To provide emergency assistance to the State of Rhode Island to stabilize the banking system in the State and provide liquidity for the benefit of depositors at State banks and credit unions in receivership.
Rhode Island Emergency Assistance Act of 1991 - Requires the Director of the Federal Emergency Management Agency (the Director) to lend specified sums to the State of Rhode Island to expedite the repayment of depositors at State-chartered banks and credit unions in receivership, and to facilitate receivership resolution. Establishes an annual six percent interest rate on such loans. Requires the Director to guarantee the repayment of specified maximum amounts borrowed by the State of Rhode Island, or the Depositors Economic Protection Corporation to expedite depositor repayment. Authorizes appropriations.
Designates this Act as an emergency requirement for purposes of the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act), and declares that the President is deemed to have designated each provision of this Act as an emergency requirement for purposes of Gramm-Rudman-Hollings.
Read twice and referred to the Committee on Banking.
Introduced in House
Introduced in House
Referred to the House Committee on Banking, Finance + Urban Affrs.
Referred to the Subcommittee on Financial Institutions Supervision, Regulation and Insurance.
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