Savings and Loan Fair Financing and Antifraud Enforcement Act of 1990 - Title I: Fair Financing - Subtitle A: Direct Funding of Thrift Resolutions - Amends the Internal Revenue Code to impose a surtax on: (1) taxpayers (other than corporations) with adjusted gross incomes of over $100,000; and (2) corporations whose adjusted tax exceeds $13,750. Prescribes formulas for calculation of the surtax. Declares the surtax period to begin on January 1, 1990, and end on December 31, 1995, unless the President determines that an extension is necessary to provide sufficient financing for the Resolution Trust Corporation to continue funding savings and loan resolution costs.
Provides, with respect to the gain or loss on disposition of property, for determining the carryover basis for property acquired from a decedent dying during the surtax period. Permits the limited recognition of gain when the executor of an estate uses certain appreciated carryover basis property to satisfy the right of a person to receive a pecuniary bequest.
Requires estate executors to: (1) file information returns in connection with carryover basis property; and (2) provide written notice to recipients of such property. Prescribes penalties for failure to report.
Establishes the Savings and Loan Resolution Trust Fund and appropriates to such Fund the surtaxes received by the Treasury by reason of this title. Makes amounts in such Fund available to the Resolution Trust Corporation for thrift resolution financing.
Subtitle B: Working Capital and Funding Mechanisms - Amends the Federal Home Loan Bank Act to limit specified financial activities of the Resolution Trust Corporation (RTC) to the authorities granted by the Federal Deposit Insurance and the Federal Home Loan Bank Act. Empowers the RTC to borrow working capital from the Secretary of the Treasury according to prescribed guidelines.
Establishes in the RTC the Thrift Resolution Account.
Mandates that each Federal home loan bank make prescribed payments to provide funding for the RTC.
Directs the RTC to assess against each Savings Association Insurance Fund member assessments in the same manner as those assessed against such members by the FDIC. Prescribes guidelines for payments (out of such assessments) by the RTC for interest and principal due on obligations incurred by the Financing Corporation and the Resolution Funding Corporation before enactment of this Act.
Declares the RTC the successor to all liabilities of the Financing Corporation and the Resolution Funding Corporation. Transfers all remaining functions of such agencies to the RTC. Abolishes the Financing Corporation and the Resolution Funding Corporation.
Title II: Full Enforcement - Amends Federal criminal law to authorize injunctive relief for prejudgment attachment of assets in civil Racketeer-Influenced and Corrupt Organization (RICO) cases with respect to specified banking crimes.
Amends the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 to authorize injunctive relief in any action brought by the FDIC, the RTC, or the National Credit Union Administration in their receivership, conservatorship, or corporate capacities with respect to fraudulent activities involving a financial institution.
Authorizes civil actions by private persons with respect to fraudulent activities involving a financial institution.
Authorizes appropriations.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
Referred to the House Committee on Banking, Finance + Urban Affrs.
Referred to the House Committee on Judiciary.
Referred to the Subcommittee on Crime.
Referred to the Subcommittee on Financial Institutions Supervision, Regulation and Insurance.
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