Resolution Trust Corporation Financing Amendments of 1990

Resolution Trust Corporation Financing Amendments of 1990 - Amends the Federal Home Loan Bank Act to provide funding for the Resolution Trust Corporation for FY 1990. Grants the Corporation power to issue obligations to and borrow from the Secretary of the Treasury.

Prohibits the Resolution Funding Corporation from issuing obligations or borrowing, or from purchasing capital certificates issued by the Resolution Trust Corporation.

 
HR 5029 IH
101st CONGRESS
2d Session
 H. R. 5029
To amend the Federal Home Loan Bank Act to provide that all future funding
for the Resolution Trust Corporation be provided through the Secretary of
the Treasury.
IN THE HOUSE OF REPRESENTATIVES
June 13, 1990
Mr. SLATTERY introduced the following bill; which was referred jointly to
the Committees on Banking, Financing and Urban Affairs, and Ways and Means
A BILL
To amend the Federal Home Loan Bank Act to provide that all future funding
for the Resolution Trust Corporation be provided through the Secretary of
the Treasury.
  Be it enacted by the Senate and House of Representatives of the United
  States of America in Congress assembled,
SECTION 1. SHORT TITLE.
  This Act may be cited as the `Resolution Trust Corporation Financing
  Amendments of 1990'.
SEC. 2. TREASURY FINANCING FOR RESOLUTION TRUST CORPORATION.
  (a) FUNDING FOR FISCAL YEAR 1990- Section 21A(b)(14) of the Federal Home
  Loan Bank Act (12 U.S.C. 1441a(b)(14)) is amended to read as follows:
  `(14) FISCAL YEAR 1990 FUNDING- The Secretary of the Treasury shall provide
  the Corporation with the sum of $30,000,000,000 in fiscal year 1990 from
  the proceeds of sales of securities issued under chapter 31 of title 31,
  United States Code.'.
  (b) RTC FUNDING AFTER FISCAL YEAR 1990 ONLY THROUGH BORROWING FROM
  TREASURY- Section 21A(b)(10)(M) of the Federal Home Loan Bank Act (12
  U.S.C. 1441a(b)(10)(M)) is amended to read as follows:
  `(M) To issue bonds or other obligations to the Secretary of the Treasury,
  and to borrow from the Secretary, give security for amounts borrowed from
  the Secretary, and pay interest on such amounts, to the extent and in
  such amounts as may be determined to be appropriate by the Oversight Board
  (with the concurrence of the Chairperson of the Oversight Board).'.
  (c) NEW BORROWING BY RESOLUTION FUNDING CORPORATION PROHIBITED-
  (1) IN GENERAL- Section 21B(f) of the Federal Home Loan Bank Act (12
  U.S.C. 1441b(f)) is amended by adding at the end the following new paragraph:
  `(11) REVOCATION OF AUTHORITY TO ISSUE OBLIGATIONS- Notwithstanding any
  other provision of this subsection or paragraph (2) or (3) of subsection
  (d), the Funding Corporation may not--
  `(A) issue any obligation to, or borrow any amount from, any person; or
  `(B) purchase any capital certificate issued by the Resolution Trust
  Corporation,
on or after the date of the enactment of the Resolution Trust Corporation
Financing Amendments of 1990.'.
  (d) TECHNICAL AND CONFORMING AMENDMENTS-
  (1) Section 21B(d)(2) of the Federal Home Loan Bank Act (12
  U.S.C. 1441b(d)(2)) is amended by striking `To purchase' and inserting
  `Subject to subsection (f)(11), to purchase'.
  (2) Section 21B(d)(3) of the Federal Home Loan Bank Act (12
  U.S.C. 1441b(d)(3)) is amended by striking `To issue' and inserting
  `Subject to subsection (f)(11), to issue'.
  (3) Section 21B(f)(1) of the Federal Home Loan Bank Act (12
  U.S.C. 1441b(f)(1)) is amended by striking `The Funding Corporation may
  issue' and inserting `Subject to paragraph (11), the Funding Corporation
  may issue'.