[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[H.R. 687 Introduced in House (IH)]







106th CONGRESS
  1st Session
                                H. R. 687

  To abolish the Special Reserve of the Savings Association Insurance 
   Fund and to repeal the provision which would have established the 
 Special Reserve of the Deposit Insurance Fund had section 2704 of the 
           Deposit Insurance Funds Act of 1996 taken effect.


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                    IN THE HOUSE OF REPRESENTATIVES

                           February 10, 1999

Mrs. Roukema (for herself and Mr. Vento) introduced the following bill; 
 which was referred to the Committee on Banking and Financial Services

_______________________________________________________________________

                                 A BILL


 
  To abolish the Special Reserve of the Savings Association Insurance 
   Fund and to repeal the provision which would have established the 
 Special Reserve of the Deposit Insurance Fund had section 2704 of the 
           Deposit Insurance Funds Act of 1996 taken effect.

    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 ``Deposit Insurance Funds Amendments 
Act of 1999''.

SEC. 2. ABOLITION OF SPECIAL RESERVE FUNDS.

    (a) Special Reserve of the SAIF.--Section 11(a)(6) of the Federal 
Deposit Insurance Act (12 U.S.C. 1821(a)(6)) is amended by striking 
subparagraph (L).
    (b) Special Reserve of the Deposit Insurance Fund.--Section 2704 of 
the Deposit Insurance Funds Act of 1996 is amended--
            (1) by striking subsection (b);
            (2) by striking paragraph (4) of subsection (d);
            (3) in subsection (d)(6)(C)(i), by striking ``(6) and (7)'' 
        and inserting ``(5), (6), and (7)''; and
            (4) by striking clause (ii) of subsection (d)(6)(C) and 
        inserting the following new clause:
                            ``(ii) by redesignating paragraph (8) as 
                        paragraph (5).''.
    (c) Effective Date.--This section and the amendments made by this 
section shall be deemed to have taken effect on December 31, 1998.
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