Federal Deposit Insurance Corporation Improvement Act
WIKIPEIDA | 2014-06-03 17:04
The Federal Deposit Insurance Corporation Improvement Act of 1991 (FDICIA), passed during the savings and loan crisis in the United States, strengthened the power of the Federal Deposit Insurance Corporation.
It allowed the FDIC to borrow directly from the Treasury department and mandated that the FDIC resolve failed banks using the least costly method available. It also ordered the FDIC to assess insurance premiums according to risk and created new capital requirements.
Federal Deposit Insurance Corporation Improvement Act of 1991 |
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Other short title(s) |
Foreign Bank Supervision Enhancement Act of 1991
Qualified Thrift Lender Reform Act of 1991
Truth in Savings Act |
Long title |
An Act to reform Federal deposit insurance, protect the deposit insurance funds, recapitalize the Bank Insurance Fund, improve supervision and regulation of insured depository institutions, and for other purposes. |
Nickname(s) |
Bank Enterprise Act of 1991 |
Enacted by the |
102nd United States Congress |
Effective |
December 19, 1991 |
Citations |
Public Law |
102-242 |
Stat. |
105 Stat. 2236 |
Codification |
Title(s) amended |
12 U.S.C.: Banks and Banking |
U.S.C. section(s) amended |
12 U.S.C. ch. 16 § 1811 |
Legislative history |
Introduced in the Senate as S. 543 by Donald W. Riegle, Jr. (D-MI) on March 5, 1991
Committee consideration by: Senate Banking, Housing, and Urban Affairs
Passed the Senate on November 21, 1991 (passed voice vote)
Passed the House on November 23, 1991 (passed voice vote)
Reported by the joint conference committee on November 27, 1991; agreed to by the House on November 27, 1991 (agreed voice vote) and by the Senate on November 27, 1991 (68-15)
Signed into law by President George H.W. Bush on December 19, 1991 |
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