HR 2343 RFS
SECTION 1. SHORT TITLE.
This Act may be cited as the ‘‘Thrift Depositor Pro-
tection Oversight Board Abolishment Act’’.
SEC. 2. ABOLISHMENT OF THE THRIFT DEPOSITOR PRO-
TECTION OVERSIGHT BOARD.
(a) IN GENERAL.—Effective at the end of the 3-
month period beginning on the date of enactment of this
Act, the Thrift Depositor Protection Oversight Board es-
tablished under section 21A of the Federal Home Loan
Bank Act (hereafter in this section referred to as the
‘‘Oversight Board’’) is hereby abolished.
(b) DISPOSITION OF AFFAIRS.—
(1) POWER OF CHAIRPERSON.—Effective on the
date of the enactment of this Act, the Chairperson
of the Oversight Board (or the designee of the
Chairperson) may exercise on behalf of the Over-
sight Board any power of the Oversight Board nec-
essary to settle and conclude the affairs of the Over-
sight Board.
(2) AVAILABILITY OF FUNDS.—Funds available
to the Oversight Board shall be available to the
Chairperson of the Oversight Board to pay expenses
incurred in carrying out the requirements of para-
graph (1).
(c) SAVINGS PROVISION.—
HR 2343 RFS
(1) EXISTING RIGHTS, DUTIES, AND OBLIGA-
TIONS NOT AFFECTED.—No provision of this Act
shall be construed as affecting the validity of any
right, duty, or obligation of the United States, the
Oversight Board, the Resolution Trust Corporation,
or any other person which—
(A) arises under or pursuant to the Fed-
eral Home Loan Bank Act, or any other provi-
sion of law applicable with respect to the Over-
sight Board; and
(B) existed on the day before the abolish-
ment of the Oversight Board in accordance with
subsection (a).
(2) CONTINUATION
OF
SUITS.—No action or
other proceeding commenced by or against the Over-
sight Board with respect to any function of the
Oversight Board shall abate by reason of the enact-
ment of this Act.
(3) LIABILITIES.—
(A) IN
GENERAL.—All liabilities arising
out of the operation of the Oversight Board be-
tween August 9, 1989, and the end of the 3-
month period beginning on the date of enact-
ment of this Act shall remain the direct liabil-
ities of the United States.
HR 2343 RFS
(B) NO SUBSTITUTION.—The Secretary of
the Treasury shall not be substituted for the
Oversight Board as a party to any such action
or proceeding.
(4) CONTINUATIONS OF ORDERS, RESOLUTIONS,
DETERMINATIONS, AND
REGULATIONS
PERTAINING
TO THE RESOLUTION FUNDING CORPORATION.—
(A) IN GENERAL.—All orders, resolutions,
determinations, and regulations regarding the
Resolution Funding Corporation which—
(i) have been issued, made, and pre-
scribed, or allowed to become effective by
the Oversight Board, or by a court of com-
petent jurisdiction, in the performance of
functions which are transferred by this
Act; and
(ii) are in effect at the end of the 3-
month period beginning on the date of the
enactment of this Act,
shall continue in effect according to the terms
of such orders, resolutions, determinations, and
regulations until modified, terminated, set
aside, or superseded in accordance with applica-
ble law.
HR 2343 RFS
(B) ENFORCEABILITY OF ORDERS, RESO-
LUTIONS, DETERMINATIONS, AND REGULATIONS
BEFORE TRANSFER.—Before the effective date
of the transfer of the authority and duties of
the Resolution Funding Corporation to the Sec-
retary of the Treasury under section 3, all or-
ders, resolutions, determinations, and regula-
tions pertaining to the Resolution Funding Cor-
poration shall be enforceable by and against the
United States.
(C) ENFORCEABILITY OF ORDERS, RESO-
LUTIONS, DETERMINATIONS, AND REGULATIONS
AFTER TRANSFER.—On and after the effective
date of the transfer of the authority and duties
of the Resolution Funding Corporation to the
Secretary of the Treasury, all orders, resolu-
tions, determinations, and regulations pertain-
ing to the Resolution Funding Corporation shall
be enforceable by and against the Secretary of
the Treasury.
HR 2343 RFS
SEC. 3. TRANSFER OF THRIFT DEPOSITOR PROTECTION
OVERSIGHT BOARD AUTHORITY AND DUTIES
OF RESOLUTION FUNDING CORPORATION TO
THE SECRETARY OF THE TREASURY.
The authority and duties of the Thrift Depositor Pro-
tection Oversight Board under sections 21A(a)(6)(I) and
21B of the Federal Home Loan Bank Act are hereby
transferred to the Secretary of the Treasury (or the des-
ignee of the Secretary) as of the end of the 3-month period
beginning on the date of enactment of this Act.
SEC. 4. MEMBERSHIP OF THE AFFORDABLE HOUSING ADVI-
SORY BOARD.
Effective on the date of enactment of this Act, section
14(b)(2) of the Resolution Trust Corporation Completion
Act (12 U.S.C. 1831q note) is amended—
(1) by striking subparagraph (C); and
(2) by redesignating subparagraphs (D) and
(E) as subparagraphs (C) and (D), respectively.
SEC. 5. TIME OF MEETINGS OF THE AFFORDABLE HOUSING
ADVISORY BOARD.
(a) IN GENERAL.—Section 14(b)(6)(A) of the Reso-
lution Trust Corporation Completion Act (12 U.S.C.
1831q note) is amended—
(1) by striking ‘‘4 times a year, or more fre-
quently if requested by the Thrift Depositor Protec-
HR 2343 RFS
tion Oversight Board or’’ and inserting ‘‘2 times a
year or at the request of’’; and
(2) by striking the second sentence.
(b) CLERICAL AMENDMENT.—The heading for sec-
tion 14(b)(6)(A) of the Resolution Trust Corporation
Completion Act (12 U.S.C. 1831q note) is amended by
striking ‘‘AND LOCATION’’.
Passed the House of Representatives September 23,
1997.
Attest:
ROBIN H. CARLE,
Clerk.
By JEFF TRANDAHL,
Deputy Clerk.