Summary: H.R.5891 — 101st Congress (1989-1990)All Information (Except Text)

There is one summary for H.R.5891. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (10/22/1990)

Resolution Trust Corporation Funding Act - Amends the Federal Home Loan Bank Act to mandate that requests for additional funding for the Resolution Trust Corporation (RTC): (1) be submitted to specified congressional committees; and (2) contain a complete and detailed six-month financial plan for spending such resources.

Authorizes appropriations to the Secretary of the Treasury for FY 1991 to provide interim funding for the RTC and the Oversight Board.

Expresses the sense of the Congress that the RTC should not provide assistance to troubled depository institutions or pay their insured depositors any amount in excess of what they would have received if the Corporation had liquidated the institution unless the RTC determines on the basis of written documentation that such assistance or payments are more economical than liquidation of the institution.

Requires the RTC to present to specified congressional committees written corroborative documentation that its treatment of uninsured deposits as insured deposits is more economical than the cost of liquidation.