Federal Savings and Loan Insurance Corporation Separation Act

Federal Savings and Loan Insurance Corporation Separation Act - Amends the National Housing Act to establish a Board of Trustees to administer the Federal Savings and Loan Insurance Corporation (FSLIC).

Transfers to the Board of Trustees all functions of the Federal Home Loan Bank Board (FHLBB) with respect to directing and operating the FSLIC and all functions relating to the insurance of savings and loan accounts. Retains with the FHLBB the authority to approve the organization of new Federal savings and loan associations in order to facilitate the liquidation of insured institutions.

Specifies that the FSLIC, including the Board of Trustees, shall be separate from, and independent of, the FHLBB. Provides that the FSLIC, including the Board of Trustees and all matters under the jurisdiction of the Board of Trustees, shall be subject to the direction and control of the President.

Sets forth administrative provisions relating to the transfer of assets, personnel, and property and the continuation of orders, rules, regulations, and pending administrative proceedings and legal actions.