Resolution Trust Corporation Completion Act
PL 103-204 (S.714), enacted 12/17/1993

PUBLIC LAW 103-204—DEC. 17, 1993 
107 STAT. 2369 
Public Law 103-204 
103d Congress 
An Act 
To provide for the remaining funds needed to assure that the United States fulfills 
its obligation for the prot(»ction of depositors at savings and loan institutions, 
to improve the management of the Resolution Trust Corporation CUTC") in order 
^ ^ . „ , QQO 
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 
t^- ''•^i 
orderly transfer of RTC resources to the Federal Deposit Insurance Corporation, 
to abolish the RTC, and for other purposes. 
Be it enacted by the Senate and House of Representatives of 
the United States of 
America in Congress assembled. 
Resolution Trust 
Corporation 
SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 
Completion Act. 
(a) SHORT TITLE.—This Act may be cited as the ''Resolution banking"^ 
Trust Corporation Completion Act". 
12 use 1421 
(b) TABLE OP CONTENTS.—The table of contents for this Act note. 
is as follows: 
Sec. 1. Short title; table of contents. 
Sec. 2. Final fiinding for RT<3. 
Sec. 3. RTC management reforms. 
Sec. 4. Extension of statute of limitations. 
Sec. 5. Limitation on bonuses and compensation paid by the RTC and the Thrift 
Depositor Protection Oversight Board. 
Sec. 6. FDIC—RTC transition task force. 
Sec. 7. Amendments relating to the termination of the RTC. 
Sec. 8. SAIF fimding authorization amendments. 
Sec. 9. Moratorium extension. 
Sec. 10. Repayment schedule for permanent FDIC borrowing authority. 
Sec. 11. Deposit insurance funds. 
Sec. 12. Maximum dollar limits for eligible condominium and single family prop-
erties under RTC! affordable housing program. 
Sec. 13. Changes affecting only FDIC affordable housing program. 
Sec. 14. Changes affecting bothi RTC and FDIC affordable housing programs. 
Sec. 15. Right of first refuisal for tenants to purchase single family property. 
Sec. 16. Preference for sales of real property for use for homeless families. 
Sec. 17. Preferences for sales of commercial properties to public agencies and non-
K
rofit organizations for use in carrying out programs for affordable 
ousing. 
Sec. 18. Federal home loan Ibanks housing opportunity hotline program. 
Sec. 19. Conflict of interest provisions applicable to the FDIC. 
Sec. 20. Restrictions on sales of assets to certain persons. 
Sec. 21. Whistle blower protection. 
Sec. 22. FDIC asset disposition division. 
Sec. 23. Presidentially appointed inspector general for FDIC. 
Sec. 24. Deputy chief executive officer. 
Sec. 25. Due process protections relating to attachment of assets. 
Sec. 26. GAO studies regarding Federal real property disposition. 
Sec. 27. Extension of RTC power to be appointed as conservator or receiver. 
Sec. 28. Final report on RTC and SAIF fimding. 
Sec. 29. General Counsel of the Resolution Trust Corporation. 
Sec. 30. Authority to execute contracts. 
Sec. 31. RTC contracting. 
107 STAT. 2370 
PUBLIC LAW 103-204—DEC. 17, 1993 
Sec. 32. Definition of property. 
Sec. 33. Sense of the Congress relating to participation of disabled Americans in 
contracting for delivery of services to financial institution regulatory 
agencies. 
Sec. 34. Report to Congress by Special Counsel. 
Sec. 35. Reporting requirements. 
Sec. 36. Continuation of conservatorships or receiverships. 
Sec. 37. Exceptions for certain transactions. 
Sec. 38. Bank deposit financial assistance program. 
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 AVAILABIUTY OF FINAL FUNDING IN 
EXCESS O F $10,000,000,000.— 
"(A) CERTIFICATION REQUIRED.—Of the funds appro-
priated imder paragraph (3) which are provided after April 
1, 1993, any amoimt in excess of $10,000,000,000 shall 
not be available to the Corporation before the date on 
which the Secretary of the Treasuiy certifies to the Con-
gress that, since the date of 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 Bank-
ing, Finance and Urban Affairs of the House of Representa-
tives or the Committee on Banking, Housing, and Urban 
Affairs of the Senate, upon the request of the chairman 
of the committee, to report on anv certification made to 
the Congress imder 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 ll(aX6XF) 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 
E
revision of law other than section 13(cX4XG) of the Federal 
leposit Insurance Act, funds appropriated under this section 
shall not be used in any manner to benefit any shareholder 
o
f
— 
"(A) any insured depository institution for which the 
Corporation has been appointed conservator or receiver, 
in connection with any type of resolution by the Corpora-
tion; 
"(B) any other insured depository institution in default 
or in danger of default, in connection with any type of 
resolution by the Corporation; or 
"(C) any insured depository institution, in connection 
with the provision of assistance imder section 11 or 13 
of the Federal Deposit Insurance Act with respect to such 
institution, except that this subparagraph shall not prohibit 
PUBLIC LAW 103-204—DEC. 17, 1993 
107 STAT. 2371 
assisUuice to any insured depository institution that is 
not in default, or that is not in danger of default, that 
is acquiring (as defined in section 13(iX8XB) of such Act) 
another insured depository institution.". 
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 adcting 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 dis-
position of assets, for the remainder of the Corporation's exist-
ence. 
"(2) MARKETING REAL PROPERTY ON AN INDIVIDUAL BASIS.— 
The Corporation shall— 
''(A) market any undivided or controlling interest in 
real property, whether held directly or indirectly by an 
institution described in subsection (bX3XA), on an individ-
ual 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, except that this 
subparagraph does not apply to assets that are— 
(i) sold simultaneously with a resolution in which 
a buyer purchases a significant proportion of the assets 
and assumes a significant proportion of the liabilities, 
or acts as agent of the Cforporation for purposes of 
paying insuied deposits, of an institution described 
in subsection (bX3XA); or 
"(ii) transferred to a new institution organized 
pursuant to section ll(dX2XF) of the Federal Deposit 
Insurance Act; 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 initia-
tive after the end of the 120-day period described in 
subparagraph (A) be justified in writing; and 
"(ii) to carry out the requirements 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 prop-
erty or any nonperforming real estate loan which the Cor-
poration has acqiiired as receiver or conservator, unless— 
"(i) the Corporation has assigned responsibility for 
the management and disposition of such asset to a 
qualified person or entity to— 
"(1) analyze each asset on an asset-by-asset 
basis and consider alternative disposition strate-
gies for such asset; 
"(11) develop a written management and dis-
position plan; and 
"(III) implement that plan for a reasonable 
period of time; or 
107 STAT. 2372 
PUBLIC LAW 103-204—DEC. 17, 1993 
"(ii) the Corporation has made a determination 
in writing that a bulk transaction would maximize 
./ u 
net recovery to the Corporation, while providing oppor-
tunity for broad participation by qualified bidders, 
including minority- and women-owned businesses. 
"(B) DEFINITIONS.—In defining any term for purposes 
of subparagraph (A), the Corporation may, by regulation, 
define— 
"(i) the term 'asset' so as to include properties 
or loans which are legally separate and distinct prop-
erties or loans, but which have sufiiciently 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 Protec-
tion Oversight Board or any employee assigned to the 
Corporation under subsection (bX8). 
"(C) EXCEPTIONS.—This paragraph shall not apply to— 
•>• 
"(i) assets that are— 
' 
"(1) sold simultaneously with a resolution in 
which a buyer purchases a significant proportion 
of the assets and assumes a significant proportion 
of the liabilities (or acts as agent of the Corporation 
for purposes of pajring insured deposits) of an 
institution described in subsection (bX3XA); or 
"(ID transferred to a new institution organized 
pursuant to section ll(dX2XF) of the Federal 
Deposit Insurance Act; 
"(ii) nonperforming real estate loans with a book 
value of not more than $1,000,000; 
"(iii) real property with a book value of not more 
than $400,000; or 
"(iv) real property with a book value of more than 
$400,000 or nonperforming real estate loans with a 
book value of more than $1,000,000 for which the 
Corporation determines, in writing, that a disposition 
not in conformity with the reqmrements of subpara-
graph (A) will bring a greater return to the Corpora-
tion. 
"(D) COORDINATION WITH PARAGRAPH (2).~NO provision 
of this paragraph shall supersede the requirements of para-
graph (2). 
"(4) DIVISION OF MINORITIES AND WOMEN PROGRAMS.— 
"(A) IN GENERAL.—^The Corporation shall maintain a 
division of minorities and women 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 Cor-
poration shall— 
"(i) have no operating responsibilities with respect 
to the Corporation other than as chief financial officer; 
PUBLIC LAW 103-204—DEC. 17, 1993 
107 STAT. 2373 
"(ii) report directly to the chief executive officer 
of the Corporation; and 
"(iii) have such authority and duties of chief finan-
cial 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 USTS.—TO ensure the maximum 
participation level possible of minority- and women-owned 
businesses, the Corporation shall— 
"(i) review all hsts of contractors determined to 
be eligible for future contracts in a specified service 
area and other contracting mechanisms; and 
"(ii) prescribe appropriate regulations and proce- Regulations. 
dures. 
"(7) IMPROVEMENT OF CONTRACTING SYSTEMS AND CONTRAC-
TOR OVERSIGHT.—The Corporation shall— 
"(A) maintain such procedures and uniform standards 
for— 
"(i) entering into contracts between the Corpora-
tion 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 appUcable regulations, orders, policies, 
and guidelines of the Corporation, 
as may be appropriate in carrying out the Corporation's 
operations 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, regu-
lations, orders, p>olicies, and standards applicable to con-
tracts 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) ESTABUSHMENT.—The Thrift Depositor Protection 
Oversight Board shall establish and maintain an audit 
committee. 
"(B) DUTIES.—^The audit committee shall have the fol-
lowing duties: 
"(i) Monitor the internal controls of the Corpora-
tion. 
"(ii) Monitor the audit findings and recommenda-
tions of the inspector general of the Corporation and 
the Comptroller General of the United States and the 
107 STAT. 2374 
PUBLIC LAW 103-204—DEC. 17, 1993 
Corporation's response to the findings and rec-
ommendations. 
"(iii) Maintain a close working relationship with 
the inspector general of the Corporation and the 
Comptroller General of the United States. 
Reports. 
«(iv) Regularly report the findings and any rec-
ommendation of the audit committee to the Corporation 
and the Thrift Depositor Protection Oversight Board. 
j 1 
**(v) Monitor the financial operations of the Cor-
poration and report any incipient problem identified 
by the audit committee to u e Corporation and the 
Tiirift Depositor Protection Oversight Board. 
"(C) 
FEDERAL 
ADVISORY 
COMMITTEE 
ACT NOT 
APPLICABLE.—^The audit committee is not an advisory 
committee within the meaning of section 3(2) of the Federal 
Advisory Committee Act. 
"(9) CORRECTIVE RESPONSES TO AUDIT PROBLEMS.—The Cor-
poration shall— 
'^(A) respond to problems identified by auditors of the 
Corporation's financial and asset-disposition operations, 
including problems identified in audit reports by the inspec-
tor general of the Corporation, the Comptroller General 
of the United States, and the audit committee; or 
"(B) certify to the Thrift Depositor Protection Oversight 
Board that no action is necessary or appropriate. 
"(10) ASSISTANT GENERAL COUNSEL FOR PROFESSIONAL 
LIABILITY.— 
"(A) APPOINTMENT.—^The Corporation shall appoint, 
within the division of legal services of the Corporation, 
an assistant general counsel for professional liability. 
"(B) DUTIES.—^The assistcint general counsel for profes-
sional liability shall— 
"(i) direct the investigation, evaluation, and 
prosecution of all professional liability claims involving 
the Corporation; and 
"(ii) supervise all legal, investigative, and other 
personnel and contractors involved in the litigation 
of such claims. 
"(C) SEMIANNUAL REPORTS TO THE CONGRESS.—The 
assistant genered counsel for professional liability shall sub-
mit to the Congress a comprehensive litigation report, not 
later than— 
"(i) April 30 of each year for the 6-month period 
> 
ending on March 31 of that year; and 
"(ii) October 31 of each vear for the 6-month period 
ending on September 30 of that year. 
"(D) CONTENTS OF REPORTS.—^The semiannual reports 
required under subparagraph (C) shall each address the 
activities of the counsel for professional liability under 
subparagraph (B) and all civil actions— 
^r1 
"(i) in which the Corporation is a party, which 
' 
are 
filed 
against— 
1 
"(1) directors or officers of depository institu-
tions described in subsection (bX3XA); or 
* *
; 
"(II) attorneys, accoiuitants, appraisers, or 
other licensed professionals who performed profes-
sional services for such depository institutions; and 
PUBLIC LAW 103-204—DEC. 17, 1993 
107 STAT. 2375 
"(ii) which are initiated or pending during the 
period covered by the report. 
"(11) MANAGEMENT INFORMATION SYSTEM.—The Corpora-
tion shall maintain an effective management information sys-
tem 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 con-
trols designed to prevent fraud, waste, and abuse, identify 
any such activity should it occur, and promptly correct any 
y 
such activity. 
"(13) FAILURE TO APPOINT CERTAIN OFFICERS OF THE COR-
PORATION.—^The failiire 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 (iX4). 
"(14) REPORTS.— 
"(A) DISCLOSURE OF EXPENDITURES.—The Corporation 
shall include in the annual report submitted pursuant to 
subsection (kX4) an itemization of the expenditures of the 
Corporation during the year for which funds provided 
pursuant to subsection (iX3) were used. 
"(B) PUBLIC DISCLOSURE OF SALARIES.—The Corpora-
tion shall include in the annual report submitted pursuant 
to subsection (kX4) a disclosure or 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. 
"(15) MINORITY- AND WOMEN-OWNED BUSINESSES CONTRACT 
PARITY GUIDELINES.—^The Corporation shall establish guidelines 
for achieving the goal of a reasonably even distribution of 
contracts awarded to the various subgroups of the class of 
minority- and women-owned businesses and minority- and 
women-owned law firms whose total number of certified con-
tractors comprise not less than 5 percent of all minority- and 
women-owned certified contractors. The guidelines may reflect 
the regional and local geographic distributions of minority 
subgroups. The distribution of contracts should not be accom-
plished at the expense of any eligible minority- or women-
owned business or law firm in any subgroup that falls below 
the 5 percent threshold in any region or locality. 
"(16) CONTRACT SANCTIONS FOR FAILURE TO COMPLY WITH 
SUBCONTRACT AND JOINT VENTURE REQUIREMENTS.—THE COR-
poration shall prescribe regulations which provide sanctions, 
including contract penalties and suspensions, for violations by 
contractors of requirements relating to subcontractors and joint 
ventures. 
"(17) MINORITY PREFERENCE IN ACQUISITION OF INSTITU-
TIONS 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 preference to 
an offer from any minority individual, minority-owned busi-
107 STAT. 2376 
PUBLIC LAW 103-204—DEC. 17, 1993 
ness, or a minority depository institution, over any other 
offer that results in the same cost to the Corporation, 
as determined under section 13(cX4) of the Federal Deposit 
Insurance Act. 
"(B) CAPITAL ASSISTANCE.— 
"(i) ELIGIBILITY.—In order to effectuate the pur-
poses of this paragraph, any minority individual, 
minority-owned business, or a minority depository 
institution shall be eligible for capital assistance under 
the minority interim capital assistance program estab-
lished imder subsection (uXD and subject to the provi-
sions of subsection (uX3), to the extent that such assist-
ance is consistent with the application of section 
13(cX4) of the Federal Deposit Insurance Act. 
**(ii) TERMS AND CONDITIONS.—Subsection (uX4) 
shall not apply to capital assistance provided under 
this subparagraph. 
"(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 acquisi-
tion 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 acqmsition. 
"(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 deposi-
^ 
tory 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) DEFINITIONS.—^For purposes of this paragraph, the 
following definitions shall apply: 
"(i) ACQUIRE.—^The term 'acquire* has the same 
meaning as in section 13(fK8XB) of the Federal Deposit 
Insurance Act. 
**(ii) MINORITY.—^The term *minori^ has the same 
meaning as in section 1204(cX3) of the Financial 
Institutions Reform, Recovery, and Enforcement Act 
of 1989. 
"(iii) MINORITY DEPOSITORY INSTITUTION.—The 
term 'minority depository institution' has the same 
meaning as in subsection (sX2). 
"(iv) 
MINORITY-OWNED 
BUSINESS.—The 
term 
'minority-owned business' has the S£une meaning as 
in subsection (rX4). 
"(18) SUBCONTRACTS WITH MINORITY- AND WOMEN-OWNED 
BUSINESSES.— 
"(A) GOALS AND PROCEDURES.— 
PUBLIC LAW 103-204—DEC. 17, 1993 
107 STAT. 2377 
"(i) REASONABLE GOALS.—The Corporation shall 
establish reasonable goals for contractors for services 
with the Corporation to subcontract with minority-
and women-owned businesses and law firms. 
"(ii) PROCEDURES.—^The Corporation may not enter 
into any contract for the provision of services to the 
Corporation, including leg£U services, under which the 
contractor would receive fees or other compensation 
in an amoimt equal to or greater than $500,000, unless 
the Corporation requires the contractor to subcontract 
with minority- or women-owned businesses, including 
law firms, and to pay fees or other compensation to 
such businesses in an amount commensurate with the 
percentage of services provided by the business. 
"(iii) EXCEPTIONS.—^The Corporation may exclude 
> 
a contract from the requirements of clause (ii) if the 
Chief Executive Officer of the Corporation determines 
in writing that imposing such a subcontracting require-
ment would— 
"(I) substantially increase the cost of contract 
performance; or 
"(II) undermine the ability of the contractor 
to perform its obligations under the contract. 
"(B) LIMITED WAIVER AUTHORITY.— 
"(i) IN GENERAL.—^The Corporation may grant a 
waiver 
firom 
the application of this paragraph to any 
contractor with respect to a contract described in 
subparagraph (AXii), if the contractor certifies to the 
Corporation that it 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 deter-
mination. 
"(ii) WAIVER PROCEDURES.—Any determination to 
grant a waiver under clause (i) shall be made in writing 
bv the Chief Executive Officer of the Corporation. 
"(C) REPORT.—^Each quarterly report suomitted by the 
Corporation pursuant to subsection (kX7) shall contain a 
description of each exception granted under subparagraph 
(AXiii) and each waiver granted under subparagraph (B) 
duringthe quarter coveredf by the report. 
"(D) DEFINITIONS.—^For purposes of this paragraph, the 
following definitions shall apply: 
"(i) MINORITY.—^The term 'minoritv' has the same 
meaning as in section 1204(cX3) oi the Financial 
Institutions Reform, Recovery, and Enforcement Act 
of 1989. 
"(ii) MINORITY- AND WOMEN-OWNED BUSINESS.— 
The terms 'minority-owned business' and Vomen-
owned business' have the same meanings as in sub-
section (rX4). 
"(19) CONTRACTING PROCEDURES.— 
"(A) PROCEDURES.—In awarding any contract subject 
to the competitive bidding process, the Corporation shall 
apply competitive bidding procedures that are no less strin-
gent than those in effect on the date of the enactment 
of the Resolution Trust Corporation Completion Act. 
107 STAT. 2378 
PUBLIC LAW 103-204—DEC. 17, 1993 
"(B) COST TO TAXPAYER.—Nothing in this Act, or any 
other provision of law, shall supersede the Corporation's 
primary duty of minimizing costs to the taxpayer and maxi-
mizing the total return to me Government. 
-
* 
"(20) MANAGEMENT OF LEGAL SERVICES.—To improve the 
H: management of legal services, the Corporation— 
"(A) shall utilize staff coimsel when such utilization 
would provide the same level of quality in legal services 
as the use of outside counsel at the same or a lower 
estimated cost; and 
"(B) may only employ outside counsel— 
"(i) if the use of outside counsel would provide 
the most practicable, efficient, and cost-effective resolu-
tion to the action; and 
^ 
"(ii) iinder a negotiated fee, contingent fee, or 
competitively bid fee agreement. 
"(21) CUENT RESPONSIVENESS UNITS.—The Corporation 
shall ensure that every regional office of the Corporation con-
tains a client responsiveness unit responsible to the Corpora-
, 
tion's ombudsman.". 
(b) BORROWER APPEALS.—Section 21A(bX4) of the Federal Home 
Loan Bank Act (12 U.S.C. 1441a(bX4)) 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 borrow-
ers who have not defaulted on their obligations.". 
12 use 1441a 
(c) GAO 
STUDY OF PROGRESS OF IMPLEMENTATION 
OF 
^°^- 
REFORMS.— 
(1) STUDY REQUIRED.—The Comptroller CJeneral 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 require-
ments. 
^ 
(2) INTERIM REPORT TO CONGRESS.—Not later than 6 
months after the date of 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 
n after tiie date of 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 connec-
tion with the study required under paragraph (1); and 
(B) such recommendations for legislative and adminis-
^ 
trative action as the Comptroller General may determine 
to be appropriate. 
(4) DISCLOSURE OF PERFORMING ASSET TRANSFERS.— 
PUBLIC LAW 103-204—DEC. 17, 1993 
107 STAT. 2379 
(A) REPORT REQUIRED.—The Comptroller General of 
the United States shall submit an annual report to the 
Congress on transfers of performing assets by tne Corpora-
tion, categorized by institution, to any acquirer during the 
year covered by the report. 
(B) CONTENTS.—Each report submitted under subpara-
graph (A) shall contain— 
(i) the number and a description of asset transfers 
during the year covered by the report; 
(ii) the number of assets provided in connection 
with each transaction during such vear; and 
(iii) a report of an audit by tne Comptroller Gen-
eral of the determination of the Corporation of the 
fair market value of transferred assets at the time 
of transfer. 
(d) UTIUZATION OF SERVICES.—Section ll(dX2XK) of the Fed-
eral Deposit Insurance Act (12 U.S.C. 1821(dX2XK)) is amended— 
(1) by inserting "legal," after "auction marketing,"; 
(2) by striking "iT and inserting "only iF; and 
(3) by striking "practicable" and inserting "the most prac-
ticable". 
(e) RTC NOTICE TO GSA— 
i2usci44ia 
(1) IN GENERAL.—^Within a reasonable period of time after ^°^^-
acquiring an undivided or controlling interest in any commer-
cial office property in its capacity as conservator or receiver, 
the Corporation shall notify the Administrator of Greneral Serv-
ices of such acquisition. 
(2) CONTENTS OF NOTICE.—^The notice required under para-
graph (1) shall contain basic information about the property, 
mcluding— 
(A) the location and condition of the property; 
(B) information relating to the estimated fair market 
value of the property; and 
(C) the Corporation's schedule, or estimate of the sched-
ule, for marketing and disposing of the property. 
(3) COMPETITIVE BIDDING.—The Administrator of General 
Services, in compliance with reg^ations of the Resolution Trust 
Corporation, may bid on property described in the notice 
required under paragraph (1) that is otherwise subject to 
competitive bidding. 
SEC. 4. EXTENSION OF STATUTE OF LIMITATIONS. 
(a) IN GENERAL.—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) EXTENSION OF STATUTE OF LIMITATIONS.— 
"(A) TORT ACTIONS FOR WHICH THE PRIOR UMITATION 
HAS RUN.— 
"(i) IN GENERAL.—^In the case of any tort claim— 
"(I) which is described in clause (ii); and 
"(II) for which the applicable statute of limita-
tions under section ll(a)(14XAXii) of the Federal 
Deposit Insurtuice Act has expired before the date 
of enactment of the Resolution Trust Corporation 
Completion Act; 
the statute of limitations which shall apply to an action 
brought on such claim by the Corporation in the Cor-
107 STAT. 2380 
PUBLIC LAW 103-204—DEC. 17, 1993 
poration's capacity as conservator or receiver of an 
institution described in paragraph (3XA) shall be the 
period determined under subparagraph (C). 
"(ii) CLAIMS DESCRIBED.—A tort claim referred to 
in clause (iXD with respect to an institution described 
in paragraph (3XA) is a claim arising 
from 
fraud, 
inten-
tional misconduct resulting in ui\ju8t enrichment, or 
intentional misconduct resulting in substantial loss to 
the institution. 
"(B) TORT ACTIONS FOR wmcH THE PRIOR LIMITATION 
HAS NOT RUN.— 
''(i) 
IN 
GENERAL.—^Notwithstanding 
section 
ll(dX14XA) of the Federal Deposit Insurance Act, in 
the case of any tort claim— 
"(I) which is described in clause (ii); and 
"(11) for which the applicable statute of limita-
tions under section ll(dX14XAXii) of the Federal 
Deposit Insiu*ance Act has not expired as of the 
date of enactment of the Resolution Trust Corpora-
tion Completion Act; 
the statute of limitations which shall apply to an action 
brought on such claim by the Corporation in the Cor-
poration's capacity as conservator or receiver of an 
institution described in paragraph (3XA) shall be the 
period determined under subparagraph (C). 
"(ii) CLAIMS DESCRIBED.—A tort claim referred to 
in clause (iXD with respect to an institution described 
in paragraph (3XA) is a claim arising from gross neg-
ligence or conduct that demonstrates a greater dis-
regard of a duty of care than gross negligence, includ-
ing intentional tortious conduct relating to the institu-
tion. 
"(C) DETERMINATION OF PERIOD.—The period deter-
mined under this subparagraph for any claim to which 
subparagraph (A) or (B) applies shall be the longer o
f
— 
"(i) the 5-year period beginning on the date the 
claim accrues (as determined pursuant to section 
ll(dX14XB) of the Federal Deposit Insurance Act); or 
"(ii) the period applicable under State law for such 
claim. 
"(D) SCOPE OF APPUCATION.—Subparagraphs (A) and 
(B) shall not apply to any action which is brought after 
the date of the termination of the Corporation under sub-
section (mXl).". 
(b) 
TECHNICAL 
AND 
CONFORMING AMENDMENT.—Section 
ll(dX14XAXii) of the Federal Deposit Insurance Act (12 U.S.C. 
1821(dX14)(AXii)) is amended bv inserting "(other than a claim 
which is subject to section 21A(bX14) of the Federal Home Loan 
Bank Act)" after "any tort claim". 
SEC. 5. LIMITATION ON BONUSES AND COMPENSATION PAID BY THE 
RTC AND THE THRIFT DEPOSITOR PROTECTION OVER-
SIGHT 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 subsection: 
PUBLIC LAW 103-204—DEC. 17, 1993 
107 STAT. 2381 
"(x) LIMITATION ON EXCESSIVE COMPENSATION AND CASH 
AWARDS.— 
"(1) ESTABUSHMENT 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 CASH AWARDS.— 
"(A) IN GENERAL.—Sections 4502, 4503, and 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 Corpora-
tion 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 CASH AWARDS AND BONUSES PROHIBITED.— 
Except as provided in paragraph (2), no cash award or bonus 
may be made to any employee of the Corporation. 
"(4) 
LIMITATIONS ON CASH AWARDS AND BONUSES.—NO 
employee shall receive any cash award or bonus if such 
employee has given notice of an intent to resign to take a 
position in the private sector before the payment of such cash 
award or bonus or accepts employment in the private sector 
not later than 60 days after receipt of such award or bonus. 
"(5) LIMITATION ON EXCESSIVE COMPENSATION.—Except as 
provided in paragraphs (6) and (7), no employee may receive 
a total amount of allow£inces, benefits, basic pay, and other 
compensation, including bonuses and other awards, in excess 
of tne 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. 
*'(6) No REDUCTION IN RATE OF PAY.—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 enactment of the Resolution Trust Corporation Completion 
Act for any year ending after such date of enactment shall 
not be reduced, by reason of para^aph (5), below the annual 
rate of basic pay and benefits, including any regional pay 
differential, paid to such employee, by reason of such employ-
ment, as of such date. 
"(7) EMPLOYEES SERVING IN ACTING OR TEMPORARY CAPAC-
ITY.—In the case of any employee who, as of the date of enact-
ment 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 (5) 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 capac-
ity or at such higher grade, paragraph (6) shall be applied 
107 STAT. 2382 
PUBLIC LAW 103-204—DEC. 17, 1993 
with respect to such employee by taking into account only 
the annual rate of basic pay and benefits, including anv 
regional pay differential, payable to such employee in such 
employee s regular grade or position of employment. 
"(8) DEFINITIONS.— 
"(A) ALLOWANCES.—^For purposes of paragraph (5), 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) EMPLOYEE.—^For purposes of this subsection and 
sections 4302, 4502, 4503, 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 (bX8) and 
any officer or employee of the Thrift Depositor Protection 
Oversight Board.", 
(b) TECHNICAL AND CONFORMING AMENDMENTS.— 
(1) AMENDMENT TO TITLE 5.—Section 5314 of title 5, United 
States Code, is amended by striking the foUowingitem: 
"chief executive officer of the Resolution Trust Corpora-
tion.". 
(2) FEDERAL HOME LOAN BANK ACT AMENDMENT.—Section 
21A(aX6) 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.". 
12USC1441a 
SEC. 6. FDIC—RTC TRANSITION TASK FORCE. 
(a) ESTABUSHMENT REQUIRED.—The Federal Deposit Insurance 
Corporation and the Resolution Trust Corporation shall establish 
an interagency transition task force. The task force shall facilitate 
the transfer of the assets, personnel, and operations of the Resolu-
tion Trust Corporation to the Federal Deposit Insurance Corporation 
or the FSLIC Resolution Fund, as the case may be, in a coordinated 
manner. 
(b) MEMBERS.— 
(1) IN GENERAL.—^The transition task force shall consist 
of such nimiber of officers and employees of the Federal Deposit 
Insiirance 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 Direc-
tors 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 Insur-
ance Corporation and uie Resolution Trust Corporation to iden-
PUBLIC LAW 103-204—DEC. 17, 1993 
107 STAT. 2383 
tify, evaluate, and resolve differences in the operations of the 
corporations to facilitate an orderly merger of such operations. 
(2) Recommend which of the management, resolution, or 
asset disposition systems of the Resolution Trust Corporation 
should be preserved for use by the Federal Deposit Insurance 
Corporation. 
(3) Recommend procedures to be followed by the Federal 
Deposit Insurance Corporation and the Resolution Trust Cor-
poration in connection with the transition which will promote— 
(A) coordination between the corporations before the 
termination of the Resolution Trust Corporation; and 
(B) an orderly transfer of assets, personnel, and oper-
ations. 
(4) 
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 Insur-
ance Corporation. 
(5) Evaluate the management reforms applicable to the 
Resolution Trust Corporation under section 21A(w) of the Fed-
eral Home Loan Bank Act and recommend which of such 
reforms should apply to the Federal Deposit Insurance Corpora-
tion. 
(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 Representatives and the Commit-
^ 
tee on Banking, Housing, and Urban Affcdrs of the Senate 
not later than January 1, 1995, and a second report not 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 Representatives 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 Corpora-
tion 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(mX3) 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 
107 STAT. 2384 
PUBLIC LAW 103-204—DEC. 17, 1993 
(12 U.S.C. 1441a(m)) is amended by adding at the end the following 
new paragraph: 
"(3) TRANSFER OF PERSONNEL A
N
D SYSTEMS.—In connection 
with the assumption by the Federal Deposit Insurance Corpora-
tion of conservatorship and receivership functions with respect 
to institutions described in subsection (bX3XA) and the termi-
nation of the Corporation pursuant to paragraph (1)— 
"(A) any management, resolution, or asset-disposition 
system of the Corporation which the Secretary of the Treas-
ury determines, after considering the recommendations of 
the interagency transition task force under section 6(c) 
of the Resolution Trust Corporation Completion Act, has 
been of benefit to the operations of the Corporation (includ-
ing any personal property of the Corporation which is used 
in operating any such system) shall, notwithstanding para-
graph (2), be transferred to and iised by the Federal Deposit 
Insurance Corporation in a manner which preserves the 
integrity of the system for so long as such system is efficient 
,f,; 
and cost-effective; and 
"(B) any personnel of the Corporation involved with 
any such system who are otherwise eligible to be trans-
ferred to the Federal Deposit Insurance Corporation shall 
be transferred to the Federal Deposit Insurance Corpora-
tion for continued employment, subject to section 404(9) 
I 
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(mXl) of the Federal Home Loan Bank Act (12 U.S.C. 
1441a(m)(l)) 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 
ll(aX6XD) of the Federal Deposit Insurance Act (12 U.S.C. 
1821(aX6)(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 subparagrapns (E) and (G), the Secretary 
* " 
of the Treasury shall pay to the Savings Association Insur-
ance 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 
O
N SAIF FUNDING.—Section ll(aX6XE) of the Federal Deposit 
Insurance Act (12 U.S.C. 1821(aX6XE)) is amended to read as 
follows: 
"(E) CERTIFICATION CONDITIONS ON AVAILABILITY OF 
FUNDING.—^No amount appropriated for payments by the 
Secretary of the Treasury in accordance with subparagraph 
(D) for any fiscal year may be expended unless the Chair-
person of the Board of Directors certifies to the Congress, 
at any time before the beginning of or during such fiscal 
year, that— 
"(i) such amoimt is needed to pay for losses which 
have been incurred or can reasonably be expected to 
be incurred by the Savings Association Insurance 
Fimd; 
PUBLIC LAW 103-204—DEC. 17, 1993 
107 STAT. 2385 
'Xii) the Board of Directors has determined that— 
"(I) Savings Association Insurance Fund mem-
bers, in tiie aggregate, are unable to pay additional 
semiannual assessments under section 7(b) at the 
assessment rates which would be required in order 
to cover, from such additional assessments, losses 
which have been incurred or can reasonablv be 
expected to be incurred by the Fund without 
adversely affecting the ability of such members 
to raise and maintain capital or to maintain the 
members' assessment base; and 
"(11) 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; 
"(iii) the Board of Directors has determined that— 
"(I) Savings Association Insurance Fund mem-
bers, in the aggregate, are unable to pay additional 
semiannual assessments imder section 7(b) at the 
assessment rates which would be required in order 
to meet the repayment schedule required under 
section 14(c) for any amoimt borrowed under sec-
tion 14(a) to cover losses which have been incurred 
or can reasonably be expected to be incurred by 
the Fund without adversely affecting the ability 
of such members to rais# and maintain capital 
or to maintain the members' assessment base; and 
''(ID an increase in the assessment rates for 
Savings Association Insiirance Fund members to 
meet any such repayment schedule could reason-
ably be expected to result in greater losses to 
the (jrovemment; 
"(iv) as of the date of certification, the Corporation 
has in effect procedures designed to ensure that the 
activities of tne Savings Association Insurance Fund 
and the affairs of an^ 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 proce-
dures; 
"(v) with respect to the most recent audit of the 
Savings Association Insurance Fund by the Comptrol-
ler (jreneral of the United States before the date of 
the certification— 
"(I) the Corporation has taken or is taking 
appropriate action to implement any recommenda-
tion made by the Comptroller General; or 
''(II) no corrective action is necessary or appro-
priate; 
(vi) the Corporation has provided for the appoint-
ment of a chief financial officer who— 
"(I) does not have other operating responsibil-
ities; 
"(11) will report directly to the Chairperson 
of the Corporation; and 
"(III) will have such authority and duties of 
chief financial officers under section 902 of title 
107 STAT. 2386 
PUBLIC LAW 103-204—DEC. 17, 1993 
31, United States Code, as the Board of Directors 
of the Corporation determines to be appropriate 
with respect to the Corporation; 
"(vii) the Corporation has provided for the appoint-
ment of a senior officer whose responsibilities shall 
include setting uniform standards for contracting and 
contracting enforcement in connection with the 
, ,,.* u administration of the Fund; 
''(viii) the Corporation is implementing the minor-
r> 
ity outreach provisions mandated by section 1216 of 
the Financial Institutions Reform, Recovery, and 
Enforcement Act of 1989; 
"(ix) the Corporation has provided for the appoint-
ment of a senior attorney, at the assistant general 
coimsel level or above, responsible for professional 
^ 
liability cases; and 
"(x) the Corporation has improved the manage-
ment of legal services by— 
: *
' 
"(I) utilizing staff counsel when such utiliza-
tion would provide the same level of quality in 
legal services as the use of outside counsel at 
the same or a lower estimated cost; and 
"(ID employing outside counsel only if the use 
of outside counsel would provide the most prac-
ticable, efficient, and cost-effective resolution to 
the action and only under a negotiated fee, contin-
gent fee, or competitively bid fee agreement.". 
(c) AVAILABILITY OF UNEXPENDED RTC FUNDING FOR SAIF.— 
Section ll(aX6XF) of the Federal Deposit Insurance Act (12 U.S.C. 
1821(aX6XF)) is amended to read as follows: 
"(F) AVAILABIUTY OF R
T
C 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 appro-
priated to the Resolution Trust Corporation pursuant to 
section 21A(iX3) 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 amoimt is needed to pay for losses which 
have been incurred or can reasonably be expected to 
- J,. 
be incurred by the Savings Association Insurance 
Fund; 
„ o . 
"(ii) the Board of Directors has determined that— 
"(I) Savings Association Insiirance Fund mem-
bers, in the aggregate, are unable to pay additional 
semiannual assessments under section 7(b) at the 
assessment rates which would be required in order 
to cover, from such additional assessments, losses 
which have been incurred or can reasonably be 
expected to be incurred by the Savings Association 
Insurance Fund without adversely affecting the 
ability of such members to raise and maintain 
PUBLIC LAW 103-204—DEC. 17, 1993 
107 STAT. 2387 
capital or to maintain the members' assessment 
base; 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; 
'Xiii) the Board of Directors has determined that— 
"(I) Savings Association Insurance Fund mem-
bers, in tJie aggregate, are unable to pay additional 
semianiiiual assessments under section 7(b) 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 sec-
tion 14(a) to cover losses which have been incurred 
or can reasonably be expected to be inciirred by 
the Savings Association Insurance Fund without 
adversely affecting the ability of such members 
to raise and maintain capital or to maintain such 
members' assessment base; and 
"(11) an increase in the assessment rates for 
Savings Association Insurance Fund members to 
meet any such repayment schedule could reason-
ably be expected to result in greater losses to 
the (jovemment; 
"(iv) the Corporation has provided for the appoint-
ment of a chief financial officer who— 
"(I) does not have other operating responsibil-
ities; 
"(11) will report directly to the Chairperson 
of the Corporation; and 
"(III) will have such authority and duties of 
chief financial officers under section 902 of title 
31, United States Code, as the Board of Directors 
of the Corporation determines to be appropriate 
with respect to the C!orporation; 
"(v) the Corporation has provided for the appoint-
ment of a senior officer whose responsibilities shall 
include setting uniform standards for contracting and 
contracting enforcement in connection with the 
administration of the Fund; 
"(vi) the Corporation is implementing the minority 
outreach provisions mandated by section 1216 of the 
Financial Institutions Reform, Recovery, and Enforce-
ment Act of 1989; 
"(vii) the Corporation has provided for the appoint-
ment of a senior attorney, at the assistant general 
counsel level or above, responsible for professional 
liability cases; and 
"(viii) the Corporation has improved the manage-
ment of legal services by— 
"(I) utilizing staff counsel when such utiliza-
tion would provide the same level of quality in 
legal services as the use of outside counsel at 
the same or a lower estimated cost; and 
"(II) employing outside counsel only if the use 
of outside counsel would provide the most prac-
ticable, efficient, and cost-effective resolution to 
69-194 O - 94 - 15 : QL. 3 Part 3 
107 STAT. 2388 
PUBLIC LAW 103-204—DEC. 17, 1993 
the action and only under a negotiated fee, contin-
gent fee, or competitively bid fee agreement.". 
(d) APPEARANCES BEFORE THE BANKING COMMITTEES.—Section 
ll(aX6XH) of the Federal Deposit Insurance Act (12 U.S.C. 
1821(aX6XH)) 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 or the Committee 
on Banking, Housing, and Urban Affairs of the Senate, 
upon the request of the chairman of the committee, to 
report on any certification made to the Congress imder 
subparagraph (E) or (F).*. 
(e) AMENDMENTS TO AUTHORIZATION OF APPROPRIATION.—Sec-
tion ll(aX6XJ) of the Federal Deposit Insurance Act (12 U.S.C. 
1821(aX6XJ)) is amended— 
(1) by striking There are" and inserting "Subject to 
subparagraph (E), there are"; and 
(2) by striking "of this para^aph, except" and all that 
follows through the period and mserting the following: "of 
subparagraph (D) for fiscal years 1994 through 1998, except 
that the aggregate amount appropriated pursuant to this 
authorization may not exceed $8,000,000,000. . 
(f) RETURN OF TRANSFERRED AND UNEXPENDED AMOUNTS TO 
TREASURY.—^Section ll(aX6) of the Federal Deposit Insurance Act 
(12 U.S.C. 1821(aX6)) 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 imder 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 Treas-
ury.". 
12 use 1821 
(g) GAO REPORT.—Not later than 60 days after receipt of 
any certification submitted pursuant to subparagraph (E) or (F) 
of section ll(aX6) of the Federal Deposit Insurance Act, tiie 
Comptroller (^neral shall transmit a report to the Congress 
evaluating any such certification. 
(h) ADJUSTMENT OF SAIF SCHEDULE.—Effective on the effective 
date of the amendment made by section 302(a) of the Federal 
Deposit Insurance Corporation Improvement Act of 1991, section 
7(bX3XC) of the Federal Deposit Insurance Act (12 U.S.C. 
1817(bX3XC)) is amended by striking ", but such amendments may 
not extend the date specified in subparagraph (B)" and inserting 
"and such amendment may extend tne date specified in subpara-
graph (B) to such later date as the Corporation determines vdll, 
over time, maximize the amoimt of semiannual assessments 
received by the Savings Association Insurance Fiuid, net of insur-
ance losses incurred by the Fiuid.". 
(i) 
TECHNICAL 
AND 
CONFORMING AMENDMENTS.—Section 
ll(aX6XG) of the Federal Deposit Insurance Act (12 U.S.C. 
1821(aX6XG)) is amended— 
(1) by striking "subparagraphs (E) and (F)" and inserting 
"subparagraph (Dr; and 
(2) in the heading, by striking "
S
U
B
P
A
R
A
G
R
A
P
H
S (E) A
N
D 
(F)" and inserting "
S
U
B
P
A
R
A
G
R
A
P
H (DT. 
note. 
PUBLIC LAW 103-204—DEC. 17, 1993 
107 STAT. 2389 
SEC. 9. MORATORIUM EXTENSION. 
(a) CONVERSION MORATORIUM UNTIL SAIF RECAPITALIZED.— 
Section 5(dX2XAXii) of the Federal Deposit Insurance Act (12 U.S.C. 
1815(dX2XAXii)) is amended— 
(1) by striking '^fore the end" and inserting 1>efore the 
later of tJie end"; and 
(2) by inserting "or the date on which the Savings Associa-
tion Insurance Fund first meets or exceeds the designated 
reserve ratio for such fund" before the period. 
(b) CLARIFICATION OF DEFINITION.—Section 5(dX2XB) of the 
Federal Deposit Insurance Act (12 U.S.C. 1815(dX2XB)) 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: 
"(v) the transfer of deposits— 
"(I) 
firom 
a Bank Insurance Fund member to 
a Savings Association Insurance Fund member; 
or 
"(11) from a Savings Association Insurance 
Fund member to a Bank Insurance Fimd 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 m connection with the pajrment of 
such deposit to the depositor at the institution for 
which a receiver has been appointed.". 
(c) TECHNICAL AND CONFORMING AMENDMENTS.—Section 5(d) 
of the Federal Deposit Insurance Act (12 U.S.C. 1815(d)) is 
amended— 
(1) in clauses (ii) and (iii) of paragraph (2XC); and 
(2) in paragraph (SXIXi); 
by striking "5-year period referred to in" and inserting "moratorium 
period establisned 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 at the end the following new para-
graph: 
"(3) INDUSTRY REPAYMENT.— 
"(A) BIF MEMBER PAYMENTS.—NO agreement or repay-
ment schedule under paragraph (1) shall require any pay-
ment by a Bank Insurance Fund member for mnds obtained 
under subsection (a) for purposes of the Savings Association 
Fund. 
"(B) SAIF M
E
M
B
E
R PAYMENTS.—No agreement or repay-
ment schedule under para^aph (1) shall require any pay-
ment by a Saviings Association Insurance Fund member 
for funds obtained under subsection (a) for purposes of 
the Bank Insurance Fund.". 
SEC. 11. DEPOSIT INSURANCE FUND& 
Section ll(aX4) of the Federal Deposit Insurance Act (12 U.S.C. 
1821(aX4)) is amended to read as follows: 
"(4) GENERAL PROVISIONS RELATING TO FUNDS.— 
107 STAT. 2390 
PUBLIC LAW 103-204—DEC. 17, 1993 
*
*
(
A
) MAINTENANCE AND USE OF FUNDS.—The Bank 
i 
Insurance Fund established under paragraph (5) and the 
Savmgs Association Insurance Fund established under 
paragraph (6) shall each be— 
"(i) maintained and administered by the Corpora-
tion; 
"(ii) maintained separately and not commingled; 
and 
"(iii) used by the Corporation to carry out its insur-
ance purposes in tlie manner provided in this sub-
section. 
"(B) LIMITATION ON USE.—Notwithstanding any provi-
sion of law other than section 13(cX4XG), the Bank Insur-
ance Fund and the Savings Association Insurance Fund 
shall not be used in any manner to benefit any shareholder 
of— 
"(i) any insured depository institution for which 
the Corporation or the Resolution Trust Corporation 
has been appointed conservator or receiver, in connec-
tion with any type of resolution by the Corporation 
or the Resolution Trust Corporation; 
"(ii) any other insured depository institution in 
default or m danger of default, in connection with 
any type of resolution by the Corporation or the Resolu-
tion Trust Corjporation; or 
"(iii) any insured depository institution, in connec-
tion with the provision of assistance under this section 
or section 13 with respect to such institution, except 
that this clause shall not prohibit any assistance to 
any insured depository institution that is not in 
default, or that is not in danger of default, that is 
acquiring (as defined in section 13(fK8XB)) another 
insured depository institution.". 
SEC. 12. MAXIMUM DOLLAR LIMITS FOR EUGIBLE CONDOMINIUM AND 
SINGLE FAMILY PROPERTIES UNDER RTC AFFORDABLE 
HOUSING PROGRAM. 
Section 21A(cX9) of the Federal Home Loan Bank Act (12 
U.S.C. 1441a(cX9)) 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-familv residence, $92,000 
in the case of a 3-family residence, and $107,000 
in the case of a 4-family residence; or 
"(ID 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(bX2)(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 
PUBLIC LAW 103-204—DEC. 17, 1993 
107 STAT. 2391 
(2) in subparagraph (G)— 
(A) by moving subclause (I) two ems to the left and 
redesignating such subclause as clause (i); and 
(B) bv striking subclause (II) and inserting the follow-
ing new clause: 
"(ii) that has an appraised value that does not 
exceed— 
"(1) $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 
"(11) only to the extent or in such amounts 
as are provided in appropriation Acts for additional 
costs and losses to the Corporation resulting from 
I 
this subclause taking effect, the amount provided 
i 
in section 203(bX2)GV) 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. IS. CHANGES AFFECTING ONLY FDIC AFFORDABLE HOUSING 
PROGRAM. 
Section 4(Kp) of the Federal Deposit Insurance Act (12 U.S.C. 
1831q(p)) is amended in paragraphs (4XA), (5XA), and (7XA), by 
inserting before "; and" each place it appears the following: "in 
its corporate capacity, its capacity as conservator, or its capacity 
as receiver (including in its capacity as the sole owner of a subsidi-
ary 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 INEUGIBLE 
PROPERTIES.— 
"(A) IN GENERAL.—^Within a reasonable period of time 
after acquiring title to an ineligible residential propertv, 
the Corporation shall, to the extent practicable, 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 (2XA) 
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 (3XA) contains 
with respect to eligible multifanmy housmg properties. For 
ineligible condominium properties, such notice shall contain 
the same information about such properties that the notice 
required under paragraph (14XA) contains with respect 
to eligible condominium properties. 
107 STAT. 2392 
PUBLIC LAW 103-204—DEC. 17, 1993 
"(C) AVAILABILITY.—The clearinghouses shall make 
such information available, upon request, to other public 
agencies, other nonprofit organizations, qualifying house-
holds, qualifying multifamily purchasers, and omer pur-
chasers, as appropriate. 
"(D) DEFINITIONS.—^For purposes of this paragraph, the 
following definitions shall apply: 
"(i) INEUGIBLE CONDOMINIUM PROPERTY.—The 
term ineligible condominium property* means a con-
dominiimi 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 conserva-
tor, or its capacity as receiver (including its capac-
ity 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); 
"(11) that has an appraised value that does 
not exceed the applicable dollar amount limitation 
for the property under paragraph OXDXiiXH); and 
"(III) tliat is not an eligible condominium prop-
erty. 
"(ii) INEUGIBLE M
U
L
T
I
F
A
M
I
L
Y H
O
U
S
I
N
G PROP-
E
R
T
Y
.
—
^
T
h
e term 'ineligible multifamily housing prop-
erty means a property consisting of more than 4 dwell-
ing units^ 
"(I) to which the Corporation acquires title 
in its capacity as conservator (including its capac-
ity 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)(EXiXII); and 
"(III) that is not an eligible multifamily hous-
ing property. 
"(iii) INEUGIBLE S
I
N
G
L
E F
A
M
I
L
Y 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 conserva-
tor, or its capacity as receiver (including its capac-
ity 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 (9XGXiiXII); and 
PUBLIC LAW 103-204—DEC. 17, 1993 
107 STAT. 2393 
"(III) that is not an eligible single family prop-
erty. 
**(iv) INEUGIBLE REsroENTiAL PROPERTY.—The term 
'ineligible residential property* includes ineligible sin-
gle family pro]^rties, ineligible multifamily hoiising 
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 INEUGIBLE PROP-
ERTIES.— 
"(1) IN GENERAL.—^Within a reasonable period of time after 
acquiring title to an ineligible residential property, the Corpora-
tion shall, to the extent practicable, 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 imder subsection (cXD contains with 
respect to eligible single family properties. For ineligible multi-
family housing properties, such notice shall contain the same 
information about such properties that the notice required 
under subsection (dXD contains with respect to eligible multi-
family housing properties. For ineligible condominium prop-
erties, such notice shall contain the same information about 
such properties that the notice required imder subsection (IX D 
contains with respect to eligible condominiimi 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, the fol-
lowing definitions shall apply: 
"(A) INEUGIBLE CONDOMINIUM PROPERTY.—The term 
'ineligible condominium property^ means any eligible con-
dominium prop<jrty to which the provisions of this section 
do not apply as a result of the limitations under subsection 
(bX2XA). 
"(B) INELIGIBLE MULTIFAMILY HOUSING PROPERTY.—The 
term 'ineligible multifamily housing property* means any 
eligible multifamily housing property to which the provi-
sions of this section do not apply as a result of the limita-
tions under subsection (bX2XA). 
*
*
(
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 
(bX2XA). 
"(D) INELIGIBLE RESIDENTIAL PROPERTY.—The term 
'ineligible residential property* includes ineligible single 
family properties, ineligible multifamily housing properties, 
and ineligible condominium properties. . 
(b) AFFORDABLE HOUSING ADVISORY BOARD.— 
12 use i83iq 
(1) ESTABUSHMENT.—There is hereby established the "°^ 
Affordable Housing Advisoiy 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 pro-
107 STAT. 2394 
PUBLIC LAW 103-204—DEC. 17, 1993 
grains 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 Chair-
person'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 iising the affordable housing pro-
grams (including nonprofit organizations, public agencies, 
and for-profit organizations that purchase properties under 
the affordable housing programs, organizations that pro-
vide 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 Hous-
ing Advisory Board pursuant to section 21A(dX2XBXii) of 
the Federal Home Loan Bank Act (as in effect before the 
effective date of the repeal under subsection (cX2)), 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 Sec-
retary of Housing and Urban Development at the time 
of appointment, of the members first appointed under para-
graph (2XD)-
(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 (2XE) 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 mem-
ber's predecessor was appointed shall be appointed only for 
the remainder of that term. A member may serve after the 
eviration 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 firequently if requested by 
the Thrift Depositor Protection Oversig^ht Board or the 
Board of Directors of the Federal Deposit Insurance Cor-
PUBLIC LAW 103-204—DEC. 17, 1993 
107 STAT. 2395 
poration. In each year, the Advisory Board shall conduct 
such meetings at various locations in different regions of 
the United States in which substfintial residential property 
assets of the Federal Deposit Insurance Corporation or 
tiie 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 tiie 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 'mrift 
Depositor IVotection 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 recommenda-
tions to the Committee on Banking, Housing, and Urban affairs 
of the Senate and the Committee on Banking, Finance and 
Urban Affairs of the House of Representatives, the Federal 
Deposit Insurance Corporation, and the Resolution Trust Cor-
poration. 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 sec-
tion 21A(c) of the Federal Home Loan Bank Act and the pro-
gram under section 40 of the Federal Deposit Insurance Act. 
(9) SUNSET.—^The Advisory Board established under this 
subsection shall terminate on September 30,1998. 
(c) TERMINATION OF NATIONAL HOUSING ADVISORY BOARD.— 
(1) TERMINATION.—The National Housing Advisory Board 12 use i44ia 
under section 21A(dX2) of the Federal Home Loan Bank Act ^°^-
shall terminate upon the expiration of the 90-day period begin-
ning on the date of the enactment of this Act. 
(2) REPEAL.—Effective upon the expiration of the period 
referred to in paragraph (1), paragraph (2) of section 21A(d) 
of the Federal Home Loan Bank Act (12 U.S.C. 1441a(dX2)) 
is amended to read as follows: 
-(2) [Reservedf. 
(d) PROVISION OF INFORMATION REGARDING SELLER FINANCING 
T
O MINORITY- AND WOMEN-OWNED BUSINESSES.— 
(1) RTC.—Section 21A(cX6XAXii) of the Federal Home Loan 
Bank Act (12 U.S.C. 1441a(cX6XAXii)) 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 is 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 mav be provided directly, by notices published in 
periodicals and other publications that regularly provide 
information to such businesses or oiganizations, and through 
persons and organizations that regularly provide information 
or services to such businesses or organizations. For purposes 
of this clause, the terms Vomen-owned business' and 'minoritv-
owned business' have the meanings given such terms in sub-
107 STAT. 2396 
PUBLIC LAW 103-204—DEC. 17, 1993 
section (r), and the term 'minority* has the meaning given ^ 
such term in section 1204(cX3) of the Financial Institutions 
Reform, Recovery, and Enforcement Act of 1989."./ 
(2) FDIC—Section 40(gX IXB) of the Federal Deposit Insur-
ance Act (12 U.S.C. 1831q(gXlXB)) is amended by adding at 
the end the following new sentences: T h e 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 is held by 1 or more minority individuals, that are 
engaged in providkig 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 tiiis 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(cX3) of the Financial Institutions Reform, Recovery, and 
Enforcement Act of 1989.". 
(e) AUTHORITY TO CARRY OUT UNIFIED AFFORDABLE HOUSING 
PROGRANI —
— 
(i) RTC.—Section 21A(c) of the Federal Home Loan Bank 
Act (12 U.S.C. 1441a(c)) is amended by adding after paragraph 
(16) (as added by subsection (a) of this section) the following 
new paragraph: 
"(17) UNIFIED AFFORDABLE HOUSING PROGRAM.— 
Contracts. 
"(A) IN GENERAL.—^Not later than 4 months after the 
date of enactment of the Resolution Trust Corporation 
Completion Act, the Corporation shall enter into an agree-
ment, as described in section 4(KnX3) of the Federal Deposit 
Insurance Act, with the Federal Deposit Insurance Corpora-
tion that sets out a plan for the orderly unification of 
the Corporation's activities, authorities, and responsibilities 
under tiiis subsection with the authorities, activities, and 
responsibilities of the Federal Deposit Insurance Corpora-
tion pursuant to section 40 of the Federal Deposit Insur-
ance Act in a manner that best achieves an effective and 
comprehensive affordable housing program management 
structiire. The agreement shall be entered into after con-
sultation with tiie Affordable Housing Advisory Board 
under section 14(b) of the Resolution Trust Corporation 
Completion Act. 
"(B) AUTHORITY AND IMPLEMENTATION.—The Corpora-
tion shall have the authority to carry out the provisions 
of the agreement entered into pursuant to subparagraph 
(A) and shall implement such agreement as soon as prac-
ticable, but in no event later than 8 months after Hie 
date of enactment of the Resolution Trust Corporation 
Completion Act. 
"(C) TRANSFER OF AUTHORITY.—Effective upon October 
1, 1995, any remaining authority and responsibiUties of 
PUBLIC LAW 103-204—DEC. 17, 1993 
107 STAT. 2397 
the Corporation under this subsection shall be carried out 
W the Federal Deposit Insurance Corporation.". 
(2) FDIC.—Section 40(n) of the Federal Deposit Insurance 
Act (12 U.S.C. 1831q(n)) is amended to read as follows: 
"(n) UNIFIED AFFORDABLE HOUSING PROGRAMS.— 
"(1) IN GENERAL.—^Not later than 4 months after the date 
of enactment of the Resolution Trust Corporation Completion 
Act, the Corporation shall enter into an agreement, as described 
in paragraph (3), with the Resolution "^ust Corporation that 
sets out a plan for the orderly unification of the Corporation's 
activities, authorities, and responsibilities imder this section 
with the authorities, activities, and responsibilities of the Reso-
lution Trust Corporation pursuant to section 21A(c) of the Fed-
eral Home Loan Bank Act in a manner that best achieves 
an effective and comprehensive affordable housing program 
management structure. The agreement shall be entered into 
after consultation with the Affordable Housing Advisoiy Board 
under section 14(b) of the Resolution Trust Corporation Comple-
tion Act. 
"(2) AUTHORITY AND IMPLEMENTATION.—The Corporation 
shall have the authority to carry out the provisions of the 
agreement entered into pursuant to paragraph (1) and shall 
implement such agreement as soon as practicable but in no 
event later than 8 months after the date of enactment of 
the Resolution Trust Corporation Completion Act. 
"(3) TERMS OF AGREEMENT.—^The agreement required under 
paragraph (1) shall provide a plan for— 
"(A) a program unifying aU activities and responsibil-
ities of the Corporation and the Resolution Trust Corpora-
tion, and the design of the unified program shall take 
into consideration the substantial experience of the Resolu-
tion Trust Corporation regarding— 
"(i) seller financing; 
"(ii) technical assistance; 
"(iii) marketing skills and relationships with public 
and nonprofit entities; and 
"(iv) staff resources; 
"(B) the elimination of duplicative and unnecessary 
administrative costs and resources; 
"(C) the management structure of the unified program; 
"(D) a timetable for the imification; and 
"(E) a methodology to determine the extent to which 
the provisions of this section shall be effective, in accord-
ance with the limitations under subsection (bX2). 
"(4) TRANSFER TO FDIC—Beginning not later than October 
1, 1995, the Corporation shall carry out any remaining author-
ity and responsibilities of the Resolution Trust Corporation, 
as set forth in section 21A(c) of the Federal Home Loan Bank 
Act.", 
(f) LIABILITY PROVISIONS.— 
(1) RTC.—Section 21A(cXll) of the Federal Home Loan 
Bank Act (12 U.S.C. 1441a(cXll)) is amended by adding at 
the end the following new subparagraph: 
*(D) CORPORATION.—The Corporation shall not be lia-
ble to any depositor, creditor, or shareholder of any insured 
depository institution for which the Corporation has been 
appointed receiver or conservator, or of any subsidiary 
107 STAT. 2398 
PUBLIC LAW 103-204—DEC. 17, 1993 
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 Uie subsidiary under this 
subsection affects the amount of return from the assets.". 
(2) FDIC—Section 40(mX4) of the Federal Deposit Insur-
ance Act (12 U.S.C. 1831q(m)(4)) is amended to read as follows: 
"(4) CORPORATION.—The Corporation shall not be liable 
to any depositor, creditor, or shareholder of any insured deposi-
tory institution for which the Corporation has been appointed 
receiver or conservator, or of any subsidiary corporation of 
a depository institution imder receivership or conservatorship, 
or any claimant against such institution or subsidiary, because 
the (Usposition of assets of the institution or titie subsidiary 
under this section affects the eunount of return from the 
assets.". 
SEC. 
I
S
. 
RIGHT 
OF 
FIRST 
REFUSAL 
FOR 
TENANTS 
TO 
PURCHASE 
S
I
N
-
GLE 
FAMILY 
PROPERTY. 
(a) RTC.—Section 21A(b) of the Federal Home Loan Bank Act 
(12 U.S.C. 1441a(b)) is amended by adding after paragraph (14) 
(as added by section (4) of this Act) the following new paragraph: 
"(15) 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 house-
hold under subparagraph (B). 
"(B) PREFERENCE.—^In selling such a property, the Cor-
poration 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 Corpora-
tion has been appointed conservator or receiver; 
"(ii) any eligible single family property (as such 
term is defined in subsection (cX9)); or 
"(iii) any residence for which ttie household occupy-
ing the residence was the mortgagor under a mortgage 
PUBLIC LAW 103-204—DEC. 17, 1993 
107 STAT. 2399 
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 resi-
dence (including 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 availabiUty of such property and the 
preference afforded such household under paragraph (2). 
"(2) PREFERENCE.—^In selling such a property, the Corpora-
tion shall give preference to any bona fide offer made by the 
household residing in the property, if— 
"(A) such offer is subst£uitially 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 require-
ments. 
"(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 
depositorv institution for which the Corporation has been 
appointed conservator or receiver; 
"(B) any. eligible single family property (as such term 
is defined in subsection (cX9)); 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)) is amended by adding afi«r paragraph (15) 
(as added by section 15(a) of this Act) the following new paragraph: 
"(16) PREFERENCE FOR SALES FOR HOMELESS FAMILIES.— 
Subject to paragraph (15), in selling any real property (other 
than eligible residential property and eligible condominium 
property, as such terms are defined in subsection (cX9)) to 
which the Corporation acquires title, the Corporation shall 
give preference, among offers to purchase the property that 
will result in the same net present value proceeds, to any 
offer Uiat would provide for tne 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 
107 STAT. 2400 
PUBLIC LAW 103-204—DEC. 17, 1993 
section 103 of the Stewart B. McKinney Homeless Assistance 
Act) or homeless famiUes.". 
(b) FDIC.—Section 11 of the Federal Deposit Insurance Act 
(12 U.S.C. 1821) is amended bv adding after subsection (u) (as 
added by section 15(b) of this Act) the followii^ new subsection: 
"(v) PREFERENCE FOR SALES FOR HOMELESS ^U^IUES.—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 4(Kp)) to which the Corporation acquires 
title, the Corporation shall give preference among offers to purchase 
the property that will result in tne same net present value proceeds, 
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 sucn term is defined in section 
103 of the Stewart B. McKinney Homeless Assistance Act) or home-
less families.". 
SEC. 17. PREFERENCES FOR SALES OF COMMERCIAL PROPERTIES TO 
PUBUC AGENCIES AND NONPROFIT ORGANIZATIONS 
FOR USE IN CARRYING OUT PROGRAMS FOR AFFORD-
ABLEHOUSma 
(a) RTC.—Section 21A(b) of the Federal Home Loan Bank Act 
(12 U.S.C. 1441a(b)) is amended by adding after paragraph (16) 
(as added by section 16(a) of this Act) the following new paragraph: 
"(17) PREFERENCES FOR SALES OF CERTAIN COMMERCIAL 
REAL PROPERTIES.— 
"(A) AUTHORITY.—In selling any eligible commercial 
resil properties of the Corporation, the Corporation shall 
give preference, among oners to purchase the property 
that will result in the same net present value proceeds, 
to any offer— 
"(i) that is made by a pubUc agency or nonprofit 
organization; and 
"(ii) under which the purchaser agrees that the 
property shall be used, during the remaining useful 
life of the property, for offices and administrative pur-
poses of tne purchaser to carry out a program to 
acquire 
residential 
properties 
to 
provide 
(I) 
homeownership and rental housing opportunities for 
very-low-, low-, 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. 
"(B) DEFINITIONS.—For purposes of this paragraph, the 
following definitions shall apply: 
*
*
(
i
) ELIGIBLE COMMERCIAL REAL PROPERTY.—The 
term 'eligible commercial real property* means any 
property (I) to which the Corporation acquires title, 
and (II) that the Corporation, m the discretion of the 
Corporation, determines is suitable for use for the loca-
tion of offices or other administrative functions 
involved with carrying out a program referred to in 
subparagraph (AXii). 
"(ii) 
NONPROFIT 
ORGANIZATION 
AND 
PUBUC 
A
G
E
N
C
Y
.
—
^
T
h
e terms 'nonprofit organization' and 'pub-
lic agency* have the same meanings as in subsection 
(cXS).". 
PUBLIC LAW 103-204—DEC. 17, 1993 
107 STAT. 2401 
(b) FDIC.—Section 11 of the Federal Deposit Insurance Act 
(12 U.S.C. 1821) is amended by adding after subsection (v) (as 
added by section 16(b) of this Act) the following new subsection: 
"(w) PREFERENCES FOR SALES OF CERTAIN (COMMERCIAL REAL 
PROPERTIES.— 
"(1) AuTHORmr.—^In selling any eligible commercial real 
properties of the Corporation, the Corporation shall give pref-
erence, among offers to purchase the property that will result 
in the same net present value proceeds, to any ofTer— 
"(A) that is made by a public agency or nonprofit 
organization; and 
"(B) under which the purchaser agrees that the prop-
erty shall be used, during the remaining useful life of 
the property, for offices and administrative purposes of 
the purchaser to carry out a program to acauire residential 
properties to provide (i) homeownership ana rental housing 
opportimities for very-low-, low-, 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 fami-
lies. 
"(2) DEFINITIONS.—For purposes of this subsection, the fol-
lowing definitions shall apply: 
"(A) ELIGIBLE COMMERCIAL REAL PROPERTY.—The term 
'eligible commercial real property* means any property (i) 
to which the Corporation acquires title, ana (li) that the 
Corporation, in the discretion of the (Corporation, deter-
mines is suitable for use for the location oi offices or other 
administrative functions involved with carrying out a pro-
gram referred to in paragraph (IXB). 
"(B) NONPROFIT ORGANIZATION AND PUBUC AGENCY.— 
^ 
The terms 'nonprofit organization' and 'public SLgency have 
the same meanings as in section 4(Kp).''. 
SEC. 18. FEDERAL HOME LOAN BANKS HOUSING OPPORTUNITY HOT-
LINE 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. 
12 USC 1447. 
"(a) ESTABUSHMENT.—The Federal Home Loan Banks shall, 
individually or (at the discretion of the Federal Housing Finance 
Board) on a consolidated basis, establish and provide a service 
substantially similar (in the determination of the Board) to the 
'Housing Opportimity Hotline' program established in October 1992, 
by the Federal Home Loan Bank of Dallas. 
"(b) PURPOSE.—^The service or services established under this 
section shall provide information regarding the availability for pur-
chase 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. Such agencies shall provide to the Federal Home 
Loan Banks the information necessary to provide such service or 
services. 
"(c) REQUIRED INFORMATION.—^The service or services estab-
lished under this section shall use the information obtained from 
Federal agencies to provide information regarding the size, location, 
price, and other characteristics of such single family properties, 
the eligibility requirements for purchasers of such properties, the 
107 STAT. 2402 
PUBLIC LAW 103-204—DEC. 17, 1993 
terms for such sales, and the terms of any available seller financing, 
and shall identify properties that are affordable to low- and mod-
erate-income families. 
"(d) TOLL-FREE TELEPHONE NUMBER.—The service or services 
established under this section shall establish and maintain a toll-
free telephone line for providing the information made available 
under the service or services. 
"(e) DEFiNrnoNS.—^For purposes of this section, the following 
definitions shall apply: 
"(1) FEDERAL AGENCIES.—The term Tederal agencies' 
means— 
"(A) the Farmers Home Administration, the Federal 
National Mortgage Association, the Federal Home Loam 
Mortgage Corporation, the Greneral Services Administra-
tion, the Department of Housing and Urban Development, 
and the Department of 
Veterans Affairs; 
''(B) the Resolution Trust Corporation, subject to the 
discretion of such Corporation; and 
"(C) the Federal Deposit Insurance Corporation, subject 
to the discretion of such Corporation. 
"(2) SINGLE FAMILY PROPERTY.—The term 'single family 
property means a 1- to 4-family residence, including a manufac-
tured home.". 
SEC. 19. CONFUCT OF INTEREST PROVISIONS APPUCABLE 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: 
"(D CoNFUCT OF INTEREST.— 
"(1) APPUCABIUTY OF OTHER PROVISIONS.— 
"(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 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 Corpora-
tion, and who is not otherwise treated as an officer or 
employee of the United States for purposes of title 18, 
Umted States Code, shall be deemed to be a public official 
for purposes of section 201 of title 18, 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 para-
graph (IXB), 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. 
PUBLIC LAW 103-204—DEC. 17, 1993 
107 STAT. 2403 
"(3) 
REGULATIONS CONCERNING INDEPENDENT CONTRAC-
TORS.—^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 (IXB), to be employees of the Cor-
poration 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 independ-
ent contractors. 
"(4) DISAPPROVAL OF CONTRACTORS.— 
"(A) IN GENERAL.—^The Board of Directors shall pre- Regulations. 
scribe 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 COR-
PORATION.—^The procedures established under subpara-
graph (A) shall provide that the Corporation shcdl prohibit 
any person who does not meet the minimum standards 
of competence, experience, integrity, and fitness from— 
"(i) entering into any contract with the Corpora-
tion; or 
"(ii) becoming employed by the Corporation or 
otherwise 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 Cforporation by 
any person imder this section and any employment applica-
tion 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 applica-
tion 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 pre-
scribe by regulation. 
"(D) SUBSEQUENT SUBMISSIONS.— 
"(i) IN GENERAL.—No offer submitted to the Cor-
poration may be accepted unless the offeror agrees 
that no person will be employed, directlv or indirectly, 
by the oneror under any contract with me Corporation 
unless— 
"(I) all applicable information described in 
subpcuragraph (C) with respect to any such person 
is submitted to the Corporation; and 
"(11) the Corporation does not disapprove of 
the direct or indirect employment of such person, 
"(ii) FlNAUTY O
F D
E
T
E
R
M
I
N
A
T
I
O
N
.
—
A
n
y determina-
tion made by the Corooration pursuant to this para-
graph shall be in the Corporation's sole discretion and 
shall not be subject to review. 
107 STAT. 2404 
PUBLIC LAW 103-204—DEC. 17, 1993 
"(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 partici-
pating in the affairs of, any insured depository institu-
tion pursuant to any final enforcement action by any 
appropriate Federal banking agency; 
"(iii) demonstrated a pattern or practice of defalca-
tion regarding obligations to insured depository institu-
tions; or 
"(iv) caused a substantial loss to Federal deposit 
./ 
insurance funds; 
^ 
from performing any 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 m)m, or contracting 
with the Corporation; or 
"(C) has been subject to a final enforcement action 
by any Federal banking agency. 
Regulations. 
"(6) PRIORITY OF FDic RULES.—To the extent that the regu-
lations under this subsection conflict with rules of other agen-
cies 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 Cor-
poration 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) AMENDMENTS TO DEFINITIONS.— 
(1) FEDERAL BANKING AGENCY.—Section 3(z) of the Federal 
Deposit Insurance Act (12 U.S.C. 1813(z)) is amended to read 
as follows: 
"(z) 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 Corpora-
tion.". 
(2) COMPANY.—Section 3(w) of the Federal Deposit Insur-
ance Act (12 U.S.C. 1813(w)) is amended by adding at the 
end the following newparagraph: 
"(7) COMPANY.—^The term 'company* has the same meaning 
as in section 2(b) of the Bank Holding Company Act of 1956. . 
12 use 1822 
(c) EFFECTIVE DATE.—^The amendment made by subsection (a) 
"°*®- 
shall apply after the end of the 6-month period beginning on the 
date of enactment of this Act. 
SEC. 20. RESTRICTIONS ON SALES OF ASSETS TO CERTAIN PERSONS. 
(a) IN GENERAL.—Section ll(p) of the Federal Deposit Insur-
ance Act (12 U.S.C. 1821(p)) is amended— 
PUBLIC LAW 103-204—DEC. 17, 1993 
107 STAT. 2405 
(1) by redesignating paragraphs (1) and (2) as paragraphs 
(2) and (3); and 
(2) by inserting before paragraph (2), as redesignated, the 
following new paragraph: 
"(1) PERSONS WHO ENGAGED IN IMPROPER CONDUCT WITH. Regulations. 
O
R C
A
U
S
E
D L
O
S
S
E
S TO, D
E
P
O
S
I
T
O
R
Y INSTITUTIONS.—The Cor-
poration shall prescribe regulations which, at a minimum, shall 
prohibit the sale of assets of a failed institution by the Corpora-
tion to— 
"(A) any person who— 
"(i) has defaulted, or was a member of a partner-
ship or an officer or director of a corporation that 
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 frt)m 
any institution for which the Corporation has been ^ 
appointed as conservator or receiver; 
"(B) any person who participated, as an officer or direc-
tor of such failed institution or of any affiliate of such 
institution, in a material way in transactions that resulted 
in a substajitial loss to such failed institution; 
"(C) any person who has been removed from, or prohib-
ited from participating in the afTairs of, such failed institu-
tion pursuant to any final enforcement action by an appro-
priate 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 ll(p) 
of the Federal Deposit Insurance Act (12 U.S.C. 1821(p)) is 
amended— 
(1) in paragraph (2) (as redesignated by subsection (a))— 
(A) by striking "individual" and inserting "person"; and 
(B) by striking "paragraph (2)" and inserting "para-
graph (3)"; 
(2) in paragraph (3) (as redesignated by subsection (a))— 
(A) by striking "individual" each place such term 
appears and inserting "person"; and 
(B) by striking "Paragraph (1)" and inserting "Para-
graphs (1) and (2)"; 
(3) by adding at the end the following new paragraph: 
"(4) DEFINITION OF DEFAULT.—For purposes of this sub-
section, the term 'defaiilt' 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.—". 
107 STAT. 2406 
PUBLIC LAW 103-204—DEC. 17, 1993 
SEC. 21. WmSTLB BLOWER PROTECTION. 
(a) AMENDMENTS TO THE FEDERAL DEPOSIT INSURANCE ACT.— 
Section 33(a) of the Federal Deposit Insurance Act (12 U.S.C. 
183 lj(a)) is amended— 
(1) in paragraph (1)— 
(A) by striking 'Regarding" and all that follows through 
the end of the sentence and inserting the following: 
"regarding— 
"(A) a possible violation of any law or regulation; or 
"(B) gross mismanagement, a gross waste of funds, 
an abuse of authority, or a substantial and specific danger 
to public health or safety; 
by the depository institution or any director, officer, or employee 
of the institution."; and 
(B) by adding at the end the following: 
"(f) BURDENS OF PROOF.—The legal burdens of proof that prevail 
under subchapter III of chapter 12 of title 5, United States Code, 
shall govern abjudication of protected activities under this section."; 
and 
(2) in paragraph (2)— 
(A) by striking "or Federal Reserve bank" and inserting 
f 
"Federal reserve bank, or any person who is performing, 
directly or indirectly, any fimction or service on behalf 
of the Corporation"; 
(B) by striking "any possible violation of any law or 
regulation bjr" and inserting "any possible violation of any 
law or regulation, gross mismanagement, a gross waste 
of funds, an abuse of authority, or a substantial and specific 
danger to public health or safety by"; 
(C) in subparagraph (B), by striking "or" at the end; 
(D) in subparagraph (C), by striking the period at 
the end and inserting "; or"; and 
(E) by adding at the end the following new subpara-
graph: 
"(D) the person, or any officer or employee of the per-
son, who employs such employee.". 
(b) AMENDMENTS TO THE FEDERAL HOME LOAN BANK ACT.— 
Section 21A(q) of the Federal Home Loan Bank Act (12 U.S.C. 
1441a(q)) is amended— 
(1) in paragraph (1), by striking "regarding" and all that 
follows through the end of the sentence and inserting the 
following: "regarding— 
"(A) a possible violation of any law or regulation; or 
"(B) gross mismanagement, a gross waste of funds, 
an abuse of authority, or a substantial and specific danger 
to public health or safety; 
by the Corporation, the Thrift Depositor Protection Oversight 
Board, or such person or any director, officer, or employee 
of the Corporation, the Thrift Depositor Protection Oversight 
Board, or the person."; and 
(2) by inserting after paragraph (4) the following: 
"(5) BURDENS OF PROOF.—The legal burdens of proof that 
prevail under subchapter III of chapter 12 of title 5, United 
States Code, shall govern abjudication of protected activities 
under this subsection.". 
PUBLIC LAW 103-204—DEC. 17, 1993 
107 STAT. 2407 
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 **SEC. i. There is hereby created" and insert-
ing the following: 
'SECTION 1. FEDERAL DEPOSIT INSURANCE CORPORATION. 
"(a) ESTABUSHMENT OF CORPORATION.—^There is hereby estab-
lished"; and 
(2) by adding at the end the following new subsection: 
"(b) ASSET DISPOSITION DIVISION.— 
"(1) ESTABUSHMENT.—The Corporation shall have a sepa-
rate 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) RESPONSIBILITIES OF DIVISION.—The division of asset 
disposition shall carry out all of the responsibilities of the 
Corporation imder this Act relating to the liquidation of insured 
depository institutions and the disposition of assets of such 
institutions.". 
(b) EFFECTIVE DATE.—^The amendments made by subsection 12 use I8II 
(a) shall become effective on July 1,1995. 
"
°
*
® 
SEC. 23. PRESIDENTIALLY APPOINTED INSPECTOR GENERAL FOR 
FDIC. 
(a) AMENDMENTS TO THE INSPECTOR GENERAL ACT OF 1978.— 
The Inspector General Act of 1978 (5 U.S.C. App.) is amended— 
(1) in section 11— 
(A) in paragraph (1), by striking "the chief executive 
officer of the Resolution Trust Corporation;" and inserting 
"the chief executive officer of the Resolution Trust Corpora-
tion; and the Chairperson of the Federal Deposit Insurance 
Corporation;"; and 
(B) in paragraph (2), by inserting "the Federal Deposit 
Insurance Corporation," after "Resolution Trust Corpora-
tion,"; 
(2) by inserting after section 8B the following new section: 
'^EC. 8C. SPECIAL PROVISIONS CONCERNING THE FEDERAL DEPOSIT 
INSURANCE CORPORATION. 
"(a) DELEGATION.—The Chairperson of the Federal Deposit 
Insurance Corporation may delegate the authority specified in the 
second sentence of section 3(a) to the Vice Chaiiperson of the 
Board of Directors of the Federal Deposit Insurance Corporation, 
but may not delegate such authority to any other officer or employee 
of the Corporation. 
"(b) PERSONNEL.—^Notwithstanding paragraphs (7) and (8) of 
section 6(a), the Inspector General of the Federal Deposit Insurance 
Corporation may select, appoint, and employ such officers and 
employees as may be necessary for carrying out the functions, 
powers, and duties of the Office of Inspector General and to obtain 
the temporary or intermittent services of experts or consultants 
or an organization of experts or consultants, subject to the 
applicable laws and regmations that govern such selections, 
appointments, and employment, and the obtaining of such services, 
within the Federal Deposit Insurance Corporation. ; 
107 STAT. 2408 
PUBLIC LAW 103-204—DEC. 17, 1993 
(3) by redesignating sections 80 through 8F as sections 
8D through 8G, respectively; and 
(4) in section 8F(aX2), as redesignated, by striking 'iihe 
Federal Deposit Insurance Corporation,". 
(b) POSITION AT LEVEL IV OF THE EXECUTIVE SCHEDULE.— 
Section 5315 of title 5, United States Code, is amended by inserting 
after 'inspector General, Small Business Administration." tiie fol-
lowing: 
"Inspector General, Federal Deposit Insurance Corporation.". 
5 u s e app. 3 
(c) iTlANSmON PERIOD.— 
"°*®- 
(1) C U R R E N T SERVICE.—Except as otherwise provided by 
law, the individual serving as the Inspector General of the 
Federal Deposit Insurance Uorporation before the date of enact-
ment of this Act may continue to serve in such position until 
the earlier of— 
(A) the date on which the President appoints a succes-
sor under section 3(a) of the Inspector Generid Act of 
1978; or 
(B) the date which is 6 months after the date of enact-
ment of this Act. 
(2) DEFlNmoN.—^For purposes of paragraph (1), the term 
"successor" may include the individual holding the position 
of Inspector General of the Federal Deposit Insurance Corpora-
tion on or after the date of enactment oi this Act. 
SEC. 24. DEPUTY CHIEF EXECUTIVE OFFICER. 
Section 21A(bX8) of the Federal Home Loan Bank Act (12 
U.S.C. 1441a(bX8)) is amended by adding at the end the following 
new subpcuragraphs: 
'^(E) DEPUTY CHIEF EXECUTIVE OFFICER.— 
"(i) IN GENERAL.—^There is hereby established the 
position of deputy chief executive ofScer of the Corpora-
tion. 
"(ii) APPOINTMENT.—^The deputy chief executive 
officer of the Corporation shall— 
"(I) be appointed b^ 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 subpara-
graph (BXi). 
(iii) DUTIES.—^The deputv 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 offi-
cer, 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 (iX4XB) and inserting the follow-
ing new subparagraph: 
"(B) STANDARD.— 
PUBLIC LAW 103-204—DEC. 17, 1993 
107 STAT. 2409 
"(i) SHOWING.—Rule 65 of the Federal Rules of 
Civil Procedure shall apply with respect to any proceed-
ing under subparagraph (A) without regara to the 
requirement of such nue that the applicant show that 
the ii\jury, loss, or damage is irrepeurable and imme-
diate. 
"(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 a 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 
un&r the laws of such State."; and 
(2) in subsection (b), by adding at the end the following 
new paragraph: 
*X10) STANDARD FOR CERTAIN ORDERS.—NO authority under 
this subsection or subsection (c) to prohibit any institution-
affiliated party from withdrawing, transferring, removing, dis-
sipating, or disposing of any funds, assets, or other property 
may be exercised unless the appropriate Federal oanking 
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 ii\jury, loss, or damage 
is irreparable and immediate.". 
SEC. 26. GAO STUDIES REGARDING FEDERAL REAL PROPERTY DIS-
POSITION. 
(a) RTC AFPORDABLF] HOUSING PROGRAM.— 
(1) STUDY.—The Comptroller General of the United States 
shall conduct a study of the program carried out by the Resolu-
tion 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 imder 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. 
(2) REPORT.—^Nbt later than 6 months after the date of 
enactment of this Act, the Comptroller General shall submit 
a report to the Congress on the resulte of the study required 
under paragraph (1), 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.— 
12 use 1821 
(1) STUDY.—The Comptroller General of the United Stetes 
shall conduct a study to determine the feasibility and effective-
ness of esteblishing a single Federal agency responsible for 
selling and otherwise disposing of real property owned or held 
by the Department of Housing and Urban Development, tiie 
Farmers Home Administration of the Department of Agri-
culture, the Federal Deposit Insurance Corporation, and the 
Resolution Trust Corporation. The study shall examine the 
note. 
107 STAT. 2410 
PUBLIC LAW 103-204—DEC. 17, 1993 
real property disposition procedures of such agencies and cor* 
S
orations, analyze the feasibility of consolidating such proce-
ures through such single agency, and determine the character-
istics and authority necessary for any such single agency to 
efficiently carry out such disposition activities. 
(2) REPORT.—Not later than 12 months after the date of 
enactment of this Act, tiie Comptroller General shall submit 
a report to the Congress on the study required under paragraph 
(1), which shall describe any findings under the study and 
contain any recommendations of the Comptroller General for 
the establishment of such single agency. 
SEC. 27. EXTENSION OF RTC POWER TO BE APPOINTED AS CONSERVA-
TOR OR RECEIVER. 
(a) EXTENSION OF DUTY TO BE APPOINTED AS CONSERVATOR 
O
R RECEIVER.—Section 21A(b) of the Federal Home Loan Bank 
Act (12 U.S.C. 1441a(b)) is amended— 
(1) in paragraph (SXAXii), by striking "October 1, 1993" 
and inserting "such date as is determined by the Chairperson 
of the Thrift Depositor Protection Oversight Board, but not 
earlier than January 1, 1995, and not later than July 1, 1995"; 
and 
(2) in paragraph (6), by striking "October 1, 1993" each 
place such term appears and inserting "such date as is deter-
mined by the Chairperson of the Thrift Depositor Protection 
Oversight Board under paragraph (3XAXii)''. 
(b) APPOINTMENT OF A RECEIVER BY THE DIRECTOR OF THE 
OFFICE OF THRIFT SUPERVISION.—Section ll(cX6XB) of the Federal 
Deposit Insurance Act (12 U.S.C. 1821(cX6XB)) is amended— 
(1) in clause (i), by striking "October 1,1993" and inserting 
"such date as is determined bjr the Chairperson of the Thrift 
Depositor 
Protection 
Oversight 
Boara 
under 
section 
21A(bX3XAXii) of the Federal Home Loan Bank Act"; 
(2) in clauses (ii) and (iii), by striking "aft;er September 
30, 1993" each place such term appears and inserting "on 
or after the date determined by the Chairperson of the Thrift 
Depositor 
Protection 
Oversight 
Board 
under 
section 
2lA(bX3XAXii) of the Federal Home Loan Bank Act"; and 
(3) in clause (ii), by striking "on or before" and inserting 
"before". 
12 use 1827 
SEC. 28. FINAL REPORTS ON RTC AND SAD* FUNDING. 
"°**- 
(j^) jjj GENERAL. 
(1) RTC REPORT.—The Chairperson of the Thrift Depositor 
Protection Oversight Board shall prepare and submit to the 
Committee on Banking, Housing, and Urban Affairs of the 
Senate and the Committee on Banking, Finance and Urban 
Affairs of the House of Representatives, a final report contain-
ing a detailed description of the purposes for which the funds 
made available to the Resolution Trust Corporation under this 
Act were used. 
(2) SAIF REPORT.—The Chairperson of the Federal Deposit 
Insurance Corporation shall prepare and submit to the Commit-
tee on Banking, Housing, and Urban Affairs of the Senate 
and the Committee on fianking. Finance and Urban Affairs 
of the House of Representatives a final report containing a 
detailed description of the purposes for which the funds made 
PUBLIC LAW 103-204—DEC. 17, 1993 
107 STAT. 2411 
available to the Savings Association Insurance Fund under 
this Act were used. 
(b) TIME FOR SUBMISSION.—^The reports described in subsection 
(a) shall be transmitted— 
(1) not later than 45 da^s after the final e]n>enditure of 
fimdis provided for under this Act by the Resolution Trust 
Corporation; and 
(2) not later than 45 days after the final expenditure of 
funds authorized to be provided under this Act by the Savings 
Association Insurance Fund. 
SEC. 29. 
GENERAL 
COUNSEL 
OF 
THE 
RESOLUTION 
TRUST 
CORPORA-
TION. 
Section 21A(bX8) of the Federal Home Loan Bank Act (12 
U.S.C. 1441a(bX8)) is amended by adding after subparagraph (F) 
(as added by section 24 of this Act) the following new subparagraph: 
"(G) GENERAL COUNSEL.—There is established the Establishment. 
Office of General Counsel of the Corporation. The chief 
executive officer, with the concurrence of the Chairperson 
of the Thrift Depositor Protection Oversight Board, may 
appoint the general counsel, who shall be an employee 
of the Federal Deposit Insurance Corporation, in accordance 
with subparagraph (BXi). The general counsel shall perform 
such duties as the diief executive officer may require.". 
SEC. SO. AUTHORITY TO EXECUTE CONTRACTS. 
Section 21A of the Federal Home Loan Bank Act (12 U.S.C. 
1441a) is amended by adding after subsection (x) (as added by 
section 5 of this Act) the following new subsection: 
"(y) AUTHORITY TO EXECUTE CONTRACTS.— 
"(1) AUTHORIZED PERSONS.—A person may execute a con-
tract on behalf of the Corporation for the provision of goods 
or services only if— 
"(A) that person— 
*\i) is a warranted contracting officer appointed 
by the Corporation, or is a managing agent of a savings 
association imder the conservatorship of the Corpora-
tion; and 
"(ii) provides appropriate certification or other 
identification, as requuredby the Corporation in accord-
ance with paragraph (2); 
"(B) the notice described in paragraph (4) is included 
in the written contract; and 
"(C) that person has appropriate authority to execute 
the contract on behalf of the Corporation in accordance 
with the notice published by the Corporation in accordance 
with paragraph (5). 
"(2) PRESENTATION OF IDENTIFICATION.—Prior to executing 
any contract described in paragraph (1) with anv person, a 
warranted contracting officer or managing agent shall present 
to that person— 
"(A) a valid certificate of appointment (or such other 
identification as may be required by the Corporation) that 
is signed by the appropriate officer of the Corporation; 
or 
"(B) a copy of such certificate, authenticated by the 
Corporation. 
107 STAT. 2412 
PUBLIC LAW 103-204—DEC. 17, 1993 
Federal 
Register, 
publication. 
Federal 
Register, 
publication. 
"(3) TREATMENT OF UNAUTHORIZED CONTRACTS.—A contract 
described in paragraph (1) Uiat fails to meet the requirements 
of this section— 
"(A) shall be null and void; and 
"(B) shall not be enforced against the Corporation or 
its agents by any court. 
"(4) INCLUSION OF NOTICE IN CONTRACT TERMS.—Each writ-
ten contract described in paragraph (1) shall contain a clear 
and conspicuous statement (in boldface type) in immediate 
proximity to the space reserved for the signatures of the 
contracting parties as follows: 
"'Only warranted contracting officers appointed by the 
Resolution Trust Cori>oration or managing agents of tissocia-
tions under the conservatorship of the Resolution Trust Cor-
poration have the authority to execute contracts on behalf 
of the Resolution Trust Corporation. Such persons have certain 
limits on their contracting authority. The nature and extent 
of their contracting authority levels are published in the Federal 
Register. 
" 'A warranted contracting officer or a managing agent must 
present identification in the form of a signed certificate of 
appointment (or an authenticated copy of such certificate) or 
other identification, as reauired by the Corporation, prior to 
executing any contract on behalf of the Resolution iSrust Cor-
poration. 
"'Any contract that is not executed by a warranted contract-
ing officer or the managing agent of a savings association 
imder the conservatorship of the Resolution Trust Corporation, 
acting in conformity with his or her contracting authority, 
shall be null and void, and will not be enforceable by any 
court.'. 
"(5) NOTICE OF REQUIREMENTS.—Not later than 30 days 
after itie date of enactment of this subsection, the Corporation 
shall publish notice in the Federal Register o
f
— 
"(A) the requirements for appointment by the Corpora-
tion as a warranted contracting officer; and 
"(B) the nature and extent of the contracting authority 
to be exercised by any warranted contracting officer or 
managing agent. 
"(6) EXCEPTION.—This section does not apply to— 
"(A) any contract between the Corporation and any 
other person governing the purchase or assumption by 
that person o
f
— 
"(i) the ownership of a savings association imder 
the conservatorship oi the Corporation; or 
"(ii) the assets or Uabilities of a savings association 
under the conservatorship or receivership of the Cor-
poration; or 
(B) any contract executed by the Inspector General 
of the Corporation (or any designee thereof; for the provi-
sion of goods or services to me Office of the Inspector 
General of the Corporation. 
"(7) EXECUTION OF CONTRACTS.—For purposes of this sub-
section, the execution of a contract includes all modifications 
to such contract. 
"(8) EFFECTIVE DATE.—^The requirements of this subsection 
shall apply to all contracts described in paragraph (1) executed 
PUBLIC LAW 103-204—DEC. 17, 1993 
107 STAT. 2413 
on or after the date which is 45 days after the date of enactment 
of tins subsection.". 
SEC. SI. RTC CONTRACTING. 
Section 21A of the Federal Home Loan Bank Act (12 U.S.C. 
1441a) is amended by adding afi»r subsection (y) (as added by 
section 30 of this Act) the following new subsection: 
"(z) ADDITIONAL CONTRACTINO REQUIBEIHIENTS.— 
''(1) IN GENERAL.—^No person shall execute, on behalf of 
the Corporation, any contract, or modification to a contract, 
for gooos or services exceeding $100,000 in value imless the 
person executing the contract or modification states in writing 
that^ 
"(A) the contract or modification is for a fixed price, 
the person has received a written cost estimate for the 
contract or modification,- or a cost estimate cannot be 
obtained as a practical matter with an explanation of why 
such a cost estimate cannot be obtained as a practical 
matter; 
"(B) the person has received the written statement 
described in paragraph (2); and 
''(C) the person is satisfied that the contract or modi-
fication to be executed has been approved by a person 
legally authorized to do so pursuant to a written delegation 
of autnority. 
"(2) WRTTTEN DELEGATION OF AUTHORITY.—A person who 
authorizes a contract, or a modification to a contract, involving 
the Corporation for goods or services exceeding $100,000 in 
value ahaJl state, in writing, that he or she has been delegated 
the authority, pursuant to a written delegation of authority, 
to authorize that contract or modification. 
"(3) EFFECT OF FAILURE TO COMPLY.—The failure of any 
person executing a contract, or a modification of a contract, 
on behalf of the Corporation, or authorizing such a contract 
or modification of a contract, to comply with the requirements 
of this subsection shall not void, or serve as grounds to void 
or rescind, any otherwise properly executed contract.". 
SEC. 32. DEFINITION OF PROPERTY. 
(a) Section 9102(e) of the Department of Defense Appropriations 
Act, 1990 (16 U.S.C. 396f note) is amended by striking 'Veal, per-
sonal," and inserting "real, personal (including intangible assets 
sold or offered by me Federal Deposit Insurance Corporation or 
the Resolution Tirust Corporation, such as financial instruments, 
notes, loans, and bonds),". 
(b) Section 12(bX7Xvu) of PubUc Law 94-204 (43 U.S.C. 1611 
note) is amended b^ striking "real, personal," and inserting "real, 
personal (including intangible assets sold or offered by the Federal 
Deposit Insurance Corporation or the Resolution Trust Corporation, 
such as financial instruments, notes, locuis, and bonds),". 
SEC. 33. SENSE OF THE CONGRESS RELATING TO PARTICIPATION OF 
DISABLED AMERICANS IN CONTRACTING FOR DELIVERY 
OF SERVICES TO FINANCIAL INSTITUTION REGULATORY 
AGENCIES. 
(a) FINDINGS.—^The Congress finds that Congress, in adopting 
the Americans with Disabilities Act of 1990, specifically lound 
that— 
107 STAT. 2414 
PUBLIC LAW 103-204—DEC. 17, 1993 
(1) some 43,000,000 Americans have one or more physical 
or mental disabilities, and this nimiber is increasing; 
(2) discrimination against individiuds with disabiUties per-
sists in such critical areas as employment, housing, public 
accommodations, education, transportation, communication, 
recreation, institutionalization, health services, voting, and 
access to pubhc services; 
(3) individuals with disabilities continually encounter var-
ious forms of discrimination, including outright intentional 
exclusion, the discriminatory effects of architectural, transpor-
tation, and conmiunication barriers, overprotective rules and 
policies, failure to make modifications to existing facilities and 
practices, exclusionai^ qualification standards and criteria, seg-
regation, and relegation to lesser services, programs, activities, 
benefits, jobs, or other opportimities; 
(4) census data, national polls, and other studies have 
documented that people with disabiUties, as a group, occupy 
an inferior status in our society, and are severely disadvantaged 
socially, vocationally, economically, and educationally; 
(5) individuals with disabilities are a discrete and insular 
minority who have been faced with restrictions and limitations, 
subjected to a history of purposefiil unequal treatment, and 
relegated to a position of poUtical powerlessness in our society, 
bas^ on characteristics that are beyond the control of such 
individuals and resulting firom stereotypic assumptions not 
truly indicative of the individual abiUty of such mdividuals 
to participate in, and contribute to, society; 
(6) the Nation's proper goals regarding individuals with 
disabilities are to assure equality of opportunity, fiill participa-
tion, independent Uving, and economic self-sufficiency for such 
individuals; and 
(7) the continuing existence of unfair and unnecessary 
discrimination and prejudice denies people with disabilities the 
opportunity to compete on an equal basis and to pursue those 
opportunities for which our free society is justifiably famous, 
and costs the United States billions of dollars in unnecessary 
expenses resulting 
firom 
dependency and nonproductivity. 
(b) SENSE OF THE CONGRESS.—It is the sense of the Congress 
that the chief executive officer of the Resolution Trust Corporation, 
the Director of the Office of Thrift Supervision, the Chairperson 
of the Board of Directors of the Federal Deposit Insurance Corpora-
tion, the Comptroller of the Currency, and the Chairperson of 
the Federal Housing Finance Board should take all necessarv steps 
within each such agency to ensure that individuals with disaoilities 
and entities owned by individuals with disabilities, including finan-
cial institutions, investment banking firms, underwriters, asset 
managers, accountants, 
fimd 
providers of legal services, are availed 
of all opportunities to compete in a manner which, at a minimum, 
does not discriminate on tne basis of their disability for contracts 
entered into by the agency to manage the institutions and their 
assets for which the agency is responsible or to perform such 
other functions authorized under any law applicable to such agency. 
SEC. 34. REPORT TO CONGRESS BY SPECIAL COUNSEL. 
(a) REPORT.—^Not later than 90 days after the date of enactment 
of this Act, the Special Counsel appointed under section 2537 of 
the Crime Control Act of 1990 (28 U.S.C. 509 note) shall submit 
PUBLIC LAW 103-204—DEC. 17, 1993 
107 STAT. 2415 
to the Committee on Banking, Housing, and Urban Affairs of the 
Senate and the Committee on Banking, Finance and Urban Affairs 
of the House of Representatives a report on the status of its efforts 
to monitor and improve the collection of fines and restitution in 
cases involving fraud and other criminal activity in and against 
the financial services industry. 
(b) CONTENTS.—^The report required under subsection (a) shall 
include— 
(1) information on the amount of fines and restitution 
assessed in cases involving fi'aud and other criminal activity 
in and against the financial services industry, the amount 
of such fines and restitution collected, and an explanation of 
any difference in those amounts; 
(2) an explanation of the i)rocedures for collecting and 
monitoring restitution assessed in cases involving fraud and 
other criminal activity in and against the financial services 
industry and any suggested improvements to such procedures; 
(3) an explemation of the availability under any provision 
of law of punitive measures if restitution and fines assessed 
in such cases are not paid; 
(4) information concerning the efforts by the Department 
of Justice to comply with guidelines for fine and restitution 
collection and reporting procedures developed by the inter-
agency group established by the Attorney General in accordance 
with section 2539 of the Crime Control Act of 1990; 
(5) any recommendations for additional resources or legisla-
tion necessary to improve collection efforts; and 
(6) information concerning the status of the National Fine 
Center of the Administrative Office of the United States Courts. 
SEC. 36. REPORTING REQUIREMENTS. 
12 USC 1441a 
The Resolution Trust Corporation shall provide semi-annual 
reports to the Committee on Banking, Housing, and Urban Affairs 
of the Senate and the Committee on Banking, Finance and Urban 
Affairs of the House of Representatives. Such reports shall— 
(1) detail procedures for expediting the registration and 
contracting for selecting auctioneers for asset sales with antici-
pated gross proceeds of not more than $1,500,000; 
(2) list by name and geographic area the number of auction 
contractors which have been re^stered and qualified to perform 
services for the Resolution Trust Corporation; and 
(3) list by name, address of home ofilce, location of assets 
disposed, and gross proceeds realized, the number of auction 
contractors which have been awarded contracts. 
SEC. 36. CONTINUATION OF CONSERVATORSHIPS OR RECEIVERSHIPS. 
Section 21A(bX6) of the Federal Home Loan Bank Act (12 
U.S.C. 1441a(bX6)) is amended— 
(1) by striking "If the Corporation" and inserting the follow-
ing: 
"(A) IN GENERAL.—If the Corporation"; and 
(2) by adding at the end the following new subparagraph: 
"(B) SAIF-INSURED BANKS.—Notwithstanding any other 
provision of Federal or State law, if the Federal Deposit 
Insurance Corporation is appointed as conservator or 
receiver for any Savings Association Insurance Fund mem-
ber that has converted to a bank charter and otherwise 
meets the criteria in paragraph (3XA) or (6XA), the Federal 
107 STAT. 2416 
PUBLIC LAW 103-204—DEC. 17, 1993 
Deposit Insurance Corporation may tender such appoint-
ment to the Corporation, and the Corporation shall accept 
such appointment, if the Corporation is authorized to accept 
such appointment under this section.". 
12 use 1821 
SEC. 37. EXCEPTIONS FOR CERTAIN TRANSACTIONS. 
(a) TRANSACTIONS INVOLVINO CERTAIN INSTITUTIONS.—Section 
ll(a)(4XB) of the Federal Deposit Insurance Act shall not prohibit 
assistance from the Bank Insurance Fund that otherwise meets 
all the criteria established in section 13(c> of such Act from being 
provided to an insured depository institution that became wholly-
owned, either directly or through a wholly-owned subsidiary, by 
an entity or instrumentality of a State government during the 
period beginning on January 1, 1992, and ending on the date 
of enactment of uiis Act. 
(b) TRANSACTIONS INVOLVING THE FDIC AS RECEIVER.—Not-
withstanding the extension, pursuant to section 27, of the Resolu-
tion Trust Corporation's jurisdiction to be appointed conservator 
or receiver of certain savings associations after September 30,1993, 
no provision of this Act or any amendment made by this Act 
shall invalidate or otherwise affect— 
(1) any appointment of the Federal Deposit Insurance Cor-
poration as receiver for any savings association that became 
effective before the date of enactment of this Act; or 
(2) any action taken by the Federal Deposit Insurance 
Corporation as such receiver before, on, or after such date 
of enactment. 
SEC. 38. BANK DEPOSIT FINANCIAL ASSISTANCE PROGRAM. 
(a) IN GENERAL.—Effective December 19, 1993, section 7(i) of 
the Federal Deposit Insurance Act (12 U.S.C. 1817(i)) is amended— 
(1) by redesignating paragraph (3) as paragraph (4); and 
(2) by inserting after paragraph (2), the following new 
paragraph: 
"(3) BANK DEPOSIT FINANCIAL ASSISTANCE PROGRAM.—Not-
withstanding iWagraph (1), ftmds deposited by an insured 
depository institution pursuant to the Bank Deposit Financial 
Assistance Program of the Department of Energy shall be sepa-
rately insured in an amount not to exceed $100,000 for each 
insured depository institution depositing such funds.". 
(b) 
TECHNICAL 
AND 
CONFORMING AMENDMENT.—Section 
ll(aXlXC) of the Federal Deposit Insurance Act (12 U.S.C. 
1821(aXlXC)) is amended by striking "section 7(1X1)" and inserting 
PUBLIC LAW 103-204—DEC. 17, 1993 
107 STAT. 2417 
'paragraph (1) or (2) of section 7(i) or any funds described in 
section 7(iX3r. 
Approved December 17, 1993. 
> 
LEGISLATIVE HISTORY—S. 714: (H.R. 1340): 
HOUSE REPORTS: Nos. 103-103, Pt. 1 (Ck)mm. on Banking, Finance and Urban 
Affairs) and Pt. 2 (Comm. on the Judiciary), both accompanying 
H.R. 1340 and 103-380 (Comm. of Conference). 
SENATE REPORTS: No. 103-36 (Comm. on Banking, Housing, and Urban Affairs). 
CONGRESSIONAL RECORD, Vol. 139 (1993): 
May 12, 13, considered and passed Senate. 
Sept. 14, H.R. 1340 considered and passed House; S. 714, jmiended, passed in 
lieu. 
Nov. 20, Senate agreed to conference report. 
Nov. 22, House agreed to conference report. 
WEEKLY COMPILATION OF PRESIDENTIAL DOCUMENTS, Vol. 29 (1993): 
Dec. 17, Presidential statement.