S. 714 · 103rd Congress · enacted
Resolution Trust Corporation Completion Act
Became Public Law No: 103-204.
Latest official action 1993-12-17 · Enacted
The bill, briefly
Resolution Trust Corporation Completion Act - Amends the Federal Home Loan Bank Act (FHLBA) to repeal the expiration date for the authority of the Resolution Trust Corporation (RTC) to use previously appropriated funds to resolve institutions in default. (Sec. 2) Conditions the availability of funds in excess of specified amounts upon certification by the Secretary of the Treasury to the Congress that the RTC is in compliance with this Act. Limits the use of appropriated funds solely for purposes of protecting insured depositors or the administrative expenses of the RTC. Forbids the use of such funds for the benefit of shareholders of an insured depository institution in default. (Sec. 3) Requires the RTC to institute specified management reforms, including: (1) establishment of a comprehensive business plan; (2) marketing of real property assets on an individual basis for a certain period before disposing of them on a portfolio basis or including them in a multiasset sales initiative (except in specified circumstances); (3) specified procedures for RTC disposition of real-estate related assets; (4) a division of minorities and women's programs; (5) a chief financial officer; (6) revised applicant appraisal procedures for future task ordering agreements; (7) specified measures with respect to its contracting systems and contractor oversight responsibilities; (8) an audit commi…
Congressional Research Service · 1993-11-19
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Amount spent specifically on this bill: not disclosed
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Politicians behind the bill
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What happened after enactment?
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