17 gen 1989 anni - Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA)

Descrizione:

Abolishes the Federal Savings and Loan Insurance Corporation (FSLIC)
Creates two insurance funds: the Savings Association Insurance Fund (SAIF) and the Bank Insurance Fund (BIF)—both of which are administered by the FDIC
Establishes the Resolution Trust Corporation (RTC) as a temporary agency to resolve S&L failures
Provides funding for the RTC: $30 billion from the sale of bonds, $18 billion from the U.S. Treasury, and $2 billion from the Federal Home Loan Bank Board (FHLBB)
Replaces the FHLBB with the Office of Thrift Supervision (OTS)
Gives the FDIC back-up supervisory authority over S&Ls
Increases the FDIC's Board of Directors to five members from three by adding a vice chairman position and the director of the newly formed OTS.