[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2343 Referred in Senate (RFS)]

  1st Session
                                H. R. 2343


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           September 24, 1997

Received; read twice and referred to the Committee on Banking, Housing, 
                           and Urban Affairs

_______________________________________________________________________

                                 AN ACT


 
  To abolish the Thrift Depositor Protection Oversight Board, 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 ``Thrift Depositor Protection 
Oversight Board Abolishment Act''.

SEC. 2. ABOLISHMENT OF THE THRIFT DEPOSITOR PROTECTION OVERSIGHT BOARD.

    (a) In General.--Effective at the end of the 3-month period 
beginning on the date of enactment of this Act, the Thrift Depositor 
Protection Oversight Board established under section 21A of the Federal 
Home Loan Bank Act (hereafter in this section referred to as the 
``Oversight Board'') is hereby abolished.
    (b) Disposition of Affairs.--
            (1) Power of chairperson.--Effective on the date of the 
        enactment of this Act, the Chairperson of the Oversight Board 
        (or the designee of the Chairperson) may exercise on behalf of 
        the Oversight Board any power of the Oversight Board necessary 
        to settle and conclude the affairs of the Oversight Board.
            (2) Availability of funds.--Funds available to the 
        Oversight Board shall be available to the Chairperson of the 
        Oversight Board to pay expenses incurred in carrying out the 
        requirements of paragraph (1).
    (c) Savings Provision.--
            (1) Existing rights, duties, and obligations not 
        affected.--No provision of this Act shall be construed as 
        affecting the validity of any right, duty, or obligation of the 
        United States, the Oversight Board, the Resolution Trust 
        Corporation, or any other person which--
                    (A) arises under or pursuant to the Federal Home 
                Loan Bank Act, or any other provision of law applicable 
                with respect to the Oversight Board; and
                    (B) existed on the day before the abolishment of 
                the Oversight Board in accordance with subsection (a).
            (2) Continuation of suits.--No action or other proceeding 
        commenced by or against the Oversight Board with respect to any 
        function of the Oversight Board shall abate by reason of the 
        enactment of this Act.
            (3) Liabilities.--
                    (A) In general.--All liabilities arising out of the 
                operation of the Oversight Board between August 9, 
                1989, and the end of the 3-month period beginning on 
                the date of enactment of this Act shall remain the 
                direct liabilities of the United States.
                    (B) No substitution.--The Secretary of the Treasury 
                shall not be substituted for the Oversight Board as a 
                party to any such action or proceeding.
            (4) Continuations of orders, resolutions, determinations, 
        and regulations pertaining to the resolution funding 
        corporation.--
                    (A) In general.--All orders, resolutions, 
                determinations, and regulations regarding the 
                Resolution Funding Corporation which--
                            (i) have been issued, made, and prescribed, 
                        or allowed to become effective by the Oversight 
                        Board, or by a court of competent jurisdiction, 
                        in the performance of functions which are 
                        transferred by this Act; and
                            (ii) are in effect at the end of the 3-
                        month period beginning on the date of the 
                        enactment of this Act,
                shall continue in effect according to the terms of such 
                orders, resolutions, determinations, and regulations 
                until modified, terminated, set aside, or superseded in 
                accordance with applicable law.
                    (B) Enforceability of orders, resolutions, 
                determinations, and regulations before transfer.--
                Before the effective date of the transfer of the 
                authority and duties of the Resolution Funding 
                Corporation to the Secretary of the Treasury under 
                section 3, all orders, resolutions, determinations, and 
                regulations pertaining to the Resolution Funding 
                Corporation shall be enforceable by and against the 
                United States.
                    (C) Enforceability of orders, resolutions, 
                determinations, and regulations after transfer.--On and 
                after the effective date of the transfer of the 
                authority and duties of the Resolution Funding 
                Corporation to the Secretary of the Treasury, all 
                orders, resolutions, determinations, and regulations 
                pertaining to the Resolution Funding Corporation shall 
                be enforceable by and against the Secretary of the 
                Treasury.

SEC. 3. TRANSFER OF THRIFT DEPOSITOR PROTECTION OVERSIGHT BOARD 
              AUTHORITY AND DUTIES OF RESOLUTION FUNDING CORPORATION TO 
              THE SECRETARY OF THE TREASURY.

    The authority and duties of the Thrift Depositor Protection 
Oversight Board under sections 21A(a)(6)(I) and 21B of the Federal Home 
Loan Bank Act are hereby transferred to the Secretary of the Treasury 
(or the designee of the Secretary) as of the end of the 3-month period 
beginning on the date of enactment of this Act.

SEC. 4. MEMBERSHIP OF THE AFFORDABLE HOUSING ADVISORY BOARD.

    Effective on the date of enactment of this Act, section 14(b)(2) of 
the Resolution Trust Corporation Completion Act (12 U.S.C. 1831q note) 
is amended--
            (1) by striking subparagraph (C); and
            (2) by redesignating subparagraphs (D) and (E) as 
        subparagraphs (C) and (D), respectively.

SEC. 5. TIME OF MEETINGS OF THE AFFORDABLE HOUSING ADVISORY BOARD.

    (a) In General.--Section 14(b)(6)(A) of the Resolution Trust 
Corporation Completion Act (12 U.S.C. 1831q note) is amended--
            (1) by striking ``4 times a year, or more frequently if 
        requested by the Thrift Depositor Protection Oversight Board 
        or'' and inserting ``2 times a year or at the request of''; and
            (2) by striking the second sentence.
    (b) Clerical Amendment.--The heading for section 14(b)(6)(A) of the 
Resolution Trust Corporation Completion Act (12 U.S.C. 1831q note) is 
amended by striking ``and location''.

            Passed the House of Representatives September 23, 1997.

            Attest:

                                                ROBIN H. CARLE,

                                                                 Clerk.

                              By Jeff Trandahl,

                                                          Deputy Clerk.