1204(c)(3) of the Financial Institutions Reform, Re-
covery, 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 sen-
tences: ‘‘The Corporation shall periodically provide, to
a wide range of minority- and women-owned busi-
nesses 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 indi-
viduals, 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 in-
formation may be provided directly, by notices pub-
lished in periodicals and other publications that regu-
larly provide information to such businesses or orga-
nizations, and through persons and organizations
that regularly provide information or services to such
businesses or organizations. For purposes of this sub-
paragraph, 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 En-
forcement 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 amend-
ed 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 De-
posit Insurance Corporation under section 40 of
the Federal Deposit Insurance Act, subject to the
agreement under subparagraph (B). To the ex-
tent practicable, the Resolution Trust Corpora-
tion 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 en-
actment of this Act, the Resolution Trust Cor-
poration and the Federal Deposit Insurance Cor-
poration 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 subpara-
graph. Such agreement shall provide—
‘‘(i) for the Resolution Trust Corpora-
tion to act as a contractor of the Federal
Deposit Insurance Corporation for the pur-
pose of carrying out such responsibilities of
the Federal Deposit Insurance Corporation;
‘‘(ii) for the payment of fees for admin-
istrative costs incurred by the Resolution
Trust Corporation in carrying out such re-
sponsibilities;
‘‘(iii) a method for determining the ex-
tent 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 sec-
tion 40; and
‘‘(v) a method for making seller financ-
ing 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 Cor-
poration Completion Act in preparing to carry
out such responsibilities.
‘‘(B) TRANSFER
TO
FDIC.—On and after
October 1, 1994, the authority and responsibil-
ities of the Resolution Trust Corporation under
this subsection shall be carried out by the Fed-
eral Deposit Insurance Corporation. Beginning
not later than April 1, 1994, the Resolution
Trust Corporation shall consult with the Federal
Deposit Insurance Corporation and such Advi-
sory Board to prepare for the Federal Deposit
Insurance Corporation to carry out such author-
ity 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 Hous-
ing 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 In-
surance 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 car-
rying 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 au-
thority 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 sub-
paragraph:
‘‘(D) CORPORATION.—The Corporation shall
not be liable to any depositor, creditor, or share-
holder of any insured depository institution for
which the Corporation has been appointed re-
ceiver, or of any subsidiary corporation of a de-
pository institution under conservatorship or re-
ceivership, or any claimant against such an in-
stitution 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 De-
posit Insurance Act (12 U.S.C. 1831q(m)(4)) is
amended—
(A) by inserting after ‘‘receiver,’’ the follow-
ing: ‘‘or of any subsidiary corporation of a de-
pository institution under conservatorship or re-
ceivership,’’;
(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 PUR-
CHASE 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 sub-
paragraph (C), the Corporation may make avail-
able for sale a 1- to 4-family residence (includ-
ing a manufactured home) to which the Corpora-
tion 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 pref-
erence afforded such household under subpara-
graph (B).
‘‘(B) PREFERENCE.—In selling such a
property, the Corporation shall give preference to
any bona fide offer made by the household resid-
ing 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 pe-
riod beginning upon the Corporation mak-
ing such property available and of a rea-
sonable duration, as determined by the Cor-
poration based on the normal period for
sale of such properties; and
‘‘(iii) the household making the offer
complies with any other requirements appli-
cable to purchasers of such property, includ-
ing any downpayment and credit require-
ments.
‘‘(C) 
EXCEPTIONS.—Subparagraphs 
(A)
and (B) shall not apply to—
‘‘(i) any residence transferred in con-
nection with the transfer of substantially all
of the assets of an insured depository insti-
tution for which the Corporation has been
appointed conservator or receiver;
‘‘(ii) any eligible single family prop-
erty (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 resi-
dence and to which the Corporation ac-
quired title pursuant to default on such
mortgage.’’.
(b) FDIC.—Section 11 of the Federal Deposit Insur-
ance 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 re-
siding 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 with-
in 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 com-
plies 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 connec-
tion with the transfer of substantially all of the
assets of an insured depository institution for
which the Corporation has been appointed con-
servator 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 preced-
ing 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 hous-
ing 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 Insur-
ance 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 FAMI-
LIES.—Subject to subsection (u), in selling any real prop-
erty (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 Corpora-
tion shall give preference, among substantially similar of-
fers, 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 PROP-
ERTIES TO PUBLIC AGENCIES AND NON-
PROFIT ORGANIZATIONS FOR USE IN CARRY-
ING 
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 preced-
ing 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, nego-
tiate 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 eligi-
ble commercial real property pursuant to such
negotiations only if—
‘‘(i) the purchaser agrees that the prop-
erty, during the remaining useful life of the
property, shall be used for offices and ad-
ministrative 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-in-
come 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 fami-
lies; 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 re-
sulted 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 Corpora-
tion, in the discretion of the Corporation,
determines is suitable for use for the loca-
tion of offices or other administrative func-
tions involved with carrying out a program
referred to in subparagraph (B)(i).
‘‘(ii) NONPROFIT
ORGANIZATION
AND
PUBLIC AGENCY.—The terms ‘nonprofit or-
ganization’ and ‘public agency’ have the
meanings given the terms in subsection
(c)(9).’’.
(b) FDIC.—Section 11 of the Federal Deposit Insur-
ance 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 PROP-
ERTY.—The Corporation may sell an eligible commer-
cial 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 pur-
poses 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 mod-
erate-income families, or (ii) housing or shelter
for homeless persons (as such term is defined in
section 103 of the Stewart B. McKinney Home-
less Assistance Act) or homeless families; and
‘‘(B) the Corporation determines that such
sale will result in net present value proceeds sub-
stantially 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 sub-
section:
‘‘(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 discre-
tion of the Corporation, determines is suitable
for use for the location of offices or other admin-
istrative functions involved with carrying out a
program referred to in paragraph (2)(A).
‘‘(B) NONPROFIT ORGANIZATION AND PUB-
LIC 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 OPPOR-
TUNITY HOTLINE PROGRAM.
The Federal Home Loan Bank Act (12 U.S.C. 1422
et seq.) is amended by inserting after section 26 the follow-
ing new section:
‘‘SEC. 27. HOUSING OPPORTUNITY HOTLINE PROGRAM.
‘‘(a) ESTABLISHMENT.—Each of the Federal Home
Loan Banks shall establish and operate a program substan-
tially similar (in the determination of the Board) to the
‘Housing Opportunity Hotline’ program established in Oc-
tober 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 ac-
quire such information.
‘‘(c) REQUIRED INFORMATION.—Each program estab-
lished under this section shall provide information regard-
ing 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 iden-
tify properties that are affordable to low- and moderate-
income families.
‘‘(d) TOLL-FREE TELEPHONE NUMBER.—Each pro-
gram established under this section shall establish and
maintain a toll-free telephone line for providing the infor-
mation 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 Fed-
eral National Mortgage Association, the Federal
Home Loan Mortgage Corporation, the General Serv-
ices Administration, the Department of Housing and
Urban Development, the Resolution Trust Corpora-
tion, and the Department of Veterans Affairs.
‘‘(2) SINGLE FAMILY PROPERTY.—The term ‘sin-
gle 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.—
ø‘‘(A) CLARIFICATION OF STATUS OF COR-
PORATION.—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 activi-
ties of the Corporation, under the direct super-
vision of an officer or employee of the Corpora-
tion, 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 of-
ficer 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.
ø‘‘(2) ESTABLISHMENT OF REGULATIONS.—The
Board of Directors shall prescribe regulations govern-
ing conflict of interest, ethical responsibilities, and
post-employment restrictions applicable to officers
and employees of the Corporation.
ø‘‘(3) USE
OF
CONFIDENTIAL
INFORMATION.—
The Board of Directors shall prescribe regulations ap-
plicable to independent contractors governing conflicts
of interest, ethical responsibilities, and the use of con-
fidential information consistent with the goals and
purposes of titles 18 and 41, United States Code.¿
‘‘(2) 
REGULATIONS
CONCERNING
EM-
PLOYEE
CONDUCT.—The officers and em-
ployees of the Corporation and those in-
dividuals under contract to the Corpora-
tion 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 Eth-
ics, including those concerning employee
conduct, financial disclosure, and post-
employment activities. The Board of Di-
rectors may prescribe regulations that
supplement such rules and regulations
only with the concurrence of that Office.
‘‘(3) REGULATIONS
CONCERNING
INDE-
PENDENT CONTRACTORS.—The Board of Di-
rectors, with the concurrence of the Of-
fice of Government Ethics, shall pre-
scribe regulations applicable to those
independent contractors who are not
deemed, under paragraph (1)(B), to be
employees of the Corporation for pur-
poses of title 18, United States Code, gov-
erning conflicts of interest, ethical re-
sponsibilities, 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 contrac-
tors.
‘‘(4) DISAPPROVAL OF CONTRACTORS.—
‘‘(A) IN GENERAL.—The Board of Directors
shall prescribe regulations establishing proce-
dures 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 BE-
HALF OF CORPORATION.—The procedures estab-
lished under subparagraph (A) shall provide that
the Corporation shall prohibit any person who
does not meet the minimum standards of com-
petence, experience, integrity, and fitness from—
‘‘(i) entering into any contract with
the Corporation; or
‘‘(ii) being employed by the Corpora-
tion or any person performing any service
for or on behalf of the Corporation.
‘‘(C) INFORMATION REQUIRED TO BE SUB-
MITTED.—The procedures established under sub-
paragraph (A) shall require that any offer sub-
mitted 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 in-
stance during the 5 years preceding the sub-
mission 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 em-
ployed, directly or indirectly, by the offeror
under any contract with the Corporation
unless—
‘‘(I) all applicable information
described in subparagraph (C) with re-
spect to any such person is submitted
to the Corporation; and
‘‘(II) the Corporation does not
disapprove of the direct or indirect em-
ployment of such person.
‘‘(ii) FINALITY OF DETERMINATION.—
Any determination made by the Corpora-
tion 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 sub-
paragraph (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 in-
sured depository institution pursuant to
any final enforcement action by any appro-
priate Federal banking agency;
‘‘(iii) demonstrated a pattern or prac-
tice of defalcation regarding obligations to
insure depository institutions; or
‘‘(iv) caused a substantial loss to Fed-
eral deposit insurance funds,
from service on behalf of the Corporation.
‘‘(5) ABROGATION
OF
CONTRACTS.—The Cor-
poration 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 corpora-
tions, officers, directors, employees, and independent
contractors of the Corporation who are also subject to
the conflict of interest or ethical rules of another agen-
cy 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 preced-
ing 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.—Sec-
tion 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 Su-
pervision, the Board of Governors of the Federal Re-
serve System, or the Federal Deposit Insurance Cor-
poration.
‘‘(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 sub-
section (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 De-
posit Insurance Act (12 U.S.C. 1821(p)) is amended by re-
designating paragraphs (1) and (2) as paragraphs (2) and
(3) and by inserting before paragraph (2) (as so redesig-
nated) the following new paragraph:
‘‘(1) PERSONS WHO ENGAGED IN IMPROPER CON-
DUCT WITH, OR CAUSED LOSSES TO, DEPOSITORY IN-
STITUTIONS.—The Corporation shall prescribe regula-
tions 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 insti-
tution;
‘‘(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 institu-
tion for which the Corporation has been ap-
pointed as conservator or receiver;
‘‘(B) any person who participated, as an of-
ficer or director of such failed institution or of
any affiliate of such institution, in a material
way in transactions that resulted in a substan-
tial loss to such failed institution;
‘‘(C) any person who has been removed
from, or prohibited from participating in the af-
fairs of, such failed institution pursuant to any
final enforcement action by an appropriate Fed-
eral banking agency; or
‘‘(D) any person who has demonstrated a
pattern or practice of defalcation regarding obli-
gations 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 insert-
ing ‘‘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 in-
serting ‘‘Paragraphs (1) and (2)’’;
(3) by adding at the end the following new para-
graph:
‘‘(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 secur-
ing the obligation is foreclosed upon.’’; and
(4) by striking the heading and inserting the fol-
lowing 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 subpara-
graph (C) and inserting ‘‘; or’’; and
(4) by adding at the end the following new sub-
paragraph:
‘‘(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 In-
surance Act (12 U.S.C. 1811) is amended—
(1) by striking ‘‘There is hereby created’’ and in-
serting ‘‘(a) ESTABLISHMENT
OF CORPORATION.—
There is hereby established’’; and
(2) by adding at the end the following new sub-
section:
‘‘(b) ASSET DISPOSITION DIVISION.—
‘‘(1) ESTABLISHMENT.—The Corporation shall
have a separate division of asset disposition.
‘‘(2) MANAGEMENT.—The division of asset dis-
position shall have an administrator who shall be ap-
pointed by the Board of Directors.
‘‘(3) POWERS AND DUTIES OF DIVISION.—The di-
vision 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 sub-
section (a) shall take effect on July 1, 1995.
SEC. 23. PRESIDENTIALLY-APPOINTED INSPECTOR GEN-
ERAL 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 Chair-
person of the Board of Directors of the Federal De-
posit 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 EM-
PLOYEES 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 bene-
fits, 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 Com-
pletion Act for any year ending after such date of en-
actment shall not be reduced, by reason of the amend-
ment 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 TEM-
PORARY CAPACITY.—Notwithstanding paragraph (1),
in the case of any employee described in such para-
graph who, as of the date of the enactment of the Res-
olution Trust Corporation Completion Act, is serving
in an acting capacity or is otherwise temporarily em-
ployed at a higher grade than such employee’s regular
grade or position of employment—
(A) the annual rate of basic pay and bene-
fits, 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, para-
graph (1) shall be applied with respect to such
employee by taking into account only the annual
rate basic pay and benefits, including any re-
gional 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
OFFI-
CER.—
‘‘(i) IN GENERAL.—There is hereby es-
tablished the position of deputy chief execu-
tive officer of the Corporation.
‘‘(ii) APPOINTMENT.—The deputy chief
executive officer of the Corporation shall—
‘‘(I) be appointed by the Chair-
person of the Thrift Depositor Protec-
tion Oversight Board, with the rec-
ommendation of the chief executive offi-
cer; and
‘‘(II) be an employee of the Fed-
eral Deposit Insurance Corporation in
accordance with subparagraph (B)(i)
of this paragraph.
‘‘(iii) DUTIES.—The deputy chief exec-
utive 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 disabil-
ity 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 AT-
TACHMENT 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 subpara-
graph (A) without regard to the require-
ment of such rule that the applicant show
that the injury, loss, or damage is irrep-
arable and immediate.
‘‘(ii) STATE PROCEEDING.—If, in the
case of any proceeding in a State court, the
court determines that rules of civil proce-
dure 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 sub-
paragraph (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 au-
thority under this subsection or subsection (c) to pro-
hibit any institution-affiliated party from withdraw-
ing, transferring, removing, dissipating, or disposing
of any funds, assets, or other property may be exer-
cised unless the agency meets the standards of Rule 65
of the Federal Rules of Civil Procedure without re-
gard to the requirement of such rule that the appli-
cant show that the injury, loss, or damage is irrep-
arable and immediate.’’.
SEC. 26. GAO STUDIES REGARDING FEDERAL REAL PROP-
ERTY 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 pro-
gram to sell eligible single family properties, eligible con-
100
dominium 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 sell-
ing properties under the program. Not later than the expi-
ration 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 DISPOSI-
TION.—The Comptroller General of the United States shall
conduct a study to determine the feasibility and effective-
ness 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 Develop-
ment, the Farmers Home Administration of the Department
of Agriculture, the Federal Deposit Insurance Corporation,
and the Resolution Trust Corporation. The study shall ex-
amine the real property disposition procedures of such
agencies and corporations, analyze the feasibility of consoli-
dating such procedures through such single agency, and de-
termine the characteristics and authority necessary for any
such single agency to efficiently carry out such disposition
101
activities. Not later than the expiration of the 12-month pe-
riod beginning on the date of the enactment of this Act,
the Comptroller General shall submit a report to the Con-
gress on the study under this subsection, which shall de-
scribe any findings under the study and contain any rec-
ommendations of the Comptroller General for the establish-
ment 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 deposi-
tors at savings and loan institutions, to improve the man-
agement of the Resolution Trust Corporation (‘RTC’) in
order to assure the taxpayers the fairest and most effi-
cient 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 Insur-
ance Corporation, to abolish the RTC, and for other
purposes.’’.
HR 1340 RH——2
HR 1340 RH——3
HR 1340 RH——4
HR 1340 RH——5
HR 1340 RH——6
HR 1340 RH——7