IB
Union Calendar No. 143
105TH CONGRESS
1ST SESSION
H. R. 2343
[Report No. 105–249]
To abolish the Thrift Depositor Protection Oversight Board, and for other
purposes.
IN THE HOUSE OF REPRESENTATIVES
JULY 31, 1997
Mr. LEACH introduced the following bill; which was referred to the Committee
on Banking and Financial Services
SEPTEMBER 17, 1997
Additional sponsor: Mr. VENTO
SEPTEMBER 17, 1997
Reported with an amendment, committed to the Committee of the Whole
House on the State of the Union, and ordered to be printed
[Strike out all after the enacting clause and insert the part printed in italic]
[For text of introduced bill, see copy of bill as introduced on July 31, 1997]
A BILL
To abolish the Thrift Depositor Protection Oversight Board,
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 ‘‘Thrift Depositor Protec-
tion 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 established
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 Chair-
person) may exercise on behalf of the Oversight Board
any power of the Oversight Board necessary to settle
and conclude the affairs of the Oversight Board.
(2) AVAILABILITY OF FUNDS.—Funds available
to the Oversight Board shall be available to the Chair-
person of the Oversight Board to pay expenses in-
curred in carrying out the requirements of paragraph
(1).
(c) SAVINGS PROVISION.—
(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 Federal
Home Loan Bank Act, or any other provision of
law applicable with respect to the Oversight
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 Over-
sight Board shall abate by reason of the enactment of
this Act.
(3) LIABILITIES.—
(A) IN GENERAL.—All liabilities arising out
of the operation of the Oversight Board between
August 9, 1989, and the end of the 3-month pe-
riod beginning on the date of enactment of this
Act shall remain the direct liabilities of the
United States.
(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 competent
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 reg-
ulations until modified, terminated, set aside, or
superseded in accordance with applicable law.
(B) ENFORCEABILITY OF ORDERS, RESOLU-
TIONS, DETERMINATIONS, AND REGULATIONS BE-
FORE TRANSFER.—Before the effective date of the
transfer of the authority and duties of the Reso-
lution Funding Corporation to the Secretary of
the Treasury under section 3, all orders, resolu-
tions, determinations, and regulations pertain-
ing to the Resolution Funding Corporation shall
be enforceable by and against the United States.
(C) ENFORCEABILITY OF ORDERS, RESOLU-
TIONS, 
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, resolutions,
determinations, and regulations pertaining to
the Resolution Funding Corporation shall be en-
forceable by and against the Secretary of the
Treasury.
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 trans-
ferred to the Secretary of the Treasury (or the designee 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 Resolu-
tion 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 Protection
Oversight Board or’’ and inserting ‘‘2 times a year or
at the request of’’; and
(2) by striking the 2d sentence.
(b) CLERICAL AMENDMENT.—The heading for section
14(b)(6)(A) of the Resolution Trust Corporation Completion
Act (12 U.S.C. 1831q note) is amended by striking ‘‘AND
LOCATION’’.