[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1299 Introduced in House (IH)]

103d CONGRESS
  1st Session
                                H. R. 1299

    To provide funding for the Resolution Trust Corporation to meet 
immediate needs and to authorize additional funding for the Corporation 
  subject to a requirement that the President submit a plan for fully 
  paying for such funding, including interest costs, over the next 5 
                     years, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 10, 1993

 Mr. Sanders introduced the following bill; which was referred to the 
            Committee on Banking, Finance and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
    To provide funding for the Resolution Trust Corporation to meet 
immediate needs and to authorize additional funding for the Corporation 
  subject to a requirement that the President submit a plan for fully 
  paying for such funding, including interest costs, over the next 5 
                     years, and for other purposes.

    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 Fair 
Funding Act of 1993''.

SEC. 2. APPROPRIATION OF FUNDING FOR IMMEDIATE NEEDS.

    Section 21A(i) of the Federal Home Loan Bank Act (12 U.S.C. 
1441a(i)) is amended by adding at the end the following new paragraph:
            ``(4) Additional funding.--In addition to amounts provided 
        under paragraphs (2) and (3), the Secretary of the Treasury 
        shall provide to the Corporation, out of any money in the 
        Treasury not otherwise appropriated, the sum of $5,000,000,000 
        to carry out the purposes of this section.''.

SEC. 3. AUTHORIZATION OF APPROPRIATION UPON SUBMISSION AND APPROVAL OF 
              PLAN FOR FULLY PAYING FOR SPENDING OVER 5-YEAR PERIOD.

    Section 21A(i) of the Federal Home Loan Bank Act (12 U.S.C. 
1441a(i)) is amended by inserting after paragraph (4) (as added by 
section 2 of this Act) the following new paragraph:
            ``(5) Virtual pay-as-you-go funding on an equitable 
        basis.--
                    ``(A) Conditional authorization of appropriation.--
                Subject to subparagraph (B) and in addition to amounts 
                provided under paragraphs (2), (3), and (4), there is 
                authorized to be appropriated to the Corporation for 
                fiscal years 1993 and 1994 not more than 
                $37,000,000,000 to carry out the purposes of this 
                section.
                    ``(B) Condition.--No amount is authorized to be 
                appropriated to the Corporation under subparagraph (A) 
                until--
                            ``(i) the President submits to the Congress 
                        a plan which ensures that--
                                    ``(I) an amount equal to the sum of 
                                the amount appropriated by paragraph 
                                (4), the amount of any appropriation 
                                pursuant to subparagraph (A), and the 
                                interest costs and other costs incurred 
                                by the Secretary of the Treasury which 
                                are attributable to financing any such 
                                amount (as determined on the basis of 
                                the average cost to the Government for 
                                borrowing funds for an equivalent 
                                period) is repaid to the Government by 
                                the end of fiscal year 1998; and
                                    ``(II) the money for repaying the 
                                appropriations and other costs in 
                                accordance with subclause (I) will be 
                                obtained in a manner such that the 
                                liabilities of all persons for the 
                                payment of amounts which will be used 
                                directly or indirectly for such purpose 
                                are distributed among such persons in 
                                accordance<plus-minus> with the ability 
                                of each person to pay; and
                            ``(ii) the Congress approves such plan in 
                        legislation.
                    ``(C) Options to be considered.--In addition to any 
                other option for funding an appropriation under 
                subparagraph (A) which the President considers to be 
                appropriate and which meets the requirement of 
                subparagraph (B), the President shall consider--
                            ``(i) a fee based on the value of transfers 
                        made through large-dollar electronic fund 
                        transfers in the United States;
                            ``(ii) a stock transfer fee;
                            ``(iii) a tax on accumulated wealth;
                            ``(iv) an antispeculation tax on capital 
                        gains from assets held for very short periods 
                        of time; and
                            ``(v) an alternative minimum tax on 
                        corporations which import products into the 
                        United States at artificially high prices.''.

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