[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1471 Introduced in House (IH)]







104th CONGRESS
  1st Session
                                H. R. 1471

 To provide for sufficient funding to cover the costs of the Financing 
Corporation, to provide funds to carry out the purposes of the Savings 
          Association Insurance Fund, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 7, 1995

 Mr. LaFalce introduced the following bill; which was referred to the 
              Committee on Banking and Financial Services

_______________________________________________________________________

                                 A BILL


 
 To provide for sufficient funding to cover the costs of the Financing 
Corporation, to provide funds to carry out the purposes of the Savings 
          Association Insurance Fund, 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 ``Financing Corporation and Savings 
Association Insurance Fund Amendments of 1995''.

SEC. 2. AVAILABILITY OF RTC FUNDS TO RECAPITALIZE SAIF.

    (a) In General.--Section 11(a)(6)(F) of the Federal Deposit 
Insurance Act (12 U.S.C. 1821(a)(6)(F)) is amended in the provisions of 
such subparagraph preceding clause (i)--
            (1) by inserting ``to cover losses incurred, or which can 
        reasonably be expected to be incurred, by the Fund or to 
        increase the reserve ratio of the Fund'' after ``as needed by 
        the Fund''; and
            (2) by inserting a period after ``not needed by the 
        Resolution Trust Corporation'' and striking everything that 
        follows through the end of the subparagraph.
    (b) Technical and Conforming Amendment.--Section 11(a)(6)(K) of the 
Federal Deposit Insurance Act (12 U.S.C. 1821(a)(6)(K)) is amended by 
striking ``to cover losses incurred by the Fund'' and inserting ``to 
cover losses incurred, or which can reasonably be expected to be 
incurred, by the Fund or to increase the reserve ratio of the Fund''.

SEC. 3. SAIF PAYMENTS TO FICO.

    (a) In General.--Section 21(f) of the Federal Home Loan Bank Act 
(12 U.S.C. 1441(f)) is amended by redesignating paragraph (3) as 
paragraph (4) and inserting after paragraph (2) the following new 
paragraph:
            ``(3) Payments from saif.--In addition to the amounts 
        available pursuant to paragraphs (1) and (2), the Federal 
        Deposit Insurance Corporation shall make available to the 
        Financing Corporation such amounts as may be prudently 
        transferred from the Savings Association Insurance Fund, taking 
        into account funds available to such Fund pursuant to section 
        11(a)(6)(F) of the Federal Deposit Insurance Act, to cover the 
        interest payments, issuance costs, and custodial fees on 
        obligations issued by the Financing Corporation.''.
    (b) Technical and Conforming Amendment.--Section 11(a)(6) of the 
Federal Deposit Insurance Act (12 U.S.C. 1821(a)(6)) is amended by 
adding at the end the following new subparagraph:
                    ``(L) Amounts available for payments to fico.--
                Notwithstanding any other provision of this subsection, 
                amounts in the Savings Association Insurance Fund shall 
                be available for payment to the Financing Corporation 
                in accordance with section 21(f)(3) of the Federal Home 
                Loan Bank Act.''.

SEC. 4. REPEAL OF MINIMUM SAIF ASSESSMENT RULE.

    Section 7(b)(2) of the Federal Deposit Insurance Act (12 U.S.C. 
1817(b)(2)) is amended by striking subparagraph (E).

SEC. 5. CLARIFICATION THAT CERTAIN INSTITUTIONS INSURED BY THE SAIF ARE 
              SUBJECT TO FICO ASSESSMENTS.

    Section 21(f)(2) of the Federal Home Loan Bank Act (12 U.S.C. 
1441(f)(2)) is amended by inserting after ``Savings Association 
Insurance Fund member'' the following: ``, including any Savings 
Association Insurance Fund member referred to in section 5(d)(2)(G) of 
the Federal Deposit Insurance Act and, in the case of any Bank 
Insurance Fund member which has deposits which are treated (under 
section 5(d)(3) of such Act) as deposits which are insured by the 
Savings Association Insurance Fund, the adjusted attributable deposit 
amount with respect to such member as determined under subparagraph (C) 
of section 5(e)(3) of such Act for purposes of subparagraph (B)(i) of 
such section,''.

SEC. 6. LIMIT ON DIFFERENTIAL BETWEEN ASSESSMENT RATES IMPOSED ON 
              FORMER BIF MEMBERS AND FORMER SAIF MEMBERS.

    Section 7(b)(2) of the Federal Deposit Insurance Act (12 U.S.C. 
1817(b)(2)) is amended by inserting after paragraph (G) the following 
new subparagraph:
                    ``(H) Cap on differential between former bif and 
                saif members.--The average assessment rate under the 
                risk-based assessment system for insured depository 
                institutions which, as of December 31, 1994, were 
                Savings Association Insurance Fund members, including 
                the special assessment under paragraph (9), shall not 
                exceed the average assessment rate under the risk-based 
                assessment system for insured depository institutions 
                which, as of December 31, 1994, were Bank Insurance 
                Fund members by more than 9 basis points.''.
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