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HR 1015 102th Congress House Finance and Financial Sector Bank failures Bonds Deposit insurance Disaster loans Government lending Government securities Interest rates

Financial Assistance to Institutions Reform Act of 1991 (FAIR ACT)

Introduced: February 20, 1991 Introduced by: Reed, Jack Democratic · Rhode Island See on congress.gov
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 Everywhere this bill has been 5 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 3, 1991
Referred to the Subcommittee on Legislation and National Security.
Mar 1, 1991
Referred to the Subcommittee on Financial Institutions Supervision, Regulation and Insurance.
Feb 20, 1991
Referred to the House Committee on Government Operations.
Feb 20, 1991
Referred to the House Committee on Banking, Finance + Urban Affrs.
Feb 20, 1991
Introduced in House
 Plain-English summary Congressional Research Service

Financial Assistance to Institutions Reform Act of 1991 (FAIR Act) - Directs the Secretary of the Treasury to establish and implement an emergency loan assistance program for the purpose of providing financial institution assistance loans to States in which: (1) depositors cannot access their account funds for certain periods due to the simultaneous insolvency of more than one-third of the State's financial institutions; (2) the Governor has declared a bank holiday due to the insolvency of a non-Federal deposit insurance fund responsible for insuring deposits at certain financial institutions.

Sets forth participation requirements including: (1) the submission of a State comprehensive financial institution reorganization plan which meets the Secretary's approval; (2) obtaining Federal deposit insurance by a financial institution that has resumed business as a result of receiving State emergency loan assistance; and (3) loan repayment guidelines for recipient States.

What's happening now July 3, 1991

Referred to the Subcommittee on Legislation and National Security.

 Committees of jurisdiction 4