A bill to authorize the Secretary of the Treasury to establsh 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 implement an emergency loan assistance program to provide financial institution assistance loans to qualified States. Limits the Secretary's maximum borrowing authority and the maximum amount of loans which may be made to any one State.
Limits participation to States in which: (1) the depositors are precluded from accessing their funds in institutions in States in which one-third or more of the financial institutions have become simultaneously insolvent; and (2) the Governor has declared a bank holiday due to the insolvency of a non-Federal deposit insurance fund. Sets forth guidelines for loan repayment.
Introduced in Senate
Read twice and referred to the Committee on Banking.
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