I
103D CONGRESS
1ST SESSION
H. R. 1299
To provide funding for the Resolution Trust Corporation to meet immediate
needs and to authorize additional funding for the Corporation subject
to a requirement that the President submit a plan for fully paying
for such funding, including interest costs, over the next 5 years, and
for other purposes.
IN THE HOUSE OF REPRESENTATIVES
MARCH 10, 1993
Mr. SANDERS introduced the following bill; which was referred to the
Committee on Banking, Finance and Urban Affairs
A BILL
To provide funding for the Resolution Trust Corporation
to meet immediate needs and to authorize additional
funding for the Corporation subject to a requirement
that the President submit a plan for fully paying for
such funding, including interest costs, over the next 5
years, and for other purposes.
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ‘‘Resolution Trust
Corporation Fair Funding Act of 1993’’.
SEC. 2. APPROPRIATION OF FUNDING FOR IMMEDIATE
NEEDS.
Section 21A(i) of the Federal Home Loan Bank Act
(12 U.S.C. 1441a(i)) is amended by adding at the end
the following new paragraph:
‘‘(4) ADDITIONAL
FUNDING.—In addition to
amounts provided under paragraphs (2) and (3), the
Secretary of the Treasury shall provide to the Cor-
poration, out of any money in the Treasury not oth-
erwise appropriated, the sum of $5,000,000,000 to
carry out the purposes of this section.’’.
SEC. 3. AUTHORIZATION OF APPROPRIATION UPON SUB-
MISSION 
AND 
APPROVAL 
OF 
PLAN 
FOR
FULLY PAYING FOR SPENDING OVER 5-YEAR
PERIOD.
Section 21A(i) of the Federal Home Loan Bank Act
(12 U.S.C. 1441a(i)) is amended by inserting after para-
graph (4) (as added by section 2 of this Act) the following
new paragraph:
‘‘(5) VIRTUAL PAY-AS-YOU-GO FUNDING ON AN
EQUITABLE BASIS.—
‘‘(A) CONDITIONAL
AUTHORIZATION
OF
APPROPRIATION.—Subject to subparagraph (B)
and in addition to amounts provided under
paragraphs (2), (3), and (4), there is author-
ized to be appropriated to the Corporation for
fiscal years 1993 and 1994 not more than
$37,000,000,000 to carry out the purposes of
this section.
‘‘(B) CONDITION.—No amount is author-
ized to be appropriated to the Corporation
under subparagraph (A) until—
‘‘(i) the President submits to the Con-
gress a plan which ensures that—
‘‘(I) an amount equal to the sum
of the amount appropriated by para-
graph (4), the amount of any appro-
priation pursuant to subparagraph
(A), and the interest costs and other
costs incurred by the Secretary of the
Treasury which are attributable to fi-
nancing any such amount (as deter-
mined on the basis of the average cost
to the Government for borrowing
funds for an equivalent period) is re-
paid to the Government by the end of
fiscal year 1998; and
‘‘(II) the money for repaying the
appropriations and other costs in ac-
cordance with subclause (I) will be ob-
tained in a manner such that the li-
abilities of all persons for the payment
of amounts which will be used directly
or indirectly for such purpose are dis-
tributed among such persons in ac-
cordance with the ability of each per-
son to pay; and
‘‘(ii) the Congress approves such plan
in legislation.
‘‘(C) OPTIONS
TO
BE
CONSIDERED.—In
addition to any other option for funding an ap-
propriation under subparagraph (A) which the
President considers to be appropriate and which
meets the requirement of subparagraph (B), the
President shall consider—
‘‘(i) a fee based on the value of trans-
fers made through large-dollar electronic
fund transfers in the United States;
‘‘(ii) a stock transfer fee;
‘‘(iii) a tax on accumulated wealth;
‘‘(iv) an antispeculation tax on capital
gains from assets held for very short peri-
ods of time; and
‘‘(v) an alternative minimum tax on
corporations which import products into
the United States at artificially high
prices.’’.
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