To provide relief for United States taxpayers by providing for the establishment of a private firm consisting of highly qualified individuals to assist the United States Government, on a contingent fee basis and subject to regulations prescribed by the Attorney General of the United States, the Federal Deposit Insurance Corporation, the Oversight Board, and the Resolution Trust Corporation, in recovering assets from looted savings associations to help pay for the savings and loan resolution.
Savings and Loan Bounty Hunter Act of 1990 - Establishes the Savings and Loan Asset Recovery Board to provide for the establishment of partnerships to recover on a contingent fee basis assets of savings associations in Federal receivership. Sets forth operating guidelines.
Outlines the terms of a cooperative agreement under which a partnership must operate with the Attorney General, the Board of Directors of the Federal Deposit Insurance Corporation, the Oversight Board, and the Board of Directors of the Resolution Trust Corporation.
Empowers a partnership to bring a civil action against the Attorney General, the Federal Deposit Insurance Corporation, or the Resolution Trust Corporation to compel production of information necessary to carry out the purposes of this Act. Subjects such action to judicial review.
Introduced in House
Introduced in House
Referred to the House Committee on Banking, Finance + Urban Affrs.
Referred to the House Committee on Judiciary.
Referred to the Subcommittee on Financial Institutions Supervision, Regulation and Insurance.
Referred to the Subcommittee on Administrative Law and Governmental Relations.
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