HR 3853 · 102th Congress · Finance and Financial Sector

Emergency Economic Revitalization and Recapitalization Act of 1991

Introduced 1991-11-21· Sponsored by Rep. Kanjorski, Paul E. [D-PA-11]· House

Bill Progress

Introduced
2
Committee
3
House Vote
4
Senate
5
Enacted
Latest: Referred to the Subcommittee on Financial Institutions Supervision, Regulation and Insurance.(1991-11-21)

Plain Language Summary

[AI summary unavailable — showing source text] Emergency Economic Revitalization and Recapitalization Act of 1991 - Title I: Economic Revitalization - Mandates that a conference of national leaders be held by a specified deadline to issue an economic revitalization plan within a certain timeframe. Title II: Federal Deposit Insurance Fund Recapitalization and Bank Reforms - Subtitle A: Deposit Insurance Funds - Amends the Federal Deposit Insurance Act to increase from $5,000,000,000 to $20,000,000,000 the amount of credit available from the Treasury to the Federal Deposit Insurance Corporation (FDIC). Sets maximum limits upon the outstanding obligations of the Bank Insurance Fund (BIF) and the Savings Association Insurance Fund (SAIF). Directs the Comptroller General to report quarterly to certain congressional committees regarding FDIC compliance with such obligation limitations. Mandates a repayment schedule as a prerequisite to any such borrowing. Requires the Secretary of the Treasury to submit a copy of such schedule to certain congressional committees and to consult with them regarding repayment terms. Authorizes the FDIC to impose special assessments upon insured depository institutions (in addition to existing assessment…

Summarized by Claude AI · Non-partisan · For informational purposes only