H.R.4146 - To amend the Federal Deposit Insurance Act to clarify provisions intended to protect the Corporation from having bank loans or other assets diluted by secret side agreements.103rd Congress (1993-1994)
|Sponsor:||Rep. McCollum, Bill [R-FL-8] (Introduced 03/24/1994)|
|Committees:||House - Banking, Finance, and Urban Affairs|
|Latest Action:||House - 04/07/1994 Referred to the Subcommittee on Financial Institutions Supervision, Regulation and Deposit Insurance. (All Actions)|
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Text: H.R.4146 — 103rd Congress (1993-1994)All Information (Except Text)
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Introduced in House (03/24/1994)
[Congressional Bills 103th Congress] [From the U.S. Government Printing Office] [H.R. 4146 Introduced in House (IH)] 103d CONGRESS 2d Session H. R. 4146 To amend the Federal Deposit Insurance Act to clarify provisions intended to protect the Corporation from having bank loans or other assets diluted by secret side agreements. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES March 24, 1994 Mr. McCollum (for himself, Mr. Deutsch, Mr. Torkildsen, and Mr. Rowland) introduced the following bill; which was referred to the Committee on Banking, Finance and Urban Affairs _______________________________________________________________________ A BILL To amend the Federal Deposit Insurance Act to clarify provisions intended to protect the Corporation from having bank loans or other assets diluted by secret side agreements. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. CLARIFICATION. Section 11(d)(9)(A) of the Federal Deposit Insurance Act (12 U.S.C. 1821(d)(9)(A)) is amended by striking ``any agreement which does not meet the requirements set forth in section 13(e)'' and inserting ``any agreement which tends to diminish or defeat the interest of the Corporation in any asset acquired by the Corporation as security for a loan, by purchase, or as receiver of an insured depository institution, and which does not meet the requirements of section 13(e).''. SEC. 2. APPLICABILITY. Notwithstanding any other provision of law, the amendment made by section 1 shall apply to any claim pending, under judicial review, or on appeal on or after October 1, 1993. <all>