Savings and Loan Simplification Act of 1991

Savings and Loan Simplification Act of 1991 - Abolishes the Resolution Trust Corporation (RTC) Oversight Board. Amends the Federal Home Loan Bank Act to declare that the Board of Directors of the Federal Deposit Insurance Corporation (FDIC), plus four independent members appointed by the President, shall be the Board of Directors of the RTC. Requires the RTC to submit periodic financing reports to the Secretary of the Treasury.

Abolishes the Federal Housing Finance Board and transfers its responsibilities to the Board of Governors of the Federal Reserve System, which shall supervise the Federal Home Loan Banks and ensure that they remain adequately capitalized.

Establishes as an independent establishment the Office of the Comptroller of the Currency, whose chief officer shall be the Comptroller of the Currency, and which shall be charged with the execution of: (1) all Federal laws relating to national currency secured by U.S. bonds; and (2) all Federal Reserve notes, under the general supervision of the Board of Governors of the Federal Reserve System.

Abolishes the Office of Thrift Supervision (OTS). Makes the Comptroller of the Currency the supervisor of savings associations with powers previously held by the Director of OTS and not transferred to the Board of Governors of the Federal Reserve System.

Amends the Federal Deposit Insurance Act to restructure the Board of Directors of the FDIC, replacing the Director of OTS with the Comptroller of the Currency (as a nonvoting member).

Amends the Federal Home Loan Bank Act to require the Secretary of the Interior to: (1) review the real property assets of institutions subject to RTC jurisdiction; and (2) identify properties with natural, cultural, recreational, or scientific value of special significance. Directs the RTC to select a clearinghouse for information relating to such properties after soliciting comments on such selection from public agencies and nonprofit organizations. Directs the Secretary to provide the clearinghouse with written notification of real estate available for sale and identified as having such significant characteristics. Authorizes the RTC to transfer property or interests therein to any public agency or nonprofit organization that agrees to maintain such special characteristics. Directs the RTC to transfer such property to any Federal or State agency for conservation purposes at the request of the Secretary. Prohibits the RTC from offering to sell such real estate to any entity other than a public agency or nonprofit organization for the 45-day period beginning on the date that written notification is sent by the Secretary to the clearinghouse. Precludes the RTC from offering to sell any undeveloped land of over five acres except to a public agency or nonprofit organization pending determination by the Secretary as to whether such land has certain significant characteristics.

Directs the Federal Home Loan Bank Board to reduce the Federal Home Loan Bank districts to five.

Reduces RTC borrowing authority from 85 percent to 75 percent of the value of assets it holds, available cash, and any borrowing authority not yet used by the Resolution Funding Corporation (all constituting "working capital").