H.R.6131 - Federal Commercial Credit Marketing Corporation Act of 1992102nd Congress (1991-1992)
|Sponsor:||Rep. Ridge, Thomas J. [R-PA-21] (Introduced 10/04/1992)|
|Committees:||House - Banking, Finance, and Urban Affairs|
|Latest Action:||House - 10/07/1992 Referred to the Subcommittee on Financial Institutions Supervision, Regulation and Insurance. (All Actions)|
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Summary: H.R.6131 — 102nd Congress (1991-1992)All Information (Except Text)
Introduced in House (10/04/1992)
Federal Commercial Credit Marketing Corporation Act of 1992 - Title I: Federal Commercial Credit Marketing Corporation - Establishes the Federal Commercial Credit Corporation (the Corporation) as an instrumentality of the United States, managed by a board of directors, whose purpose is to establish a secondary commercial credit market. Outlines corporate structure and operations.
Directs the Board of Governors of the Federal Reserve System (the Board) to purchase preferred stock of the Corporation from amounts attributable to the interest earned by the Board on reserves maintained by insured depository institutions.
Mandates that the Corporation be rechartered as a State-chartered corporation ten years after enactment of this Act.
Title II: Supervision and Regulation of Federal Commercial Credit Corporation - Subtitle A: Establishment of Regulatory Agency - Establishes in the Department of the Treasury the Office of Secondary Commercial Credit Market Examination and Oversight (the Office), under the management of a Director whose authority is subject to limited approval of the Secretary of the Treasury.
Establishes the Secondary Commercial Credit Market Examination and Oversight Fund to fund the Office. Abolishes the Office (and the position of Director) subsequent to the Corporation's recharter under State law.
Subtitle B: Regulatory and Enforcement Provisions - Requires the Director to establish capital standards for the Corporation including minimum capital and core capital requirements. Authorizes the Director to appoint a conservator for the Corporation in specified circumstances. Provides for judicial review of the Director's actions. Requires the Director to conduct annual financial status examinations to determine the Corporation's safety and soundness.
Subtitle C: Cease and Desist Orders and Civil Money Penalties Against the Corporation - Outlines the grounds and procedural guidelines under which the Director may: (1) issue cease and desist orders for violations by the Corporation or its executive officers; (2) impose civil money penalties; and (3) issue subpoenas.