H.R.5521 - Federal Asset Disposition Association Dissolution Act100th Congress (1987-1988)
|Sponsor:||Rep. St Germain, Fernand J. [D-RI-1] (Introduced 10/13/1988)|
|Committees:||House - Banking, Finance, and Urban Affairs|
|Latest Action:||House - 10/21/1988 Referred to Subcommittee on Financial Institutions Supervision, Regulation and Insurance. (All Actions)|
This bill has the status Introduced
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Summary: H.R.5521 — 100th Congress (1987-1988)All Information (Except Text)
Introduced in House (10/13/1988)
Federal Asset Disposition Association Dissolution Act - Amends the National Housing Act to specify that the purpose of the establishment of a new savings and loan association in connection with a liquidation is for such association to operate as an issuer of savings accounts and a lender and investor and not as an institution having the special purpose of managing or disposing of assets acquired from insured institutions in default.
Specifies that provisions of the National Housing Act shall not be construed as authorizing the Federal Savings and Loan Insurance Corporation (FSLIC) to organize a new Federal association for the purpose of managing or disposing of any assets: (1) of an insured institution for which the FSLIC has been appointed receiver; or (2) acquired by the FSLIC in order to prevent a default. Authorizes the FSLIC to delegate such liquidation functions to an appropriate regional office.
Prohibits the Federal Asset Disposition Association (FADA) from engaging in any new activities after the date of the enactment of this Act. Directs the FSLIC to require FADA to assign all its rights and obligations under any contract to the FSLIC. Requires the FSLIC, within 60 days after the enactment of this Act, to revoke the charter of FADA and assume its assets and liabilities. Prohibits the FSLIC from paying any severance pay to employees of the FADA in excess of specified civil service amounts. Prohibits the FSLIC from taking any action which results in the sale of FADA as a going concern or the reconstitution of the FADA as a private corporation.
Specifies that this Act shall not be construed as any recognition or ratification by the Congress of: (1) any authority of the FSLIC to charter FADA; or (2) any authority of FADA to act on behalf of the FSLIC.
Requires the FSLIC to prepare and submit to the Congress a report describing: (1) the manner in which the dissolution of FADA was implemented; (2) the results of such dissolution; and (3) FSLIC's actions as the receiver of FADA. Specifies certain information to be included in such report.
Requires the FSLIC to take such action as may be necessary to ensure that the FSLIC and all officers and employees of the FSLIC maintain full compliance with the competitive procurement requirements of the Federal Property and Administrative Services Act of 1949.
Requires the FSLIC to liquidate the assets of insolvent savings and loan associations in a manner which: (1) minimizes the cost to the FSLIC; (2) maximizes the return which the FSLIC realizes on the assets; and (3) encourages the use of services of persons in the private sector in managing and disposing of such assets to the maximum extent possible.
Requires the FSLIC to ensure that no individuals are employed by the FSLIC under personal service contracts except to the extent that such employment: (1) does not exceed 60 days in any one-year period; or (2) is determined to be necessary because of unusual circumstances which do not allow the position involved to be filled by a civil service employee.
Provides that the number of asset liquidation personnel employed by the FSLIC shall not be subject to any limitation imposed by any officer of the executive branch who is not an officer of the FSLIC. Imposes a statutory limit on the number of asset liquidation employees that may be employed at any time by the FSLIC. Requires the FSLIC to establish an employment grade structure for asset liquidation employees which is comparable to the grade structure for employees of the Federal Deposit Insurance Corporation (FDIC) who manage or dispose of assets.
Requires representatives of specified Government agencies and the private sector to conduct a multiagency study on options for reducing the duplication, overlap, and inconsistency among Federal agencies and instrumentalities and for making better use of private sector resources in managing and disposing of assets. Requires that a report concerning the results of such study be submitted to the Congress within one year after the enactment of this Act.