To authorize the Secretary of the Treasury to establish an emergency loan assistance program to provide financial assistance to States that have experienced a large number of financial institution failures.
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.
Introduced in House
Introduced in House
Referred to the House Committee on Banking, Finance + Urban Affrs.
Referred to the House Committee on Government Operations.
Referred to the Subcommittee on Financial Institutions Supervision, Regulation and Insurance.
Referred to the Subcommittee on Legislation and National Security.
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