H.R.5544 - Resolution Trust Corporation Cost Reduction Act102nd Congress (1991-1992)
|Sponsor:||Rep. McMillan, J. Alex [R-NC-9] (Introduced 07/02/1992)|
|Committees:||House - Banking, Finance, and Urban Affairs|
|Latest Action:||House - 07/15/1992 Referred to the Subcommittee on Financial Institutions Supervision, Regulation and Insurance. (All Actions)|
This bill has the status Introduced
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Summary: H.R.5544 — 102nd Congress (1991-1992)All Information (Except Text)
Introduced in House (07/02/1992)
Resolution Trust Corporation Cost Reduction Act - Prohibits the Resolution Trust Corporation (RTC) from delaying the closing of any savings association for which it has been appointed conservator or receiver because it lacks the funds to pay off insured deposits at the association.
Authorizes the RTC to issue notes to insured depositors for the amount by which their deposit at a savings association in RTC receivership or conservatorship exceeds available RTC financial resources if it lacks sufficient resources to pay its obligations on those deposits.