[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1479 Introduced in House (IH)]







104th CONGRESS
  1st Session
                                H. R. 1479

 To provide for adequate funding for the Savings Association Insurance 
      Fund and the Financing Corporation, 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 adequate funding for the Savings Association Insurance 
      Fund and the Financing Corporation, 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 ``Savings Association Insurance Fund 
and Financing Corporation Reform Act of 1995''.

SEC. 2. 1-TIME SPECIAL SAIF CAPITALIZATION ASSESSMENT.

    Section 7(b) of the Federal Deposit Insurance Act (12 U.S.C. 
1817(b)) is amended by adding at the end the following new paragraph:
            ``(8) Special 1-time assessment to recapitalize saif.--
                    ``(A) In general.--The Corporation may, in the 
                discretion of the Board of Directors, impose a special 
                assessment on each Savings Association Insurance Fund 
                member in an amount not greater than 0.40 percent of 
                the assessment base, as of April 6, 1994 (or such 
                earlier date as the Corporation may determine to be 
                appropriate), on which assessments are imposed under 
                the risk-based assessment system established pursuant 
                to paragraph (1).
                    ``(B) Deposit of assessment in saif.--The proceeds 
                of any assessment imposed under subparagraph (A) shall 
                be deposited in the Savings Association Insurance Fund.
                    ``(C) Imposition over period of years.--The 
                assessment authorized under subparagraph (A) may be 
                imposed incrementally over such period of years as the 
                Board of Directors may determine to be appropriate, 
                except the larger percentage of any such incremental 
                assessment shall be allocated to the first year of the 
                effective period for such assessment.
                    ``(D) Abatement for troubled institutions.--The 
                Board of Directors may abate any portion of any 
                assessment under this paragraph in the case of any 
                undercapitalized institution or any institution which 
                would become undercapitalized as a result of the 
                imposition of such assessment.''.

SEC. 3. FICO PAYMENTS BY ALL FDIC-INSURED DEPOSITORY INSTITUTIONS.

    Section 21(f)(2) of the Federal Home Loan Bank Act (12 U.S.C. 
1441(f)(2)) is amended--
            (1) in the portion of such paragraph preceding subparagraph 
        (A)--
                    (A) by striking ``each Savings Association 
                Insurance Fund member'' and inserting ``each insured 
                depository institution'' (as defined in section 3(c)(2) 
                of the Federal Deposit Insurance Act); and
                    (B) by striking ``such member'' and inserting 
                ``such institution''; and
            (2) in subparagraph (A), by striking ``Savings Association 
        Insurance Fund members'' and inserting ``insured depository 
        institutions''.
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