[Congressional Record Volume 142, Number 64 (Thursday, May 9, 1996)]
[Senate]
[Pages S4939-S4946]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                          AMENDMENTS SUBMITTED

                                 ______


   THE WHITE HOUSE TRAVEL OFFICE EXPENSES AND FEES REIMBURSEMENT ACT

                                 ______


                        DOLE AMENDMENT NO. 3961

  Mr. DOLE proposed an amendment to amendment No. 3955 proposed by him 
to the bill (H.R. 2937) for the reimbursement of legal expenses and 
related fees incurred by former employees of the White House Travel 
Office with respect to the termination of their employment in that 
Office on May 19, 1993; as follows:

       Strike the word ``enactment'' and insert the following:

                        TITLE  --FUEL TAX RATES

     SEC.   . REPEAL OF 4.3-CENT INCREASE IN FUEL TAX RATES 
                   ENACTED BY THE OMNIBUS BUDGET RECONCILIATION 
                   ACT OF 1993 AND DEDICATED TO GENERAL FUND OF 
                   THE TREASURY.

       (a) In General.--Section 4081 of the Internal Revenue Code 
     of 1986 (relating to imposition of tax on gasoline and diesel 
     fuel) is amended by adding at the end the following new 
     subsection:
       ``(f) Repeal of 4.3-Cent Increase in Fuel Tax Rates Enacted 
     by the Omnibus Budget Reconciliation Act of 1993 and 
     Dedicated to General Fund of the Treasury.--

[[Page S4941]]

       ``(1) In general.--During the applicable period, each rate 
     of tax referred to in paragraph (2) shall be reduced by 4.3 
     cents per gallon.
       ``(2) Rates of tax.--The rates of tax referred to in this 
     paragraph are the rates of tax otherwise applicable under--
       ``(A) subsection (a)(2)(A) (relating to gasoline and diesel 
     fuel),
       ``(B) sections 4091(b)(3)(A) and 4092(b)(2) (relating to 
     aviation fuel),
       ``(C) section 4042(b)(2)(C) (relating to fuel used on 
     inland waterways),
       ``(D) paragraph (1) or (2) of section 4041(a) (relating to 
     diesel fuel and special fuels),
       ``(E) section 4041(c)(2) (relating to gasoline used in 
     noncommercial aviation), and
       ``(F) section 4041(m)(1)(A)(i) (relating to certain 
     methanol or ethanol fuels).
       ``(3) Comparable treatment for compressed natural gas.--No 
     tax shall be imposed by section 4041(a)(3) on any sale or use 
     during the applicable period.
       ``(4) Comparable treatment under certain refund rules.--In 
     the case of fuel on which tax is imposed during the 
     applicable period, each of the rates specified in sections 
     6421(f)(2)(B), 6421(f)(3)(B)(ii), 6427(b)(2)(A), 
     6427(l)(3)(B)(ii), and 6427(l)(4)(B) shall be reduced by 4.3 
     cents per gallon.
       ``(5) Coordination with highway trust fund deposits.--In 
     the case of fuel on which tax is imposed during the 
     applicable period, each of the rates specified in 
     subparagraphs (A)(i) and (C)(i) of section 9503(f)(3) shall 
     be reduced by 4.3 cents per gallon.
       ``(6) Applicable period.--For purposes of this subsection, 
     the term `applicable period' means the period after the 6th 
     day after the date of the enactment of this subsection and 
     before January 1, 1997.''
       (b) Effective Date.--The amendment made by this section 
     shall take effect on the date of the enactment of this Act.

     SEC. 3. FLOOR STOCK REFUNDS.

       (a) In General.--If--
       (1) before the tax repeal date, tax has been imposed under 
     section 4081 or 4091 of the Internal Revenue Code of 1986 on 
     any liquid, and
       (2) on such date such liquid is held by a dealer and has 
     not been used and is intended for sale,

     there shall be credited or refunded (without interest) to the 
     person who paid such tax (hereafter in this section referred 
     to as the ``taxpayer'') an amount equal to the excess of the 
     tax paid by the taxpayer over the amount of such tax which 
     would be imposed on such liquid had the taxable event 
     occurred on such date.
       (b) Time For Filing Claims.--No credit or refund shall be 
     allowed or made under this section unless--
       (1) claim therefor is filed with the Secretary of the 
     Treasury before the date which is 6 months after the tax 
     repeal date, and
       (2) in any case where liquid is held by a dealer (other 
     than the taxpayer) on the tax repeal date--
       (A) the dealer submits a request for refund or credit to 
     the taxpayer before the date which is 3 months after the tax 
     repeal date, and
       (B) the taxpayer has repaid or agreed to repay the amount 
     so claimed to such dealer or has obtained the written consent 
     of such dealer to the allowance of the credit or the making 
     of the refund.
       (c) Exception for Fuel Held in Retail Stocks.--No credit or 
     refund shall be allowed under this section with respect to 
     any liquid in retail stocks held at the place where intended 
     to be sold at retail.
       (d) Definitions.--For purposes of this section--
       (1) the terms ``dealer'' and ``held by a dealer'' have the 
     respective meanings given to such terms by section 6412 of 
     such Code; except that the term ``dealer'' includes a 
     producer, and
       (2) the term ``tax repeal date'' means the 7th day after 
     the date of the enactment of this Act.
       (e) Certain Rules To Apply.--Rules similar to the rules of 
     subsections (b) and (c) of section 6412 of such Code shall 
     apply for purposes of this section.

     SEC. 4. FLOOR STOCKS TAX.

       (a) Imposition of Tax.--In the case of any liquid on which 
     tax was imposed under section 4081 or 4091 of the Internal 
     Revenue Code of 1986 before January 1, 1997, and which is 
     held on such date by any person, there is hereby imposed a 
     floor stocks tax of 4.3 cents per gallon.
       (b) Liability for Tax and Method of Payment.--
       (1) Liability for tax.--A person holding a liquid on 
     January 1, 1997, to which the tax imposed by subsection (a) 
     applies shall be liable for such tax.
       (2) Method of payment.--The tax imposed by subsection (a) 
     shall be paid in such manner as the Secretary shall 
     prescribe.
       (3) Time for payment.--The tax imposed by subsection (a) 
     shall be paid on or before June 30, 1997.
       (c) Definitions.--For purposes of this section--
       (1) Held by a person.--A liquid shall be considered as 
     ``held by a person'' if title thereto has passed to such 
     person (whether or not delivery to the person has been made).
       (2) Gasoline and diesel fuel.--The terms ``gasoline'' and 
     ``diesel fuel'' have the respective meanings given such terms 
     by section 4083 of such Code.
       (3) Aviation fuel.--The term ``aviation fuel'' has the 
     meaning given such term by section 4093 of such Code.
       (4) Secretary.--The term ``Secretary'' means the Secretary 
     of the Treasury or his delegate.
       (d) Exception for Exempt Uses.--The tax imposed by 
     subsection (a) shall not apply to gasoline, diesel fuel, or 
     aviation fuel held by any person exclusively for any use to 
     the extent a credit or refund of the tax imposed by section 
     4081 or 4091 of such Code is allowable for such use.
       (e) Exception for Fuel Held in Vehicle Tank.--No tax shall 
     be imposed by subsection (a) on gasoline or diesel fuel held 
     in the tank of a motor vehicle or motorboat.
       (f) Exception for Certain Amounts of Fuel.--
       (1) In general.--No tax shall be imposed by subsection 
     (a)--
       (A) on gasoline held on January 1, 1997, by any person if 
     the aggregate amount of gasoline held by such person on such 
     date does not exceed 4,000 gallons, and
       (B) on diesel fuel or aviation fuel held on such date by 
     any person if the aggregate amount of diesel fuel or aviation 
     fuel held by such person on such date does not exceed 2,000 
     gallons.

     The preceding sentence shall apply only if such person 
     submits to the Secretary (at the time and in the manner 
     required by the Secretary) such information as the Secretary 
     shall require for purposes of this paragraph.
       (2) Exempt fuel.--For purposes of paragraph (1), there 
     shall not be taken into account fuel held by any person which 
     is exempt from the tax imposed by subsection (a) by reason of 
     subsection (d) or (e).
       (3) Controlled groups.--For purposes of this subsection--
       (A) Corporations.--
       (i) In general.--All persons treated as a controlled group 
     shall be treated as 1 person.
       (ii) Controlled group.--The term ``controlled group'' has 
     the meaning given to such term by subsection (a) of section 
     1563 of such Code; except that for such purposes the phrase 
     ``more than 50 percent'' shall be substituted for the phrase 
     ``at least 80 percent'' each place it appears in such 
     subsection.
       (B) Nonincorporated persons under common control.--Under 
     regulations prescribed by the Secretary, principles similar 
     to the principles of subparagraph (A) shall apply to a group 
     of persons under common control where 1 or more of such 
     persons is not a corporation.
       (g) Other Law Applicable.--All provisions of law, including 
     penalties, applicable with respect to the taxes imposed by 
     section 4081 of such Code in the case of gasoline and diesel 
     fuel and section 4091 of such Code in the case of aviation 
     fuel shall, insofar as applicable and not inconsistent with 
     the provisions of this subsection, apply with respect to the 
     floor stock taxes imposed by subsection (a) to the same 
     extent as if such taxes were imposed by such section 4081 or 
     4091.

     SEC. 5. BENEFITS OF TAX REPEAL SHOULD BE PASSED ON TO 
                   CONSUMERS.

       (a) Passthrough to Consumers.--
       (1) Sense of congress.--It is the sense of Congress that--
       (A) consumers immediately receive the benefit of the repeal 
     of the 4.3-cent increase in the transportation motor fuels 
     excise tax rates enacted by the Omnibus Budget Reconciliation 
     Act of 1993, and
       (B) transportation motor fuels producers and other dealers 
     take such actions as necessary to reduce transportation motor 
     fuels prices to reflect the repeal of such tax increase, 
     including immediate credits to customer accounts representing 
     tax refunds allowed as credits against excise tax deposit 
     payments under the floor stocks refund provisions of this 
     Act.
       (2) Study.--
       (A) In general.--The Comptroller General of the United 
     States shall conduct a study of the repeal of the 4.3-cent 
     increase in the fuel tax imposed by the Omnibus Budget 
     Reconciliation of 1993 to determine whether there has been a 
     passthrough of such repeal.
       (B) Report.--Not later than January 31, 1997, the 
     Comptroller General of the United States shall report to the 
     Committee on Finance of the Senate and the Committee on Ways 
     and Means of the House of Representatives the results of the 
     study conducted under subparagraph (A).

     SEC. ____. AUTHORIZATION OF APPROPRIATIONS FOR EXPENSES OF 
                   ADMINISTRATION OF THE DEPARTMENT OF ENERGY.

       Section 660 of the Department of Energy Organization Act 
     (42 U.S.C. 7270) is amended--
       (1) by inserting ``(a) In General.--'' before 
     ``Appropriations''; and
       (2) by adding at the end the following:
       ``(b) Fiscal Years 1997 Through 2002.--There are authorized 
     to be appropriated for salaries and expenses of the 
     Department of Energy for departmental administration and 
     other activities in carrying out the purposes of this Act--
       ``(1) $104,000,000 for fiscal year 1997;
       ``(2) $104,000,000 for fiscal year 1998;
       ``(3) $100,000,000 for fiscal year 1999;
       ``(4) $90,000,000 for fiscal year 2000;
       ``(5) $90,000,000 for fiscal year 2001; and
       ``(6) $90,000,000 for fiscal year 2002.''.


                            spectrum auction

     SEC.   . SPECTRUM AUCTIONS.

       (a) Commission Obligation to Make Additional Spectrum 
     Available by Auction.--
       (1) In General.--The Federal Communications Commission 
     shall complete all actions necessary to permit the 
     assignment, by March 31, 1998, by competitive bidding 
     pursuant to section 309(j) of the Communications Act of 1934 
     (47 U.S.C. 309(j)) of licenses for the use of bands of 
     frequencies that--

[[Page S4942]]

       (A) individually span not less than 12.5 megahertz, unless 
     a combination of smaller bands can, notwithstanding the 
     provisions of paragraph (7) of such section, reasonably be 
     expected to produce greater receipts;
       (B) in the aggregate span not less than 25 megahertz;
       (C) are located below 3 gigahertz; and
       (D) have not, as of the date of enactment of this Act--
       (i) been assigned or designated by Commission regulation 
     for assignment pursuant to such section;
       (ii) been identified by the Secretary of Commerce pursuant 
     to section 113 of the National Telecommunications and 
     Information Administration Organization Act (47 U.S.C. 923); 
     or
       (iii) reserved for Federal Government use pursuant to 
     section 305 of the Communications Act of 1934 (47 U.S.C. 
     305).
       (2) Criteria for reassignment.--In making available bands 
     of frequencies for competitive bidding pursuant to paragraph 
     (1), the Commission shall--
       (A) seek to promote the most efficient use of the spectrum;
       (B) take into account the cost to incumbent licensees of 
     relocating existing uses to other bands of frequencies or 
     other means of communication;
       (C) take into account the needs of public safety radio 
     services;
       (D) comply with the requirements of international 
     agreements concerning spectrum allocations; and
       (E) take into account the costs to satellite service 
     providers that could result from multiple auctions of like 
     spectrum internationally for global satellite systems.
       (b) Federal Communications Commission May Not Treat This 
     Section As Congressional Action for Certain Purposes.--The 
     Federal Communication Commission may not treat the enactment 
     of this Act or the inclusion of this section in this Act as 
     an expression of the intent of Congress with respect to the 
     award of initial licenses of construction permits for 
     Advanced Television Services, as described by the Commission 
     in its letter of February 1, 1996, to the Chairman of the 
     Senate Committee on Commerce, Science, and Transportation.
           TITLE I--BANKING, HOUSING, AND RELATED PROVISIONS

     SEC. 1001. TABLE OF CONTENTS.

       The table of contents for this title is as follows:

           TITLE I--BANKING, HOUSING, AND RELATED PROVISIONS

Sec. 1001. Table of contents.
Sec. 1011. Special assessment to capitalize SAIF.
Sec. 1012. Financing Corporation assessments shared proportionally by 
              all insured depository institutions.
Sec. 1013. Merger of BIF and SAIF.
Sec. 1014. Creation of SAIF Special Reserve.
Sec. 1015. Refund of amounts in deposit insurance fund in excess of 
              designated reserve amount.
Sec. 1016. Assessment rates for SAIF members may not be less than 
              assessment rates for BIF members.
Sec. 1017. Assessments authorized only if needed to maintain the 
              reserve ratio of a deposit insurance fund.
Sec. 1018. Definitions.

     SEC. 1011. SPECIAL ASSESSMENT TO CAPITALIZE SAIF.

       (a) In General.--Except as provided in subsection (f), the 
     Board of Directors shall impose a special assessment on the 
     SAIF-assessable deposits of each insured depository 
     institution at a rate applicable to all such institutions 
     that the Board of Directors, in its sole discretion, 
     determines (after taking into account the adjustments 
     described in subsections (g) through (j)) will cause the 
     Savings Association Insurance Fund to achieve the designated 
     reserve ratio on March 31, 1996.
       (b) Factors To Be Considered.--In carrying out subsection 
     (a), the Board of Directors shall base its determination on--
       (1) the monthly Savings Association Insurance Fund balance 
     most recently calculated;
       (2) data on insured deposits reported in the most recent 
     reports of condition filed not later than 70 days before the 
     date of enactment of this Act by insured depository 
     institutions; and
       (3) any other factors that the Board of Directors deems 
     appropriate.
       (c) Date of Determination.--For purposes of subsection (a), 
     the amount of the SAIF-assessable deposits of an insured 
     depository institution shall be determined as of March 31, 
     1995.
       (d) Date Payment Due.--The special assessment imposed under 
     this section shall be paid to the Corporation not later than 
     60 days after the date of enactment of this Act.
       (e) Assessment Deposited in SAIF.--Notwithstanding any 
     other provision of law, the proceeds of the special 
     assessment imposed under this section shall be deposited in 
     the Savings Association Insurance Fund.
       (f) Exemptions for Certain Institutions.--
       (1) Exemption for weak institutions.--
       (A) In general.--The Board of Directors may, by order, in 
     its sole discretion, exempt any insured depository 
     institution that the Board of Directors determines to be 
     weak, from paying the special assessment imposed under this 
     section if the Board of Directors determines that the 
     exemption would reduce risk to the Savings Association 
     Insurance Fund.
       (B) Guidelines required.--Not later than 30 days after the 
     date of enactment of this Act, the Board of Directors shall 
     prescribe guidelines setting forth the criteria that the 
     Board of Directors will use in exempting institutions under 
     subparagraph (A). Such guidelines shall be published in the 
     Federal Register.
       (2) Exemption for certain newly chartered and other defined 
     institutions.--
       (A) In general.--In addition to the institutions exempted 
     from paying the special assessment under paragraph (1), the 
     Board of Directors shall exempt any insured depository 
     institution from payment of the special assessment if the 
     institution--
       (i) was in existence on October 1, 1995, and held no SAIF-
     assessable deposits prior to January 1, 1993;
       (ii) is a Federal savings bank which--

       (I) was established de novo in April 1994 in order to 
     acquire the deposits of a savings association which was in 
     default or in danger of default; and
       (II) received minority interim capital assistance from the 
     Resolution Trust Corporation under section 21A(w) of the 
     Federal Home Loan Bank Act in connection with the acquisition 
     of any such savings association; or

       (iii) is a savings association, the deposits of which are 
     insured by the Savings Association Insurance Fund, which--

       (I) prior to January 1, 1987, was chartered as a Federal 
     savings bank insured by the Federal Savings and Loan 
     Insurance Corporation for the purpose of acquiring all or 
     substantially all of the assets and assuming all or 
     substantially all of the deposit liabilities of a national 
     bank in a transaction consummated after July 1, 1986; and
       (II) as of the date of that transaction, had assets of less 
     than $150,000,000.

       (B) Definition.--For purposes of this paragraph, an 
     institution shall be deemed to have held SAIF-assessable 
     deposits prior to January 1, 1993, if--
       (i) it directly held SAIF-assessable insured deposits prior 
     to that date; or
       (ii) it succeeded to, acquired, purchased, or otherwise 
     holds any SAIF-assessable deposits as of the date of 
     enactment of this Act that were SAIF-assessable deposits 
     prior to January 1, 1993.
       (3) Exempt institutions required to pay assessments at 
     former rates.--
       (A) Payments to saif and dif.--Any insured depository 
     institution that the Board of Directors exempts under this 
     subsection from paying the special assessment imposed under 
     this section shall pay semiannual assessments--
       (i) during calendar years 1996 and 1997, into the Savings 
     Association Insurance Fund, based on SAIF-assessable deposits 
     of that institution, at assessment rates calculated under the 
     schedule in effect for Savings Association Insurance Fund 
     members on June 30, 1995; and
       (ii) during calendar years 1998 and 1999--

       (I) into the Deposit Insurance Fund, based on SAIF-
     assessable deposits of that institution as of December 31, 
     1997, at assessment rates calculated under the schedule in 
     effect for Savings Association Insurance Fund members on June 
     30, 1995; or
       (II) in accordance with clause (i), if the Bank Insurance 
     Fund and the Savings Association Insurance Fund are not 
     merged into the Deposit Insurance Fund.

       (B) Optional pro rata payment of special assessment.--This 
     paragraph shall not apply with respect to any insured 
     depository institution (or successor insured depository 
     institution) that has paid, during any calendar year from 
     1997 through 1999, upon such terms as the Corporation may 
     announce, an amount equal to the product of--
       (i) 12.5 percent of the special assessment that the 
     institution would have been required to pay under subsection 
     (a), if the Board of Directors had not exempted the 
     institution; and
       (ii) the number of full semiannual periods remaining 
     between the date of the payment and December 31, 1999.
       (g) Special Election for Certain Institutions Facing 
     Hardship as a Result of the Special Assessment.--
       (1) Election authorized.--If--
       (A) an insured depository institution, or any depository 
     institution holding company which, directly or indirectly, 
     controls such institution, is subject to terms or covenants 
     in any debt obligation or preferred stock outstanding on 
     September 13, 1995; and
       (B) the payment of the special assessment under subsection 
     (a) would pose a significant risk of causing such depository 
     institution or holding company to default or violate any such 
     term or covenant,

     the depository institution may elect, with the approval of 
     the Corporation, to pay such special assessment in accordance 
     with paragraphs (2) and (3) in lieu of paying such assessment 
     in the manner required under subsection (a).
       (2) 1st assessment.--An insured depository institution 
     which makes an election under paragraph (1) shall pay an 
     assessment of 50 percent of the amount of the special 
     assessment that would otherwise apply under subsection (a), 
     by the date on which such special assessment is otherwise due 
     under subsection (d).
       (3) 2d assessment.--An insured depository institution which 
     makes an election under paragraph (1) shall pay a 2d 
     assessment, by

[[Page S4943]]

     the date established by the Board of Directors in accordance 
     with paragraph (4), in an amount equal to the product of 51 
     percent of the rate determined by the Board of Directors 
     under subsection (a) for determining the amount of the 
     special assessment and the SAIF-assessable deposits of the 
     institution on March 31, 1996, or such other date in calendar 
     year 1996 as the Board of Directors determines to be 
     appropriate.
       (4) Due date of 2d assessment.--The date established by the 
     Board of Directors for the payment of the assessment under 
     paragraph (3) by a depository institution shall be the 
     earliest practicable date which the Board of Directors 
     determines to be appropriate, which is at least 15 days after 
     the date used by the Board of Directors under paragraph (3).
       (5) Supplemental special assessment.--An insured depository 
     institution which makes an election under paragraph (1) shall 
     pay a supplemental special assessment, at the same time the 
     payment under paragraph (3) is made, in an amount equal to 
     the product of--
       (A) 50 percent of the rate determined by the Board of 
     Directors under subsection (a) for determining the amount of 
     the special assessment; and
       (B) 95 percent of the amount by which the SAIF-assessable 
     deposits used by the Board of Directors for determining the 
     amount of the 1st assessment under paragraph (2) exceeds, if 
     any, the SAIF-assessable deposits used by the Board for 
     determining the amount of the 2d assessment under paragraph 
     (3).
       (h) Adjustment of Special Assessment for Certain Bank 
     Insurance Fund Member Banks.--
       (1) In general.--For purposes of computing the special 
     assessment imposed under this section with respect to a Bank 
     Insurance Fund member bank, the amount of any deposits of any 
     insured depository institution which section 5(d)(3) of the 
     Federal Deposit Insurance Act treats as insured by the 
     Savings Association Insurance Fund shall be reduced by 20 
     percent--
       (A) if the adjusted attributable deposit amount of the Bank 
     Insurance Fund member bank is less than 50 percent of the 
     total domestic deposits of that member bank as of June 30, 
     1995; or
       (B) if, as of June 30, 1995, the Bank Insurance Fund 
     member--
       (i) had an adjusted attributable deposit amount equal to 
     less than 75 percent of the total assessable deposits of that 
     member bank;
       (ii) had total assessable deposits greater than 
     $5,000,000,000; and
       (iii) was owned or controlled by a bank holding company 
     that owned or controlled insured depository institutions 
     having an aggregate amount of deposits insured or treated as 
     insured by the Bank Insurance Fund greater than the aggregate 
     amount of deposits insured or treated as insured by the 
     Savings Association Insurance Fund.
       (2) Adjusted attributable deposit amount.--For purposes of 
     this subsection, the ``adjusted attributable deposit amount'' 
     shall be determined in accordance with section 5(d)(3)(C) of 
     the Federal Deposit Insurance Act.
       (i) Adjustment to the Adjusted Attributable Deposit Amount 
     for Certain Bank Insurance Fund Member Banks.--Section 
     5(d)(3) of the Federal Deposit Insurance Act (12 U.S.C. 
     1815(d)(3)) is amended--
       (1) in subparagraph (C), by striking ``The adjusted 
     attributable deposit amount'' and inserting ``Except as 
     provided in subparagraph (K), the adjusted attributable 
     deposit amount''; and
       (2) by adding at the end the following new subparagraph:
       ``(K) Adjustment of adjusted attributable deposit amount.--
     The amount determined under subparagraph (C)(i) for deposits 
     acquired by March 31, 1995, shall be reduced by 20 percent 
     for purposes of computing the adjusted attributable deposit 
     amount for the payment of any assessment for any semiannual 
     period after December 31, 1995 (other than the special 
     assessment imposed under section 1011(a) of the Balanced 
     Budget Act of 1996), for a Bank Insurance Fund member bank 
     that, as of June 30, 1995--
       ``(i) had an adjusted attributable deposit amount that was 
     less than 50 percent of the total deposits of that member 
     bank; or
       ``(ii)(I) had an adjusted attributable deposit amount equal 
     to less than 75 percent of the total assessable deposits of 
     that member bank;
       ``(II) had total assessable deposits greater than 
     $5,000,000,000; and
       ``(III) was owned or controlled by a bank holding company 
     that owned or controlled insured depository institutions 
     having an aggregate amount of deposits insured or treated as 
     insured by the Bank Insurance Fund greater than the aggregate 
     amount of deposits insured or treated as insured by the 
     Savings Association Insurance Fund.''.
       (j) Adjustment of Special Assessment for Certain Savings 
     Associations.--
       (1) Special assessment reduction.--For purposes of 
     computing the special assessment imposed under this section, 
     in the case of any converted association, the amount of any 
     deposits of such association which were insured by the 
     Savings Association Insurance Fund as of March 31, 1995, 
     shall be reduced by 20 percent.
       (2) Converted association.--For purposes of this 
     subsection, the term ``converted association'' means--
       (A) any Federal savings association--
       (i) that is a member of the Savings Association Insurance 
     Fund and that has deposits subject to assessment by that fund 
     which did not exceed $4,000,000,000, as of March 31, 1995; 
     and
       (ii) that had been, or is a successor by merger, 
     acquisition, or otherwise to an institution that had been, a 
     State savings bank, the deposits of which were insured by the 
     Federal Deposit Insurance Corporation prior to August 9, 
     1989, that converted to a Federal savings association 
     pursuant to section 5(i) of the Home Owners' Loan Act prior 
     to January 1, 1985;
       (B) a State depository institution that is a member of the 
     Savings Association Insurance Fund that had been a State 
     savings bank prior to October 15, 1982, and was a Federal 
     savings association on August 9, 1989;
       (C) an insured bank that--
       (i) was established de novo in order to acquire the 
     deposits of a savings association in default or in danger of 
     default;
       (ii) did not open for business before acquiring the 
     deposits of such savings association; and
       (iii) was a Savings Association Insurance Fund member as of 
     the date of enactment of this Act; and
       (D) an insured bank that--
       (i) resulted from a savings association before December 19, 
     1991, in accordance with section 5(d)(2)(G) of the Federal 
     Deposit Insurance Act; and
       (ii) had an increase in its capital in conjunction with the 
     conversion in an amount equal to more than 75 percent of the 
     capital of the institution on the day before the date of the 
     conversion.

     SEC. 1012. FINANCING CORPORATION ASSESSMENTS SHARED 
                   PROPORTIONALLY BY ALL INSURED DEPOSITORY 
                   INSTITUTIONS.

       (a) In General.--Section 21 of the Federal Home Loan Bank 
     Act (12 U.S.C. 1441) is amended--
       (1) in subsection (f)(2)--
       (A) in the matter immediately preceding subparagraph (A)--
       (i) by striking ``Savings Association Insurance Fund 
     member'' and inserting ``insured depository institution''; 
     and
       (ii) by striking ``members'' and inserting 
     ``institutions''; and
       (B) by striking ``, except that--'' and all that follows 
     through the end of the paragraph and inserting ``, except 
     that--
       ``(A) the Financing Corporation shall have first priority 
     to make the assessment; and
       ``(B) no limitation under clause (i) or (iii) of section 
     7(b)(2)(A) of the Federal Deposit Insurance Act shall apply 
     for purposes of this paragraph.''; and
       (2) in subsection (k)--
       (A) by striking ``section--'' and inserting ``section, the 
     following definitions shall apply:'';
       (B) by striking paragraph (1);
       (C) by redesignating paragraphs (2) and (3) as paragraphs 
     (1) and (2), respectively; and
       (D) by adding at the end the following new paragraph:
       ``(3) Insured depository institution.--The term `insured 
     depository institution' has the same meaning as in section 3 
     of the Federal Deposit Insurance Act.''.
       (b) Conforming Amendment.--Section 7(b)(2) of the Federal 
     Deposit Insurance Act (12 U.S.C. 1817(b)(2)) is amended by 
     striking subparagraph (D).
       (c) Effective Date.--This section and the amendments made 
     by this section shall become effective on January 1, 1997.

     SEC. 1013. MERGER OF BIF AND SAIF.

       (a) In General.--
       (1) Merger.--The Bank Insurance Fund and the Savings 
     Association Insurance Fund shall be merged into the Deposit 
     Insurance Fund established by section 11(a)(4) of the Federal 
     Deposit Insurance Act, as amended by this section.
       (2) Disposition of assets and liabilities.--All assets and 
     liabilities of the Bank Insurance Fund and the Savings 
     Association Insurance Fund shall be transferred to the 
     Deposit Insurance Fund.
       (3) No separate existence.--The separate existence of the 
     Bank Insurance Fund and the Savings Association Insurance 
     Fund shall cease.
       (b) Special Reserve of the Deposit Insurance Fund.--
       (1) In general.--Immediately before the merger of the Bank 
     Insurance Fund and the Savings Association Insurance Fund, if 
     the reserve ratio of the Savings Association Insurance Fund 
     exceeds the designated reserve ratio, the amount by which 
     that reserve ratio exceeds the designated reserve ratio shall 
     be placed in the Special Reserve of the Deposit Insurance 
     Fund, established under section 11(a)(5) of the Federal 
     Deposit Insurance Act, as amended by this section.
       (2) Definition.--For purposes of this subsection, the term 
     ``reserve ratio'' means the ratio of the net worth of the 
     Savings Association Insurance Fund to aggregate estimated 
     deposits insured by the Savings Association Insurance Fund.
       (c) Effective Date.--This section and the amendments made 
     by this section shall become effective on January 1, 1998, if 
     no insured depository institution is a savings association on 
     that date.
       (d) Technical and Conforming Amendments.--

[[Page S4944]]

       (1) Deposit insurance fund.--Section 11(a)(4) of the 
     Federal Deposit Insurance Act (12 U.S.C. 1821(a)(4)) is 
     amended--
       (A) by redesignating subparagraph (B) as subparagraph (C);
       (B) by striking subparagraph (A) and inserting the 
     following:
       ``(A) Establishment.--There is established the Deposit 
     Insurance Fund, which the Corporation shall--
       ``(i) maintain and administer;
       ``(ii) use to carry out its insurance purposes in the 
     manner provided by this subsection; and
       ``(iii) invest in accordance with section 13(a).
       ``(B) Uses.--The Deposit Insurance Fund shall be available 
     to the Corporation for use with respect to Deposit Insurance 
     Fund members.''; and
       (C) by striking ``(4) General provisions relating to 
     funds.--'' and inserting the following:
       ``(4) Establishment of the deposit insurance fund.--''.
       (2) Other references.--Section 11(a)(4)(C) of the Federal 
     Deposit Insurance Act (12 U.S.C. 1821(a)(4)(C), as 
     redesignated by paragraph (1) of this subsection) is amended 
     by striking ``Bank Insurance Fund and the Savings Association 
     Insurance Fund'' and inserting ``Deposit Insurance Fund''.
       (3) Deposits into fund.--Section 11(a)(4) of the Federal 
     Deposit Insurance Act (12 U.S.C. 1821(a)(4)) is amended by 
     adding at the end the following new subparagraph:
       ``(D) Deposits.--All amounts assessed against insured 
     depository institutions by the Corporation shall be deposited 
     in the Deposit Insurance Fund.''.
       (4) Special reserve of deposits.--Section 11(a)(5) of the 
     Federal Deposit Insurance Act (12 U.S.C. 1821(a)(5)) is 
     amended to read as follows:
       ``(5) Special reserve of deposit insurance fund.--
       ``(A) Establishment.--
       ``(i) In general.--There is established a Special Reserve 
     of the Deposit Insurance Fund, which shall be administered by 
     the Corporation and shall be invested in accordance with 
     section 13(a).
       ``(ii) Limitation.--The Corporation shall not provide any 
     assessment credit, refund, or other payment from any amount 
     in the Special Reserve.
       ``(B) Emergency use of special reserve.--Notwithstanding 
     subparagraph (A)(ii), the Corporation may, in its sole 
     discretion, transfer amounts from the Special Reserve to the 
     Deposit Insurance Fund, for the purposes set forth in 
     paragraph (4), only if--
       ``(i) the reserve ratio of the Deposit Insurance Fund is 
     less than 50 percent of the designated reserve ratio; and
       ``(ii) the Corporation expects the reserve ratio of the 
     Deposit Insurance Fund to remain at less than 50 percent of 
     the designated reserve ratio for each of the next 4 calendar 
     quarters.
       ``(C) Exclusion of special reserve in calculating reserve 
     ratio.--Notwithstanding any other provision of law, any 
     amounts in the Special Reserve shall be excluded in 
     calculating the reserve ratio of the Deposit Insurance Fund 
     under section 7.''.
       (5) Federal home loan bank act.--Section 21B(f)(2)(C)(ii) 
     of the Federal Home Loan Bank Act (12 U.S.C. 
     1441b(f)(2)(C)(ii)) is amended--
       (A) in subclause (I), by striking ``to Savings Associations 
     Insurance Fund members'' and inserting ``to insured 
     depository institutions, and their successors, which were 
     Savings Association Insurance Fund members on September 1, 
     1995''; and
       (B) in subclause (II), by striking ``to Savings 
     Associations Insurance Fund members'' and inserting ``to 
     insured depository institutions, and their successors, which 
     were Savings Association Insurance Fund members on September 
     1, 1995''.
       (6) Repeals.--
       (A) Section 3.--Section 3(y) of the Federal Deposit 
     Insurance Act (12 U.S.C. 1813(y)) is amended to read as 
     follows:
       ``(y) Definitions Relating to the Deposit Insurance Fund.--
       ``(1) Deposit insurance fund.--The term `Deposit Insurance 
     Fund' means the fund established under section 11(a)(4).
       ``(2) Reserve ratio.--The term `reserve ratio' means the 
     ratio of the net worth of the Deposit Insurance Fund to 
     aggregate estimated insured deposits held in all insured 
     depository institutions.
       ``(3) Designated reserve ratio.--The designated reserve 
     ratio of the Deposit Insurance Fund for each year shall be--
       ``(A) 1.25 percent of estimated insured deposits; or
       ``(B) a higher percentage of estimated insured deposits 
     that the Board of Directors determines to be justified for 
     that year by circumstances raising a significant risk of 
     substantial future losses to the fund.''.
       (B) Section 7.--Section 7 of the Federal Deposit Insurance 
     Act (12 U.S.C. 1817) is amended--
       (i) by striking subsection (l);
       (ii) by redesignating subsections (m) and (n) as 
     subsections (l) and (m), respectively;
       (iii) in subsection (b)(2), by striking subparagraphs (B) 
     and (F), and by redesignating subparagraphs (C), (E), (G), 
     and (H) as subparagraphs (B) through (E), respectively.
       (C) Section 11.--Section 11(a) of the Federal Deposit 
     Insurance Act (12 U.S.C. 1821(a)) is amended--
       (i) by striking paragraphs (6) and (7); and
       (ii) by redesignating paragraph (8) as paragraph (6).
       (7) Section 5136 of the revised statutes.--Paragraph 
     Eleventh of section 5136 of the Revised Statutes (12 U.S.C. 
     24) is amended in the fifth sentence, by striking ``affected 
     deposit insurance fund'' and inserting ``Deposit Insurance 
     Fund''.
       (8) Investments promoting public welfare; limitations on 
     aggregate investments.--The 23d undesignated paragraph of 
     section 9 of the Federal Reserve Act (12 U.S.C. 338a) is 
     amended in the fourth sentence, by striking ``affected 
     deposit insurance fund'' and inserting ``Deposit Insurance 
     Fund''.
       (9) Advances to critically undercapitalized depository 
     institutions.--Section 10B(b)(3)(A)(ii) of the Federal 
     Reserve Act (12 U.S.C. 347b(b)(3)(A)(ii)) is amended by 
     striking ``any deposit insurance fund in'' and inserting 
     ``the Deposit Insurance Fund of''.
       (10) Amendments to the balanced budget and emergency 
     deficit control act of 1985.--Section 255(g)(1)(A) of the 
     Balanced Budget and Emergency Deficit Control Act of 1985 (2 
     U.S.C. 905(g)(1)(A)) is amended--
       (A) by striking ``Bank Insurance Fund'' and inserting 
     ``Deposit Insurance Fund''; and
       (B) by striking ``Federal Deposit Insurance Corporation, 
     Savings Association Insurance Fund;''.
       (11) Further amendments to the federal home loan bank 
     act.--The Federal Home Loan Bank Act (12 U.S.C. 1421 et seq.) 
     is amended--
       (A) in section 11(k) (12 U.S.C. 1431(k))--
       (i) in the subsection heading, by striking ``SAIF'' and 
     inserting ``the Deposit Insurance Fund''; and
       (ii) by striking ``Savings Association Insurance Fund'' 
     each place such term appears and inserting ``Deposit 
     Insurance Fund'';
       (B) in section 21A(b)(4)(B) (12 U.S.C. 1441a(b)(4)(B)), by 
     striking ``affected deposit insurance fund'' and inserting 
     ``Deposit Insurance Fund'';
       (C) in section 21A(b)(6)(B) (12 U.S.C. 1441a(b)(6)(B))--
       (i) in the subparagraph heading, by striking ``SAIF-insured 
     banks'' and inserting ``Charter conversions''; and
       (ii) by striking ``Savings Association Insurance Fund 
     member'' and inserting ``savings association'';
       (D) in section 21A(b)(10)(A)(iv)(II) (12 U.S.C. 
     1441a(b)(10)(A)(iv)(II)), by striking ``Savings Association 
     Insurance Fund'' and inserting ``Deposit Insurance Fund'';
       (E) in section 21B(e) (12 U.S.C. 1441b(e))--
       (i) in paragraph (5), by inserting ``as of the date of 
     funding'' after ``Savings Association Insurance Fund 
     members'' each place such term appears;
       (ii) by striking paragraph (7); and
       (iii) by redesignating paragraph (8) as paragraph (7); and
       (F) in section 21B(k) (12 U.S.C. 1441b(k))--
       (i) by striking paragraph (8); and
       (ii) by redesignating paragraphs (9) and (10) as paragraphs 
     (8) and (9), respectively.
       (12) Amendments to the home owners' loan act.--The Home 
     Owners' Loan Act (12 U.S.C. 1461 et seq.) is amended--
       (A) in section 5 (12 U.S.C. 1464)--
       (i) in subsection (c)(5)(A), by striking ``that is a member 
     of the Bank Insurance Fund'';
       (ii) in subsection (c)(6), by striking ``As used in this 
     subsection--'' and inserting ``For purposes of this 
     subsection, the following definitions shall apply:'';
       (iii) in subsection (o)(1), by striking ``that is a Bank 
     Insurance Fund member'';
       (iv) in subsection (o)(2)(A), by striking ``a Bank 
     Insurance Fund member until such time as it changes its 
     status to a Savings Association Insurance Fund member'' and 
     inserting ``insured by the Deposit Insurance Fund'';
       (v) in subsection (t)(5)(D)(iii)(II), by striking 
     ``affected deposit insurance fund'' and inserting ``Deposit 
     Insurance Fund'';
       (vi) in subsection (t)(7)(C)(i)(I), by striking ``affected 
     deposit insurance fund'' and inserting ``Deposit Insurance 
     Fund''; and
       (vii) in subsection (v)(2)(A)(i), by striking ``, the 
     Savings Association Insurance Fund'' and inserting ``or the 
     Deposit Insurance Fund''; and
       (B) in section 10 (12 U.S.C. 1467a)--
       (i) in subsection (e)(1)(A)(iii)(VII), by adding ``or'' at 
     the end;
       (ii) in subsection (e)(1)(A)(iv), by adding ``and'' at the 
     end;
       (iii) in subsection (e)(1)(B), by striking ``Savings 
     Association Insurance Fund or Bank Insurance Fund'' and 
     inserting ``Deposit Insurance Fund'';
       (iv) in subsection (e)(2), by striking ``Savings 
     Association Insurance Fund or the Bank Insurance Fund'' and 
     inserting ``Deposit Insurance Fund''; and
       (v) in subsection (m)(3), by striking subparagraph (E), and 
     by redesignating subparagraphs (F), (G), and (H) as 
     subparagraphs (E), (F), and (G), respectively.
       (13) Amendments to the national housing act.--The National 
     Housing Act (12 U.S.C. 1701 et seq.) is amended--
       (A) in section 317(b)(1)(B) (12 U.S.C. 1723i(b)(1)(B)), by 
     striking ``Bank Insurance Fund for banks or through the 
     Savings Association Insurance Fund for savings associations'' 
     and inserting ``Deposit Insurance Fund''; and
       (B) in section 526(b)(1)(B)(ii) (12 U.S.C. 1735f-
     14(b)(1)(B)(ii)), by striking ``Bank Insurance Fund for banks 
     and through the Savings Association Insurance Fund for 
     savings associations'' and inserting ``Deposit Insurance 
     Fund''.

[[Page S4945]]

       (14) Further amendments to the federal deposit insurance 
     act.--The Federal Deposit Insurance Act (12 U.S.C. 1811 et 
     seq.) is amended--
       (A) in section 3(a)(1) (12 U.S.C. 1813(a)(1)), by striking 
     subparagraph (B) and inserting the following:
       ``(B) includes any former savings association.'';
       (B) in section 5(b)(5) (12 U.S.C. 1815(b)(5)), by striking 
     ``the Bank Insurance Fund or the Savings Association 
     Insurance Fund;'' and inserting ``Deposit Insurance Fund,'';
       (C) in section 5(d) (12 U.S.C. 1815(d)), by striking 
     paragraphs (2) and (3);
       (D) in section 5(d)(1) (12 U.S.C. 1815(d)(1))--
       (i) in subparagraph (A), by striking ``reserve ratios in 
     the Bank Insurance Fund and the Savings Association Insurance 
     Fund'' and inserting ``the reserve ratio of the Deposit 
     Insurance Fund'';
       (ii) by striking subparagraph (B) and inserting the 
     following:
       ``(2) Fee credited to the deposit insurance fund.--The fee 
     paid by the depository institution under paragraph (1) shall 
     be credited to the Deposit Insurance Fund.'';
       (iii) by striking ``(1) Uninsured institutions.--''; and
       (iv) by redesignating subparagraphs (A) and (C) as 
     paragraphs (1) and (3), respectively, and moving the margins 
     2 ems to the left;
       (E) in section 5(e) (12 U.S.C. 1815(e))--
       (i) in paragraph (5)(A), by striking ``Bank Insurance Fund 
     or the Savings Association Insurance Fund'' and inserting 
     ``Deposit Insurance Fund'';
       (ii) by striking paragraph (6); and
       (iii) by redesignating paragraphs (7), (8), and (9) as 
     paragraphs (6), (7), and (8), respectively;
       (F) in section 6(5) (12 U.S.C. 1816(5)), by striking ``Bank 
     Insurance Fund or the Savings Association Insurance Fund'' 
     and inserting ``Deposit Insurance Fund'';
       (G) in section 7(b) (12 U.S.C. 1817(b))--
       (i) in paragraph (1)(D), by striking ``each deposit 
     insurance fund'' and inserting ``the Deposit Insurance 
     Fund'';
       (ii) in clauses (i)(I) and (iv) of paragraph (2)(A), by 
     striking ``each deposit insurance fund'' each place such term 
     appears and inserting ``the Deposit Insurance Fund'';
       (iii) in paragraph (2)(A)(iii), by striking ``a deposit 
     insurance fund'' and inserting ``the Deposit Insurance 
     Fund'';
       (iv) by striking clause (iv) of paragraph (2)(A);
       (v) in paragraph (2)(C) (as redesignated by paragraph 
     (6)(B) of this subsection)--

       (I) by striking ``any deposit insurance fund'' and 
     inserting ``the Deposit Insurance Fund''; and
       (II) by striking ``that fund'' each place such term appears 
     and inserting ``the Deposit Insurance Fund'';

       (vi) in paragraph (2)(D) (as redesignated by paragraph 
     (6)(B) of this subsection)--

       (I) in the subparagraph heading, by striking ``funds 
     achieve'' and inserting ``fund achieves''; and
       (II) by striking ``a deposit insurance fund'' and inserting 
     ``the Deposit Insurance Fund'';

       (vii) in paragraph (3)--

       (I) in the paragraph heading, by striking ``funds'' and 
     inserting ``fund'';
       (II) by striking ``that fund'' each place such term appears 
     and inserting ``the Deposit Insurance Fund'';
       (III) in subparagraph (A), by striking ``Except as provided 
     in paragraph (2)(F), if'' and inserting ``If'';
       (IV) in subparagraph (A), by striking ``any deposit 
     insurance fund'' and inserting ``the Deposit Insurance 
     Fund''; and
       (V) by striking subparagraphs (C) and (D) and inserting the 
     following:

       ``(C) Amending schedule.--The Corporation may, by 
     regulation, amend a schedule promulgated under subparagraph 
     (B).''; and
       (viii) in paragraph (6)--

       (I) by striking ``any such assessment'' and inserting ``any 
     such assessment is necessary'';
       (II) by striking ``(A) is necessary--'';
       (III) by striking subparagraph (B);
       (IV) by redesignating clauses (i), (ii), and (iii) as 
     subparagraphs (A), (B), and (C), respectively, and moving the 
     margins 2 ems to the left; and
       (V) in subparagraph (C) (as redesignated), by striking ``; 
     and'' and inserting a period;

       (H) in section 11(f)(1) (12 U.S.C. 1821(f)(1)), by striking 
     ``, except that--'' and all that follows through the end of 
     the paragraph and inserting a period;
       (I) in section 11(i)(3) (12 U.S.C. 1821(i)(3))--
       (i) by striking subparagraph (B);
       (ii) by redesignating subparagraph (C) as subparagraph (B); 
     and
       (iii) in subparagraph (B) (as redesignated), by striking 
     ``subparagraphs (A) and (B)'' and inserting ``subparagraph 
     (A)'';
       (J) in section 11A(a) (12 U.S.C. 1821a(a))--
       (i) in paragraph (2), by striking ``liabilities.--'' and 
     all that follows through ``Except'' and inserting 
     ``liabilities.--Except'';
       (ii) by striking paragraph (2)(B); and
       (iii) in paragraph (3), by striking ``the Bank Insurance 
     Fund, the Savings Association Insurance Fund,'' and inserting 
     ``the Deposit Insurance Fund'';
       (K) in section 11A(b) (12 U.S.C. 1821a(b)), by striking 
     paragraph (4);
       (L) in section 11A(f) (12 U.S.C. 1821a(f)), by striking 
     ``Savings Association Insurance Fund'' and inserting 
     ``Deposit Insurance Fund'';
       (M) in section 13 (12 U.S.C. 1823)--
       (i) in subsection (a)(1), by striking ``Bank Insurance 
     Fund, the Savings Association Insurance Fund,'' and inserting 
     ``Deposit Insurance Fund, the Special Reserve of the Deposit 
     Insurance Fund,'';
       (ii) in subsection (c)(4)(E)--

       (I) in the subparagraph heading, by striking ``funds'' and 
     inserting ``fund''; and
       (II) in clause (i), by striking ``any insurance fund'' and 
     inserting ``the Deposit Insurance Fund'';

       (iii) in subsection (c)(4)(G)(ii)--

       (I) by striking ``appropriate insurance fund'' and 
     inserting ``Deposit Insurance Fund'';
       (II) by striking ``the members of the insurance fund (of 
     which such institution is a member)'' and inserting ``insured 
     depository institutions'';
       (III) by striking ``each member's'' and inserting ``each 
     insured depository institution's''; and
       (IV) by striking ``the member's'' each place such term 
     appears and inserting ``the institution's'';

       (iv) in subsection (c), by striking paragraph (11);
       (v) in subsection (h), by striking ``Bank Insurance Fund'' 
     and inserting ``Deposit Insurance Fund'';
       (vi) in subsection (k)(4)(B)(i), by striking ``Savings 
     Association Insurance Fund'' and inserting ``Deposit 
     Insurance Fund''; and
       (vii) in subsection (k)(5)(A), by striking ``Savings 
     Association Insurance Fund'' and inserting ``Deposit 
     Insurance Fund'';
       (N) in section 14(a) (12 U.S.C. 1824(a)) in the fifth 
     sentence--
       (i) by striking ``Bank Insurance Fund or the Savings 
     Association Insurance Fund'' and inserting ``Deposit 
     Insurance Fund''; and
       (ii) by striking ``each such fund'' and inserting ``the 
     Deposit Insurance Fund'';
       (O) in section 14(b) (12 U.S.C. 1824(b)), by striking 
     ``Bank Insurance Fund or Savings Association Insurance Fund'' 
     and inserting ``Deposit Insurance Fund'';
       (P) in section 14(c) (12 U.S.C. 1824(c)), by striking 
     paragraph (3);
       (Q) in section 14(d) (12 U.S.C. 1824(d))--
       (i) by striking ``BIF'' each place such term appears and 
     inserting ``DIF''; and
       (ii) by striking ``Bank Insurance Fund'' each place such 
     term appears and inserting ``Deposit Insurance Fund'';
       (R) in section 15(c)(5) (12 U.S.C. 1825(c)(5))--
       (i) by striking ``the Bank Insurance Fund or Savings 
     Association Insurance Fund, respectively'' each place such 
     term appears and inserting ``the Deposit Insurance Fund''; 
     and
       (ii) in subparagraph (B), by striking ``the Bank Insurance 
     Fund or the Savings Association Insurance Fund, 
     respectively'' and inserting ``the Deposit Insurance Fund'';
       (S) in section 17(a) (12 U.S.C. 1827(a))--
       (i) in the subsection heading, by striking ``BIF, SAIF,'' 
     and inserting ``the Deposit Insurance Fund''; and
       (ii) in paragraph (1), by striking ``the Bank Insurance 
     Fund, the Savings Association Insurance Fund,'' each place 
     such term appears and inserting ``the Deposit Insurance 
     Fund'';
       (T) in section 17(d) (12 U.S.C. 1827(d)), by striking ``the 
     Bank Insurance Fund, the Savings Association Insurance 
     Fund,'' each place such term appears and inserting ``the 
     Deposit Insurance Fund'';
       (U) in section 18(m)(3) (12 U.S.C. 1828(m)(3))--
       (i) by striking ``Savings Association Insurance Fund'' each 
     place such term appears and inserting ``Deposit Insurance 
     Fund''; and
       (ii) in subparagraph (C), by striking ``or the Bank 
     Insurance Fund'';
       (V) in section 18(p) (12 U.S.C. 1828(p)), by striking 
     ``deposit insurance funds'' and inserting ``Deposit Insurance 
     Fund'';
       (W) in section 24 (12 U.S.C. 1831a) in subsections (a)(1) 
     and (d)(1)(A), by striking ``appropriate deposit insurance 
     fund'' each place such term appears and inserting ``Deposit 
     Insurance Fund'';
       (X) in section 28 (12 U.S.C. 1831e), by striking ``affected 
     deposit insurance fund'' each place such term appears and 
     inserting ``Deposit Insurance Fund'';
       (Y) by striking section 31 (12 U.S.C. 1831h);
       (Z) in section 36(i)(3) (12 U.S.C. 1831m(i)(3)) by striking 
     ``affected deposit insurance fund'' and inserting ``Deposit 
     Insurance Fund'';
       (AA) in section 38(a) (12 U.S.C. 1831o(a)) in the 
     subsection heading, by striking ``Funds'' and inserting 
     ``Fund'';
       (BB) in section 38(k) (12 U.S.C. 1831o(k))--
       (i) in paragraph (1), by striking ``a deposit insurance 
     fund'' and inserting ``the Deposit Insurance Fund''; and
       (ii) in paragraph (2)(A)--

       (I) by striking ``A deposit insurance fund'' and inserting 
     ``The Deposit Insurance Fund''; and
       (II) by striking ``the deposit insurance fund's outlays'' 
     and inserting ``the outlays of the Deposit Insurance Fund''; 
     and

       (CC) in section 38(o) (12 U.S.C. 1831o(o))--
       (i) by striking ``Associations.--'' and all that follows 
     through ``Subsections (e)(2)'' and inserting 
     ``Associations.--Subsections (e)(2)'';
       (ii) by redesignating subparagraphs (A), (B), and (C) as 
     paragraphs (1), (2), and (3), respectively, and moving the 
     margins 2 ems to the left; and
       (iii) in paragraph (1) (as redesignated), by redesignating 
     clauses (i) and (ii) as subparagraphs (A) and (B), 
     respectively, and moving the margins 2 ems to the left.
       (15) Amendments to the financial institutions reform, 
     recovery, and enforcement

[[Page S4946]]

     act of 1989.--The Financial Institutions Reform, Recovery, 
     and Enforcement Act (Public Law 101-73; 103 Stat. 183) is 
     amended--
       (A) in section 951(b)(3)(B) (12 U.S.C. 1833a(b)(3)(B)), by 
     striking ``Bank Insurance Fund, the Savings Association 
     Insurance Fund,'' and inserting ``Deposit Insurance Fund''; 
     and
       (B) in section 1112(c)(1)(B) (12 U.S.C. 3341(c)(1)(B)), by 
     striking ``Bank Insurance Fund, the Savings Association 
     Insurance Fund,'' and inserting ``Deposit Insurance Fund''.
       (16) Amendment to the bank enterprise act of 1991.--Section 
     232(a)(1) of the Bank Enterprise Act of 1991 (12 U.S.C. 
     1834(a)(1)) is amended by striking ``section 7(b)(2)(H)'' and 
     inserting ``section 7(b)(2)(G)''.
       (17) Amendment to the bank holding company act.--Section 
     2(j)(2) of the Bank Holding Company Act of 1956 (12 U.S.C. 
     1841(j)(2)) is amended by striking ``Savings Association 
     Insurance Fund'' and inserting ``Deposit Insurance Fund''.

     SEC. 1014. CREATION OF SAIF SPECIAL RESERVE.

       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) Establishment of saif special reserve.--
       ``(i) Establishment.--If, on January 1, 1998, the reserve 
     ratio of the Savings Association Insurance Fund exceeds the 
     designated reserve ratio, there is established a Special 
     Reserve of the Savings Association Insurance Fund, which 
     shall be administered by the Corporation and shall be 
     invested in accordance with section 13(a).
       ``(ii) Amounts in special reserve.--If, on January 1, 1998, 
     the reserve ratio of the Savings Association Insurance Fund 
     exceeds the designated reserve ratio, the amount by which the 
     reserve ratio exceeds the designated reserve ratio shall be 
     placed in the Special Reserve of the Savings Association 
     Insurance Fund established by clause (i).
       ``(iii) Limitation.--The Corporation shall not provide any 
     assessment credit, refund, or other payment from any amount 
     in the Special Reserve of the Savings Association Insurance 
     Fund.
       ``(iv) Emergency use of special reserve.--Notwithstanding 
     clause (iii), the Corporation may, in its sole discretion, 
     transfer amounts from the Special Reserve of the Savings 
     Association Insurance Fund to the Savings Association 
     Insurance Fund for the purposes set forth in paragraph (4), 
     only if--
       ``(I) the reserve ratio of the Savings Association 
     Insurance Fund is less than 50 percent of the designated 
     reserve ratio; and
       ``(II) the Corporation expects the reserve ratio of the 
     Savings Association Insurance Fund to remain at less than 50 
     percent of the designated reserve ratio for each of the next 
     4 calendar quarters.
       ``(v) Exclusion of special reserve in calculating reserve 
     ratio.--Notwithstanding any other provision of law, any 
     amounts in the Special Reserve of the Savings Association 
     Insurance Fund shall be excluded in calculating the reserve 
     ratio of the Savings Association Insurance Fund.''.

     SEC. 1015. REFUND OF AMOUNTS IN DEPOSIT INSURANCE FUND IN 
                   EXCESS OF DESIGNATED RESERVE AMOUNT.

       Subsection (e) of section 7 of the Federal Deposit 
     Insurance Act (12 U.S.C. 1817(e)) is amended to read as 
     follows:
       ``(e) Refunds.--
       ``(1) Overpayments.--In the case of any payment of an 
     assessment by an insured depository institution in excess of 
     the amount due to the Corporation, the Corporation may--
       ``(A) refund the amount of the excess payment to the 
     insured depository institution; or
       ``(B) credit such excess amount toward the payment of 
     subsequent semiannual assessments until such credit is 
     exhausted.
       ``(2) Balance in insurance fund in excess of designated 
     reserve.--
       ``(A) In general.--Subject to subparagraphs (B) and (C), 
     if, as of the end of any semiannual assessment period, the 
     amount of the actual reserves in--
       ``(i) the Bank Insurance Fund (until the merger of such 
     fund into the Deposit Insurance Fund pursuant to section 1013 
     of the Balanced Budget Act of 1996); or
       ``(ii) the Deposit Insurance Fund (after the establishment 
     of such fund),

     exceeds the balance required to meet the designated reserve 
     ratio applicable with respect to such fund, such excess 
     amount shall be refunded to insured depository institutions 
     by the Corporation on such basis as the Board of Directors 
     determines to be appropriate, taking into account the factors 
     considered under the risk-based assessment system.
       ``(B) Refund not to exceed previous semiannual 
     assessment.--The amount of any refund under this paragraph to 
     any member of a deposit insurance fund for any semiannual 
     assessment period may not exceed the total amount of 
     assessments paid by such member to the insurance fund with 
     respect to such period.
       ``(C) Refund limitation for certain institutions.--No 
     refund may be made under this paragraph with respect to the 
     amount of any assessment paid for any semiannual assessment 
     period by any insured depository institution described in 
     clause (v) of subsection (b)(2)(A).''.

     SEC. 1016. ASSESSMENT RATES FOR SAIF MEMBERS MAY NOT BE LESS 
                   THAN ASSESSMENT RATES FOR BIF MEMBERS.

       Section 7(b)(2)(C) of the Federal Deposit Insurance Act (12 
     U.S.C. 1817(b)(2)(E), as redesignated by section 1013(d)(6) 
     of this Act) is amended--
       (1) by striking ``and'' at the end of clause (i);
       (2) by striking the period at the end of clause (ii) and 
     inserting ``; and''; and
       (3) by adding at the end the following new clause:
       ``(iii) notwithstanding any other provision of this 
     subsection, during the period beginning on the date of 
     enactment of the Balanced Budget Act of 1996, and ending on 
     January 1, 1998, the assessment rate for a Savings 
     Association Insurance Fund member may not be less than the 
     assessment rate for a Bank Insurance Fund member that poses a 
     comparable risk to the deposit insurance fund.''.

     SEC. 1017. ASSESSMENTS AUTHORIZED ONLY IF NEEDED TO MAINTAIN 
                   THE RESERVE RATIO OF A DEPOSIT INSURANCE FUND.

       (a) In General.--Section 7(b)(2)(A)(i) of the Federal 
     Deposit Insurance Act (12 U.S.C. 1817(b)(2)(A)(i)) is amended 
     in the matter preceding subclause (I), by inserting ``when 
     necessary, and only to the extent necessary'' after ``insured 
     depository institutions''.
       (b) Limitation on Assessment.--Section 7(b)(2)(A)(iii) of 
     the Federal Deposit Insurance Act (12 U.S.C. 
     1817(b)(2)(A)(iii)) is amended to read as follows:
       ``(iii) Limitation on assessment.--Except as provided in 
     clause (v), the Board of Directors shall not set semiannual 
     assessments with respect to a deposit insurance fund in 
     excess of the amount needed--

       ``(I) to maintain the reserve ratio of the fund at the 
     designated reserve ratio; or
       ``(II) if the reserve ratio is less than the designated 
     reserve ratio, to increase the reserve ratio to the 
     designated reserve ratio.''.

       (c) Exception to Limitation on Assessments.--Section 
     7(b)(2)(A) of the Federal Deposit Insurance Act (12 U.S.C. 
     1817(b)(2)(A)) is amended by adding at the end the following 
     new clause:
       ``(v) Exception to limitation on assessments.--The Board of 
     Directors may set semiannual assessments in excess of the 
     amount permitted under clauses (i) and (iii) with respect to 
     insured depository institutions that exhibit financial, 
     operational, or compliance weaknesses ranging from moderately 
     severe to unsatisfactory, or are not well capitalized, as 
     that term is defined in section 38.''.

     SEC. 1018. DEFINITIONS.

       For purposes of this title--
       (1) the term ``Bank Insurance Fund'' means the fund 
     established pursuant to section (11)(a)(5)(A) of the Federal 
     Deposit Insurance Act, as that section existed on the day 
     before the date of enactment of this Act;
       (2) the terms ``Bank Insurance Fund member'' and ``Savings 
     Association Insurance Fund member'' have the same meanings as 
     in section 7(l) of the Federal Deposit Insurance Act;
       (3) the terms ``bank'', ``Board of Directors'', 
     ``Corporation'', ``insured depository institution'', 
     ``Federal savings association'', ``savings association'', 
     ``State savings bank'', and ``State depository institution'' 
     have the same meanings as in section 3 of the Federal Deposit 
     Insurance Act;
       (4) the term ``Deposit Insurance Fund'' means the fund 
     established under section 11(a)(4) of the Federal Deposit 
     Insurance Act, as amended by section 1013(d) of this Act;
       (5) the term ``depository institution holding company'' has 
     the same meaning as in section 3 of the Federal Deposit 
     Insurance Act;
       (6) the term ``designated reserve ratio'' has the same 
     meaning as in section 7(b)(2)(A)(iv) of the Federal Deposit 
     Insurance Act;
       (7) the term ``Savings Association Insurance Fund'' means 
     the fund established pursuant to section 11(a)(6)(A) of the 
     Federal Deposit Insurance Act, as that section existed on the 
     day before the date of enactment of this Act; and
       (8) the term ``SAIF-assessable deposit''--
       (A) means--
       (i) a deposit that is subject to assessment for purposes of 
     the Savings Association Insurance Fund under the Federal 
     Deposit Insurance Act; and
       (ii) a deposit that section 5(d)(3) of the Federal Deposit 
     Insurance Act treats as insured by the Savings Association 
     Insurance Fund; and
       (B) includes a deposit assumed after March 31, 1995, if the 
     insured depository institution, the deposits of which are 
     assumed, is not an insured depository institution when the 
     special assessment is imposed under section 1011(a) of this 
     Act.

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