C) the household making the offer complies with 
                any other requirements applicable to purchasers of such 
                property, including any downpayment and credit 
                requirements.
            ``(3) Exceptions.--Paragraphs (1) and (2) shall not apply 
        to--
                    ``(A) any residence transferred in connection with 
                the transfer of substantially all of the assets of an 
                insured depository institution for which the 
                Corporation has been appointed conservator or receiver;
                    ``(B) any eligible single family property (as such 
                term is defined in subsection (c)(9)); or
                    ``(C) any residence for which the household 
                occupying the residence was the mortgagor under a 
                mortgage on such residence and to which the Corporation 
                acquired title pursuant to default on such mortgage.''.

SEC. 16. PREFERENCE FOR SALES OF REAL PROPERTY FOR USE FOR HOMELESS 
              FAMILIES.

    (a) RTC.--Section 21A(b) of the Federal Home Loan Bank Act (12 
U.S.C. 1441a(b)), as amended by the preceding provisions of this Act, 
is further amended by adding at the end the following new paragraph:
            ``(15) Preference for sales for homeless families.--Subject 
        to paragraph (14), in selling any real property (other than 
        eligible residential property and eligible condominium 
        property, as such terms are defined in subsection (c)(9)) to 
        which the Corporation acquires title, the Corporation shall 
        give preference, among substantially similar offers, to any 
        offer that would provide for the property to be used, during 
        the remaining useful life of the property, to provide housing 
        or shelter for homeless persons (as such term is defined in 
        section 103 of the Stewart B. McKinney Homeless Assistance Act) 
        or homeless families.''.
    (b) FDIC.--Section 11 of the Federal Deposit Insurance Act (12 
U.S.C. 1821), as amended by the preceding provisions of this Act, is 
further amended by adding at the end the following new subsection:
    ``(v) Preference for Sales for Homeless Families.--Subject to 
subsection (u), in selling any real property (other than eligible 
residential property and eligible condominium property, as such terms 
are defined in section 40(p)) to which the Corporation acquires title, 
the Corporation shall give preference, among substantially similar 
offers, to any offer that would provide for the property to be used, 
during the remaining useful life of the property, to provide housing or 
shelter for homeless persons (as such term is defined in section 103 of 
the Stewart B. McKinney Homeless Assistance Act) or homeless 
families.''.

SEC. 17. EXPEDITED MARKETING OF COMMERCIAL PROPERTIES TO PUBLIC 
              AGENCIES AND NONPROFIT ORGANIZATIONS FOR USE IN CARRYING 
              OUT PROGRAMS FOR AFFORDABLE HOUSING.

    (a) RTC.--Section 21A(b) of the Federal Home Loan Bank Act (12 
U.S.C. 1441a(b)), as amended by the preceding provisions of this Act, 
is further amended by adding at the end the following new paragraph:
            ``(16) Expedited marketing of commercial real properties.--
                    ``(A) Authority.--Notwithstanding any other 
                provision of this section, the Corporation may, at the 
                discretion of the Corporation, negotiate the sale under 
                this paragraph of eligible commercial real properties 
                of the Corporation to public agencies and nonprofit 
                organizations in an expedited manner.
                    ``(B) Use of eligible commercial real property.--
                The Corporation may sell an eligible commercial real 
                property pursuant to such negotiations only if--
                            ``(i) the purchaser agrees that the 
                        property, during the remaining useful life of 
                        the property, shall be used for offices and 
                        administrative purposes of the purchaser to 
                        carry out a program to acquire residential 
                        properties to provide (I) homeownership and 
                        rental housing opportunities for very-low 
                        income, lower-income, and moderate-income 
                        families, or (II) housing or shelter for 
                        homeless persons (as such term is defined in 
                        section 103 of the Stewart B. McKinney Homeless 
                        Assistance Act) or homeless families; and
                            ``(ii) the Corporation determines that such 
                        sale will result in net present value proceeds 
                        substantially similar to the amount of such 
                        proceeds that would have resulted from 
                        disposition of the property in the manner that 
                        would have been used but for disposition under 
                        this paragraph.
                    ``(C) Definitions.--For purposes of this paragraph:
                            ``(i) Commercial real property.--The term 
                        `commercial real property' means any property 
                        (I) to which the Corporation acquires title, 
                        and (II) that the Corporation, in the 
                        discretion of the Corporation, determines is 
                        suitable for use for the location of offices or 
                        other administrative functions involved with 
                        carrying out a program referred to in 
                        subparagraph (B)(i).
                            ``(ii) Nonprofit organization and public 
                        agency.--The terms `nonprofit organization' and 
                        `public agency' have the meanings given the 
                        terms in subsection (c)(9).''.
    (b) FDIC.--Section 11 of the Federal Deposit Insurance Act (12 
U.S.C. 1821), as amended by the preceding provisions of this Act, is 
further amended by adding at the end the following new subsection:
    ``(w) Expedited Marketing of Commercial Real Properties.--
            ``(1) Authority.--Notwithstanding any other provision of 
        this section, the Corporation may, at the discretion of the 
        Corporation, negotiate the sale under this subsection of 
        eligible commercial real properties of the Corporation to 
        public agencies and nonprofit organizations in an expedited 
        manner.
            ``(2) Use of eligible commercial real property.--The 
        Corporation may sell an eligible commercial real property 
        pursuant to such negotiations only if--
                    ``(A) the purchaser agrees that the property, 
                during the remaining useful life of the property, shall 
                be used for offices and administrative purposes of the 
                purchaser to carry out a program to acquire residential 
                properties to provide (i) homeownership and rental 
                housing opportunities for very-low income, lower-
                income, and moderate-income families, or (ii) housing 
                or shelter for homeless persons (as such term is 
                defined in section 103 of the Stewart B. McKinney 
                Homeless Assistance Act) or homeless families; and
                    ``(B) the Corporation determines that such sale 
                will result in net present value proceeds substantially 
                similar to the amount of such proceeds that would have 
                resulted from disposition of the property in the manner 
                that would have been used but for disposition under 
                this subsection.
            ``(3) Definitions.--For purposes of this subsection:
                    ``(A) Commercial real property.--The term 
                `commercial real property' means any property (i) to 
                which the Corporation acquires title, and (ii) that the 
                Corporation, in the discretion of the Corporation, 
                determines is suitable for use for the location of 
                offices or other administrative functions involved with 
                carrying out a program referred to in paragraph (2)(A).
                    ``(B) Nonprofit organization and public agency.--
                The terms `nonprofit organization' and `public agency' 
                have the meanings given the terms in section 40(p).''.

SEC. 18. FEDERAL HOME LOAN BANKS HOUSING OPPORTUNITY HOTLINE PROGRAM.

    The Federal Home Loan Bank Act (12 U.S.C. 1422 et seq.) is amended 
by inserting after section 26 the following new section:

``SEC. 27. HOUSING OPPORTUNITY HOTLINE PROGRAM.

    ``(a) Establishment.--Each of the Federal Home Loan Banks shall 
establish and operate a program substantially similar (in the 
determination of the Board) to the `Housing Opportunity Hotline' 
program established in October 1992, by the Federal Home Loan Bank of 
Dallas.
    ``(b) Purpose.--Each program established under this section shall 
provide information regarding the availability for purchase of single-
family properties that are owned or held by Federal agencies and are 
located in the Federal Home Loan Bank district for such Bank. Each 
Federal Home Loan Bank shall consult with such agencies to acquire such 
information.
    ``(c) Required Information.--Each program established under this 
section shall provide information regarding the size, location, price, 
and other characteristics of such single family properties, the 
eligibility requirements for purchasers of such properties, the terms 
for such sales, and the terms of any available seller financing, and 
shall identify properties that are affordable to low- and moderate-
income families.
    ``(d) Toll-Free Telephone Number.--Each program established under 
this section shall establish and maintain a toll-free telephone line 
for providing the information made available under the program.
    ``(e) Definitions.--For purposes of this section:
            ``(1) Federal agencies.--The term `Federal agencies' means 
        the Farmers Home Administration, the Federal Deposit Insurance 
        Corporation, the Federal National Mortgage Association, the 
        Federal Home Loan Mortgage Corporation, the General Services 
        Administration, the Department of Housing and Urban 
        Development, the Resolution Trust Corporation, and the 
        Department of Veterans Affairs.
            ``(2) Single family property.--The term `single family 
        property' means a 1- to 4-family residence, including a 
        manufactured home.''.

SEC. 19. CONFLICT OF INTEREST PROVISIONS APPLICABLE TO THE FDIC.

    (a) In General.--Section 12 of the Federal Deposit Insurance Act 
(12 U.S.C. 1822) is amended by adding at the end the following new 
subsection:
    ``(f) Conflict of Interest.--
            ``(1) Applicability of other provisions.--
                    [``(A) Clarification of status of corporation.--The 
                Corporation shall be an agency for purposes of title 
                18, United States Code.]
                    ``(A) Clarification of status of corporation.--The 
                Corporation is, and has been since its creation, an 
                agency for purposes of title 18, United States Code.
                    ``(B) Treatment of contractors.--Any individual 
                who, pursuant to a contract or any other arrangement, 
                performs functions or activities of the Corporation, 
                under the direct supervision of an officer or employee 
                of the Corporation, shall be deemed to be an employee 
                of the Corporation for the purposes of title 18, United 
                States Code and this Act. Any individual who, pursuant 
                to a contract or any other agreement, acts for or on 
                behalf of the Corporation, and who is not otherwise 
                treated as an officer or employee of the United States 
                for purposes of title 18, United States Code, shall be 
                deemed to be a public official for the purposes of 
                section 201 of title 18, United States Code.
            [``(2) Establishment of regulations.--The Board of 
        Directors shall prescribe regulations governing conflict of 
        interest, ethical responsibilities, and post-employment 
        restrictions applicable to officers and employees of the 
        Corporation.
            [``(3) Use of confidential information.--The Board of 
        Directors shall prescribe regulations applicable to independent 
        contractors governing conflicts of interest, ethical 
        responsibilities, and the use of confidential information 
        consistent with the goals and purposes of titles 18 and 41, 
        United States Code.]
            ``(2) Regulations concerning employee conduct.--The 
        officers and employees of the Corporation and those individuals 
        under contract to the Corporation who are deemed, under 
        paragraph (1)(B), to be employees of the Corporation for 
        purposes of title 18, United States Code, shall be subject to 
        the ethics and conflict of interest rules and regulations 
        issued by the Office of Government Ethics, including those 
        concerning employee conduct, financial disclosure, and post-
        employment activities. The Board of Directors may prescribe 
        regulations that supplement such rules and regulations only 
        with the concurrence of that Office.
            ``(3) Regulations concerning independent contractors.--The 
        Board of Directors, with the concurrence of the Office of 
        Government Ethics, shall prescribe regulations applicable to 
        those independent contractors who are not deemed, under 
        paragraph (1)(B), to be employees of the Corporation for 
        purposes of title 18, United States Code, governing conflicts 
        of interest, ethical responsibilities, and the use of 
        confidential information consistent with the goals and purposes 
        of titles 18 and 41, United States Code. Any such regulations 
        shall be in addition to, and not in lieu of, any other statute 
        or regulation which may apply to the conduct of such 
        independent contractors.
            ``(4) Disapproval of contractors.--
                    ``(A) In general.--The Board of Directors shall 
                prescribe regulations establishing procedures for 
                ensuring that any individual who is performing, 
                directly or indirectly, any function or service on 
                behalf of the Corporation meets minimum standards of 
                competence, experience, integrity, and fitness.
                    ``(B) Prohibition from service on behalf of 
                corporation.--The procedures established under 
                subparagraph (A) shall provide that the Corporation 
                shall prohibit any person who does not meet the minimum 
                standards of competence, experience, integrity, and 
                fitness from--
                            ``(i) entering into any contract with the 
                        Corporation; or
                            ``(ii) being employed by the Corporation or 
                        any person performing any service for or on 
                        behalf of the Corporation.
                    ``(C) Information required to be submitted.--The 
                procedures established under subparagraph (A) shall 
                require that any offer submitted to the Corporation by 
                any person under this section and any employment 
                application submitted to the Corporation by any person 
                shall include--
                            ``(i) a list and description of any 
                        instance during the 5 years preceding the 
                        submission of such application in which the 
                        person or a company under such person's control 
                        defaulted on a material obligation to an 
                        insured depository institution; and
                            ``(ii) such other information as the Board 
                        may prescribe by regulation.
                    ``(D) Subsequent submissions.--
                            ``(i) In general.--No offer submitted to 
                        the Corporation may be accepted unless the 
                        offeror agrees that no person will be employed, 
                        directly or indirectly, by the offeror under 
                        any contract with the Corporation unless--
                                    ``(I) all applicable information 
                                described in subparagraph (C) with 
                                respect to any such person is submitted 
                                to the Corporation; and
                                    ``(II) the Corporation does not 
                                disapprove of the direct or indirect 
                                employment of such person.
                            ``(ii) Finality of determination.--Any 
                        determination made by the Corporation pursuant 
                        to this paragraph shall be in the Corporation's 
                        sole discretion and shall not be subject to 
                        review.
                    ``(E) Prohibition required in certain cases.--The 
                standards established under subparagraph (A) shall 
                require the Corporation to prohibit any person who 
                has--
                            ``(i) been convicted of any felony;
                            ``(ii) been removed from, or prohibited 
                        from participating in the affairs of, any 
                        insured depository institution pursuant to any 
                        final enforcement action by any appropriate 
                        Federal banking agency;
                            ``(iii) demonstrated a pattern or practice 
                        of defalcation regarding obligations to insure 
                        depository institutions; or
                            ``(iv) caused a substantial loss to Federal 
                        deposit insurance funds,
                from service on behalf of the Corporation.
            ``(5) Abrogation of contracts.--The Corporation may rescind 
        any contract with a person who--
                    ``(A) fails to disclose a material fact to the 
                Corporation;
                    ``(B) would be prohibited under paragraph (6) from 
                providing services to, receiving fees from, or 
                contracting with the Corporation; or
                    ``(C) has been subject to a final enforcement 
                action by any appropriate Federal banking agency.
            ``(6) Priority of fdic rules.--To the extent that the 
        regulations under this subsection conflict with rules of other 
        agencies or Government corporations, officers, directors, 
        employees, and independent contractors of the Corporation who 
        are also subject to the conflict of interest or ethical rules 
        of another agency or Government corporation, shall be governed 
        by the regulations prescribed by the Board of Directors under 
        this subsection when acting for or on behalf of the 
        Corporation. Notwithstanding the preceding sentence, the rules 
        of the Corporation shall not take priority over the ethics and 
        conflict of interest rules and regulations promulgated by the 
        Office of Government Ethics unless specifically authorized by 
        that Office.''.
    (b) Technical and Conforming Amendment.--Section 3(z) of the 
Federal Deposit Insurance Act (12 U.S.C. 1813(z)) is amended to read as 
follows:
    ``(z) Other Definitions.--
            ``(1) Federal banking agency.--The term `Federal banking 
        agency' means the Comptroller of the Currency, the Director of 
        the Office of Thrift Supervision, the Board of Governors of the 
        Federal Reserve System, or the Federal Deposit Insurance 
        Corporation.
            ``(2) Company.--The term `company' has the meaning given to 
        such term in section 2(b) of the Bank Holding Company Act of 
        1956.''.
    (c) Effective Date.--The amendment made by subsection (a) shall 
apply after the end of the 6-month period beginning on the date of the 
enactment of this Act.

SEC. 20. RESTRICTIONS ON SALES OF ASSETS TO CERTAIN PERSONS.

    (a) In General.--Section 11(p) of the Federal Deposit Insurance Act 
(12 U.S.C. 1821(p)) is amended by redesignating paragraphs (1) and (2) 
as paragraphs (2) and (3) and by inserting before paragraph (2) (as so 
redesignated) the following new paragraph:
            ``(1) Persons who engaged in improper conduct with, or 
        caused losses to, depository institutions.--The Corporation 
        shall prescribe regulations which, at a minimum, shall prohibit 
        the sale of assets of a failed institution by the Corporation 
        to--
                    ``(A) any person who--
                            ``(i) has defaulted, or was a member of a 
                        partnership or an officer or director of a 
                        corporation which has defaulted, on 1 or more 
                        obligations the aggregate amount of which 
                        exceed $1,000,000 to such failed institution;
                            ``(ii) has been found to have engaged in 
                        fraudulent activity in connection with any 
                        obligation referred to in clause (i); and
                            ``(iii) proposes to purchase any such asset 
                        in whole or in part through the use of the 
                        proceeds of a loan or advance of credit from 
                        the Corporation or from any institution for 
                        which the Corporation has been appointed as 
                        conservator or receiver;
                    ``(B) any person who participated, as an officer or 
                director of such failed institution or of any affiliate 
                of such institution, in a material way in transactions 
                that resulted in a substantial loss to such failed 
                institution;
                    ``(C) any person who has been removed from, or 
                prohibited from participating in the affairs of, such 
                failed institution pursuant to any final enforcement 
                action by an appropriate Federal banking agency; or
                    ``(D) any person who has demonstrated a pattern or 
                practice of defalcation regarding obligations to such 
                failed institution.''.
    (b) Technical and Conforming Amendments.--Section 11(p) of the 
Federal Deposit Insurance Act (12 U.S.C. 1821(p)) is amended--
            (1) in paragraph (2) (as so redesignated by the amendment 
        made by subsection (a) of this section)--
                    (A) by striking ``individual'' and inserting 
                ``person''; and
                    (B) by striking ``paragraph (2)'' and inserting 
                ``paragraph (3)'';
            (2) in paragraph (3) (as so redesignated by the amendment 
        made by subsection (a) of this section)--
                    (A) by striking ``individual'' each place such term 
                appears and inserting ``person''; and
                    (B) by striking ``Paragraph (1)'' and inserting 
                ``Paragraphs (1) and (2)'';
            (3) by adding at the end the following new paragraph:
            ``(4) Definition of default.--For purposes of paragraphs 
        (1) and (2), the term `default' means a failure to comply with 
        the terms of a loan or other obligation to such an extent that 
        the property securing the obligation is foreclosed upon.''; and
            (4) by striking the heading and inserting the following new 
        heading: ``(p) Certain Sales of Assets Prohibited.--''.

SEC. 21. WHISTLEBLOWER PROTECTION.

    Section 33(a)(2) of the Federal Deposit Insurance Act (12 U.S.C. 
1831j(a)(2)) is amended--
            (1) by striking ``or Federal Reserve bank'' and inserting 
        ``Federal reserve bank, or any person who is performing, 
        directly or indirectly, any function or service on behalf of 
        the Corporation'';
            (2) by striking ``or'' at the end of subparagraph (B);
            (3) by striking the period at the end of subparagraph (C) 
        and inserting ``; or''; and
            (4) by adding at the end the following new subparagraph:
                    ``(D) the person, or any officer or employee of the 
                person, who employs such employee.''.

SEC. 22. FDIC ASSET DISPOSITION DIVISION.

    (a) In General.--Section 1 of the Federal Deposit Insurance Act (12 
U.S.C. 1811) is amended--
            (1) by striking ``There is hereby created'' and inserting 
        ``(a) Establishment of Corporation.--There is hereby 
        established''; and
            (2) by adding at the end the following new subsection:
    ``(b) Asset Disposition Division.--
            ``(1) Establishment.--The Corporation shall have a separate 
        division of asset disposition.
            ``(2) Management.--The division of asset disposition shall 
        have an administrator who shall be appointed by the Board of 
        Directors.
            ``(3) Powers and duties of division.--The division of asset 
        disposition shall exercise all the powers and duties of the 
        Corporation under this Act relating to the liquidation of 
        insured depository institutions and the disposition of assets 
        of such institutions.''.
    (b) Effective Date.--The amendment made by subsection (a) shall 
take effect on July 1, 1995.

SEC. 23. PRESIDENTIALLY-APPOINTED INSPECTOR GENERAL FOR FDIC.

    (a) In General.--Section 11 of the Inspector General Act of 1978 (5 
U.S.C. App.) is amended--
            (1) in paragraph (1), by inserting ``, the Chairperson of 
        the Board of Directors of the Federal Deposit Insurance 
        Corporation,'' after ``Chairperson of the Thrift Depositor 
        Protection Oversight Board''; and
            (2) in paragraph (2), by inserting ``the Federal Deposit 
        Insurance Corporation,'' after ``the Resolution Trust 
        Corporation''.
    (b) No Reduction in Rate of Pay of Existing Employees of the Office 
of the IG of the FDIC.--
            (1) In general.--Notwithstanding paragraphs (7) and (8) of 
        section 6(a) of the Inspector General Act of 1978, the annual 
        rate of basic pay and benefits, including any regional pay 
        differential, payable to any employee of the office of the 
        inspector general of the Federal Deposit Insurance Corporation 
        who was an employee of such office as of the date of the 
        enactment of the Resolution Trust Corporation Completion Act 
        for any year ending after such date of enactment shall not be 
        reduced, by reason of the amendment made by subsection (a) of 
        this section, below the annual rate of basic pay and benefits, 
        including any regional pay differential, paid to such employee, 
        by reason of such employment, as of such date.
            (2) Employees serving in acting or temporary capacity.--
        Notwithstanding paragraph (1), in the case of any employee 
        described in such paragraph who, as of the date of the 
        enactment of the Resolution Trust Corporation Completion Act, 
        is serving in an acting capacity or is otherwise temporarily 
        employed at a higher grade than such employee's regular grade 
        or position of employment--
                    (A) the annual rate of basic pay and benefits, 
                including any regional pay differential, payable to 
                such employee in such capacity or at such higher grade 
                shall not be reduced by reason of the applicability of 
                paragraph (7) or (8) of section 6(a) of the Inspector 
                General Act of 1978 so long as such employee continues 
                to serve in such capacity or at such higher grade; and
                    (B) after such employee ceases to serve in such 
                capacity or at such higher grade, paragraph (1) shall 
                be applied with respect to such employee by taking into 
                account only the annual rate basic pay and benefits, 
                including any regional pay differential, payable to 
                such employee in such employee's regular grade or 
                position of employment.
    (c) Technical and Conforming Amendments.--
            (1) Section 8E(a)(2) of the Inspector General Act of 1978 
        (5 U.S.C. App.) is amended by striking ``the Federal Deposit 
        Insurance Corporation,''.
            (2) Section 5315 of title 5, United States Code, is amended 
        by adding at the end the following new item:
            ``Inspector General, Federal Deposit Insurance 
        Corporation.''.

SEC. 24. DEPUTY CHIEF EXECUTIVE OFFICER.

    Section 21A(b)(8) of the Federal Home Loan Bank Act (12 U.S.C. 
1441a(b)(8)) is amended by adding at the end the following new 
subparagraphs:
                    ``(E) Deputy chief executive officer.--
                            ``(i) In general.--There is hereby 
                        established the position of deputy chief 
                        executive officer of the Corporation.
                            ``(ii) Appointment.--The deputy chief 
                        executive officer of the Corporation shall--
                                    ``(I) be appointed by the 
                                Chairperson of the Thrift Depositor 
                                Protection Oversight Board, with the 
                                recommendation of the chief executive 
                                officer; and
                                    ``(II) be an employee of the 
                                Federal Deposit Insurance Corporation 
                                in accordance with subparagraph (B)(i) 
                                of this paragraph.
                            ``(iii) Duties.--The deputy chief executive 
                        officer shall perform such duties as the chief 
                        executive officer may require.
                    ``(F) Acting chief executive officer.--In the event 
                of a vacancy in the position of chief executive officer 
                or during the absence or disability of the chief 
                executive officer, the deputy chief executive officer 
                shall perform the duties of the position as the acting 
                chief executive officer.''.

SEC. 25. DUE PROCESS PROTECTIONS RELATING TO ATTACHMENT OF ASSETS.

    Section 8 of the Federal Deposit Insurance Act (12 U.S.C. 1818) is 
amended--
            (1) by striking subsection (i)(4)(B) and inserting the 
        following new subparagraph:
                    ``(B) Standard.--
                            ``(i) Showing.--Rule 65 of the Federal 
                        Rules of Civil Procedure shall apply with 
                        respect to any proceeding under subparagraph 
                        (A) without regard to the requirement of such 
                        rule that the applicant show that the injury, 
                        loss, or damage is irreparable and immediate.
                            ``(ii) State proceeding.--If, in the case 
                        of any proceeding in a State court, the court 
                        determines that rules of civil procedure 
                        available under the laws of such State provide 
                        substantially similar protections to such 
                        party's right to due process as Rule 65 (as 
                        modified with respect to such proceeding by 
                        clause (i)), the relief sought under 
                        subparagraph (A) may be requested under the 
                        laws of such State.''.
            (2) in subsection (b), by adding the following new 
        paragraph:
            ``(9) Standard for certain orders.--No authority under this 
        subsection or subsection (c) to prohibit any institution-
        affiliated party from withdrawing, transferring, removing, 
        dissipating, or disposing of any funds, assets, or other 
        property may be exercised unless the agency meets the standards 
        of Rule 65 of the Federal Rules of Civil Procedure without 
        regard to the requirement of such rule that the applicant show 
        that the injury, loss, or damage is irreparable and 
        immediate.''.

SEC. 26. GAO STUDIES REGARDING FEDERAL REAL PROPERTY DISPOSITION.

    (a) RTC Affordable Housing Program.--The Comptroller General of the 
United States shall conduct a study of the program carried out by the 
Resolution Trust Corporation pursuant to section 21A(c) of the Federal 
Home Loan Bank Act to determine the effectiveness of such program in 
providing affordable homeownership and rental housing for very low-, 
low-, and moderate-income families. The study shall examine the 
procedures used under the program to sell eligible single family 
properties, eligible condominium properties, and eligible multifamily 
housing properties, the characteristics and numbers of purchasers of 
such properties, and the amount of and reasons for any losses incurred 
by the Resolution Trust Corporation in selling properties under the 
program. Not later than the expiration of the 6-month period beginning 
on the date of the enactment of this Act, the Comptroller General shall 
submit a report to the Congress on the results of the study under this 
subsection, which shall describe any findings under the study and 
contain any recommendations of the Comptroller General for improving 
the effectiveness of such program.
    (b) Single Agency for Real Property Disposition.--The Comptroller 
General of the United States shall conduct a study to determine the 
feasibility and effectiveness of establishing a single Federal agency 
responsible for selling and otherwise disposing of real property owned 
or held by the Department of Housing and Urban Development, the Farmers 
Home Administration of the Department of Agriculture, the Federal 
Deposit Insurance Corporation, and the Resolution Trust Corporation. 
The study shall examine the real property disposition procedures of 
such agencies and corporations, analyze the feasibility of 
consolidating such procedures through such single agency, and determine 
the characteristics and authority necessary for any such single agency 
to efficiently carry out such disposition activities. Not later than 
the expiration of the 12-month period beginning on the date of the 
enactment of this Act, the Comptroller General shall submit a report to 
the Congress on the study under this subsection, which shall describe 
any findings under the study and contain any recommendations of the 
Comptroller General for the establishment of such single agency.
            Amend the title so as to read: ``A bill to provide for the 
        remaining funds needed to assure that the United States 
        fulfills its obligation for the protection of depositors at 
        savings and loan institutions, to improve the management of the 
        Resolution Trust Corporation (`RTC') in order to assure the 
        taxpayers the fairest and most efficient disposition of savings 
        and loan assets, to provide for a comprehensive transition plan 
        to assure an orderly transfer of RTC resources to the Federal 
        Deposit Insurance Corporation, to abolish the RTC, and for 
        other purposes.''.
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