A bill to provide for the use of the income on depository institution reserves at the Federal Reserve banks to protect and enhance the deposit insurance system.
Deposit Insurance Fund Assistance Act of 1991 - Amends the Federal Reserve Act to require Federal Reserve Banks to pay the Federal Reserve Board (the Board) an amount equal to their imputed earnings on reserves each calendar quarter.
Requires the Board to pay promptly to the Bank Insurance Fund, the Savings Association Insurance Fund, and the Credit Union Insurance Fund that portion of the assessment attributable to reserves held at Federal Reserve Banks for that quarter by the members of each fund as calculated by the Board.
Directs the Federal Financing Bank to lend the Federal Deposit Insurance Corporation specified sums upon request.
Authorizes the Board to require a solvent depository institution to maintain a certain amount of its required capital reserves in either qualified cumulative preferred stock or in qualified subordinated debentures issued by depository institutions selected by the Board. Directs the Board to establish a nine-member advisory committee consisting of individuals from the private sector to advise it on selection of such institutions.
Introduced in Senate
Read twice and referred to the Committee on Banking.
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