Resolution Trust Corporation Funding Act of 1991
Public Law 102-18 · S. 419 · 102nd Congress · began in the Senate
Signed by George H. W. Bush (R) on Mar 23, 1991 · Finance and Financial Sector
Sponsor: Sen. Donald Riegle (D-MI)
Cosponsors: None
Passage votesYeaNay
- HouseRecorded vote: 225 yea, 188 nay225–188
- SenateVoice vote
Data notes
The final version of the law, as each chamber passed it. A chamber that passed it by voice vote or unanimous consent has no count. “Method not stated” means the record does not say how the chamber voted. Where the record has a member-by-member vote, the “Who voted for it” section shows who voted yea.
Summary
The Congressional Research Service’s plain-language summary of what the law does.
Resolution Trust Corporation Funding Act of 1991 - Title I: RTC Resolution Process and Funding - Amends the Federal Home Loan Bank Act to authorize additional funding to the Resolution Trust Corporation (RTC).
Requires the Oversight Board to transmit to specified congressional committees: (1) RTC's audited financial statements within 180 days after the end of the fiscal year to which those audits apply; and (2) a detailed financial operating plan by the beginning of each calendar quarter. Outlines the contents to be included in the Plan.
Requires the Director of the Office of Thrift Supervision to deliver to the Oversight Board on a quarterly basis a list of savings associations in danger of default.
States that whenever agency reports are not provided timely to the Congress, the President of the Oversight Board and the head of the responsible agency shall testify before certain congressional committees about the causes and the remedial steps being taken with respect to the reporting delinquency.
Amends the Federal Home Loan Bank Act and the Federal Deposit Insurance Act to provide that officials of the RTC, the Oversight Board, and the Federal Deposit Insurance Corporation (FDIC) are not subject to personal civil liability under the Securities Act of 1933 for asset disposition activities undertaken within the scope of their employment. Declares that this does not limit personal liability for criminal acts or omissions, willful or malicious misconduct, acts or omissions for private gain, or any other acts or omissions outside the scope of employment.
Amends the Federal Home Loan Bank Act to authorize the RTC and the Oversight Board to indemnify their personnel (including FDIC personnel) against any civil liability for asset disposition activities undertaken within the scope of their employment.
Directs the FDIC, when modifying, renegotiating or restructuring specified insolvent institution cases resolved by the FSLIC between January 1, 1988, and August 9, 1989, to pursue all legal means by which it can reduce both the direct outlays and the tax benefits associated with such cases, including restructuring to eliminate tax free interest payments and renegotiating to capture a larger portion of the tax benefits for the FDIC.
Title II: RTC Disposition of Affordable Housing - Excludes from the RTC affordable housing disposition program residential properties sold to an insured depository institution (including properties that were formerly assets of a closed savings association).
Authorizes the RTC to sell single family property to qualifying households, nonprofit organizations, and public agencies without regard to any minimum purchase price.
Title III: RTC Management Reforms - Sets forth specific RTC management goals, including: (1) standardized conservatorship auditing and monitoring procedures; (2) expedited conservatorship resolution; (3) an information resources management program; (4) a securities portfolio management system; (5) a systemized tracking and inventory of real-estate-owned assets; (6) a quarterly asset valuation process; (7) standardization of a due diligence and market format regarding one- to four-family mortgages; and (8) regular review, revision, and dissemination of contracting procedures. Requires the RTC to report to certain congressional committees regarding management reform compliance.
Title IV: Minority Contracting Report - Requires the RTC to submit to the Congress biannual descriptions of all actions taken with respect to the outreach program for hiring and contracting with minority- and women-owned businesses.
Who voted for it
Every House member of the 102nd Congress on the ideology compass. Highlighted: the 225 who voted yea on final passage. Faded: everyone else, including those who voted nay, did not vote, or had not yet taken office.
225 yea188 nay18 present or did not vote
Democrats who voted yea(106)
- Rep. Henry GonzálezD-TX-20
- Rep. Edward RoybalD-CA-25
- Rep. David BoniorD-MI-12
Rep. James OberstarD-MN-8
Rep. Nancy PelosiD-CA-5- Rep. Norman MinetaD-CA-13
- Rep. Don EdwardsD-CA-10
Rep. Jim McDermottD-WA-7- Rep. Michael KopetskiD-OR-5
- Rep. William LehmanD-FL-17
- Rep. Jolene UnsoeldD-WA-3
- Rep. Martin SaboD-MN-5
- Rep. Esteban TorresD-CA-34
- Rep. William CoyneD-PA-14
- Rep. Bruce VentoD-MN-4
- Rep. Jerome TraxlerD-MI-8
- Rep. Victor FazioD-CA-4
- Rep. Allan SwiftD-WA-2
Rep. Henry WaxmanD-CA-24
Rep. Ed MarkeyD-MA-7- Rep. Dick GephardtD-MO-3
- Rep. Dante FascellD-FL-19
- Rep. Mary OakarD-OH-20
- Rep. John MoakleyD-MA-9
Rep. Barney FrankD-MA-4- Rep. Bill AlexanderD-AR-1
Rep. Howard BermanD-CA-26- Rep. Neal SmithD-IA-4
Rep. John DingellD-MI-16
Rep. Steny HoyerD-MD-5- Rep. Chester AtkinsD-MA-5
- Rep. George BrownD-CA-36
- Rep. Jack BrooksD-TX-9
- Rep. Robert BorskiD-PA-3
- Rep. Matthew McHughD-NY-28
- Rep. William NatcherD-KY-2
- Rep. Ronald ColemanD-TX-16
Rep. Benjamin CardinD-MD-3
Rep. Sander LevinD-MI-17- Rep. Stephen SolarzD-NY-13
- Rep. Thomas SawyerD-OH-14
- Rep. Anthony BeilensonD-CA-23
Rep. Richard DurbinD-IL-20- Rep. Matthew MartínezD-CA-30
Rep. Chuck SchumerD-NY-10- Rep. Bernard DwyerD-NJ-6
- Rep. Nicholas MavroulesD-MA-6
- Rep. Daniel RostenkowskiD-IL-8
- Rep. Peter KostmayerD-PA-8
Rep. Rick BoucherD-VA-9- Rep. David SkaggsD-CO-2
Rep. John MurthaD-PA-12- Rep. Walter JonesD-NC-1
- Rep. Tom LantosD-CA-11
- Rep. Martin FrostD-TX-24
- Rep. Glenn AndersonD-CA-32
- Rep. Kika de la GarzaD-TX-15
- Rep. Donald PeaseD-OH-13
- Rep. John CoxD-IL-16
Rep. David PriceD-NC-4- Rep. Harry JohnstonD-FL-14
Rep. Solomon OrtizD-TX-27
Rep. Norm DicksD-WA-6- Rep. Joan HornD-MO-2
- Rep. Leon PanettaD-CA-16
- Rep. Leslie AspinD-WI-1
Rep. Bart GordonD-TN-6
Rep. Jim MoranD-VA-8- Rep. Peter HoaglandD-NE-2
- Rep. Beryl AnthonyD-AR-4
- Rep. Charles HatcherD-GA-2
- Rep. Butler DerrickD-SC-3
- Rep. Jake PickleD-TX-10
- Rep. Sam GibbonsD-FL-7
- Rep. Larry LaRoccoD-ID-1
- Rep. Buddy DardenD-GA-7
Rep. John SprattD-SC-5- Rep. Ed JenkinsD-GA-9
Rep. Chet EdwardsD-TX-11- Rep. Douglas OwensD-UT-2
- Rep. Richard LehmanD-CA-18
- Rep. Charles McMillenD-MD-4
- Rep. James OlinD-VA-6
- Rep. Charles WilsonD-TX-2
- Rep. Lee HamiltonD-IN-9
- Rep. Michael AndrewsD-TX-25
- Rep. Robert ThomasD-GA-1
Rep. Jim CooperD-TN-4- Rep. Gregory LaughlinD-TX-14
- Rep. Harold VolkmerD-MO-9
- Rep. Richard SwettD-NH-2
Rep. Thomas CarperD-DE- Rep. Lewis PayneD-VA-5
- Rep. Owen PickettD-VA-2
- Rep. James RowlandD-GA-8
- Rep. Norman SisiskyD-VA-4
Rep. Ike SkeltonD-MO-4- Rep. William SarpaliusD-TX-13
- Rep. Thomas HuckabyD-LA-5
- Rep. Pete GerenD-TX-12
- Rep. Druie BarnardD-GA-10
- Rep. William OrtonD-UT-3
- Rep. Sonny MontgomeryD-MS-3
- Rep. Mike ParkerD-MS-4
- Rep. Richard RayD-GA-3
- Rep. Charlie StenholmD-TX-17
Republicans who voted yea(119)
- Rep. Bill GreenR-NY-15
- Rep. Constance MorellaR-MD-8
- Rep. Benjamin GilmanR-NY-22
- Rep. Sherry BoehlertR-NY-25
- Rep. Frank HortonR-NY-29
- Rep. Hamilton FishR-NY-21
Rep. Olympia SnoweR-ME-2- Rep. Sidney MorrisonR-WA-4
- Rep. Nancy JohnsonR-CT-6
Rep. Christopher ShaysR-CT-4
Rep. Chris SmithR-NJ-4- Rep. Marge RoukemaR-NJ-5
- Rep. Jim LeachR-IA-1
- Rep. Joseph McDadeR-PA-10
- Rep. Amo HoughtonR-NY-34
- Rep. Robert DavisR-MI-11
Rep. Jim WalshR-NY-27- Rep. Steven GundersonR-WI-3
- Rep. Steven SchiffR-NM-1
Rep. Ralph RegulaR-OH-16- Rep. Dean GalloR-NJ-11
- Rep. Scott KlugR-WI-2
- Rep. Thomas RidgeR-PA-21
- Rep. Robert CoughlinR-PA-13
- Rep. Joseph SkeenR-NM-2
- Rep. Susan MolinariR-NY-14
- Rep. John PorterR-IL-10
- Rep. Paul GillmorR-OH-5
Rep. Wayne GilchrestR-MD-1- Rep. William ClingerR-PA-23
- Rep. Jan MeyersR-KS-3
Rep. Ileana Ros-LehtinenR-FL-18- Rep. Donald RitterR-PA-15
- Rep. Herbert BatemanR-VA-1
- Rep. Norman LentR-NY-4
Rep. Jim SaxtonR-NJ-13- Rep. John MillerR-WA-1
- Rep. John MyersR-IN-7
- Rep. Doug BereuterR-NE-1
- Rep. David MartinR-NY-26
- Rep. William BroomfieldR-MI-18
- Rep. Willis GradisonR-OH-2
- Rep. Clay ShawR-FL-15
- Rep. John KasichR-OH-12
- Rep. Chalmers WylieR-OH-15
Rep. Dave HobsonR-OH-7- Rep. Rodney ChandlerR-WA-8
Rep. Frank WolfR-VA-10- Rep. Bill EmersonR-MO-8
- Rep. Frank RiggsR-CA-1
- Rep. Guy Vander JagtR-MI-9
- Rep. William GoodlingR-PA-19
Rep. Jerry LewisR-CA-35- Rep. Frederick GrandyR-IA-6
- Rep. Alex McMillanR-NC-9
- Rep. William LoweryR-CA-41
- Rep. Tom CampbellR-CA-12
- Rep. Henry HydeR-IL-6
- Rep. John HammerschmidtR-AR-3
- Rep. Gary FranksR-CT-5
- Rep. Jim KolbeR-AZ-5
- Rep. Rick SantorumR-PA-18
- Rep. Richard ZimmerR-NJ-12
- Rep. Michael BilirakisR-FL-9
- Rep. Bill ThomasR-CA-20
Rep. Jim McCreryR-LA-4- Rep. Robert LivingstonR-LA-1
- Rep. Robert MichelR-IL-18
- Rep. John WeberR-MN-2
- Rep. Bill McCollumR-FL-5
- Rep. Daniel SlaughterR-VA-7
- Rep. Michael OxleyR-OH-4
- Rep. Harris FawellR-IL-13
- Rep. Donald SundquistR-TN-7
Rep. Lamar SmithR-TX-21- Rep. William PaxonR-NY-31
- Rep. James LightfootR-IA-5
- Rep. Tom BlileyR-VA-3
- Rep. Mickey EdwardsR-OK-5
- Rep. Newton GingrichR-GA-6
- Rep. Denny HastertR-IL-14
- Rep. Richard NicholsR-KS-5
- Rep. Alfred McCandlessR-CA-37
- Rep. George GekasR-PA-17
- Rep. Bill BarrettR-NE-3
- Rep. Robert LagomarsinoR-CA-19
Rep. Elton GalleglyR-CA-21- Rep. Porter GossR-FL-13
- Rep. Andy IrelandR-FL-10
- Rep. Barbara VucanovichR-NV-2
- Rep. Duke CunninghamR-CA-44
- Rep. Craig ThomasR-WY
- Rep. John RhodesR-AZ-1
- Rep. William ZeliffR-NH-1
- Rep. Larry CombestR-TX-19
- Rep. Bob McEwenR-OH-6
- Rep. James HansenR-UT-1
- Rep. Charles TaylorR-NC-11
Rep. Pat RobertsR-KS-1- Rep. Richard BakerR-LA-6
- Rep. Cass BallengerR-NC-10
Rep. John BoehnerR-OH-8- Rep. Carlos MoorheadR-CA-22
Rep. Jon KylR-AZ-4
Rep. David DreierR-CA-33
Rep. Jim BunningR-KY-4
Rep. Duncan HunterR-CA-45
Rep. Joe BartonR-TX-6- Rep. Clyde HollowayR-LA-8
- Rep. Robert DornanR-CA-38
- Rep. Jack FieldsR-TX-8
- Rep. Bill ArcherR-TX-7
Rep. John DoolittleR-CA-14- Rep. Robert WalkerR-PA-16
- Rep. Tom DeLayR-TX-22
Rep. Dan BurtonR-IN-6- Rep. William DannemeyerR-CA-39
- Rep. Richard ArmeyR-TX-26
- Rep. Mel HancockR-MO-7
Data notes
The House’s recorded vote on the final version of the law (roll call 54 in Voteview), matched to the vote the record cites and checked against its totals. Positions are each member’s DW-NOMINATE score for that Congress, as on the Ideology page; left to right is more liberal to more conservative. Paired and announced yea votes count as yea. Lists follow the compass, most liberal first. A name links to a profile only for members of the current Congress. A law passed by voice vote or unanimous consent has no member list, and neither does a vote Voteview has not yet recorded.
Committees
The committees the bill was sent to, and what each did with it.
Data notes
A committee links to its page only where it exists in the current Congress; older and renamed committees are named without a link.
Timeline
From introduction to signing, newest first: the committees, the floor and the president. 33 actions.
- Mar 23, 1991Became lawBecame law · Became Public Law No: 102-18.
- Became lawBecame law · Signed by President.
- Mar 21, 1991PresidentPresident · Presented to President.
- Resolving differencesResolving differences · On agreeing to the conference report Agreed to by the Yeas and Nays: 225 - 188 (Roll no. 56).House roll call 56
- Resolving differencesResolving differences · Motions to reconsider laid on the table Agreed to without objection.
- Resolving differencesResolving differences · Conference report agreed to in House: On agreeing to the conference report Agreed to by the Yeas and Nays: 225 - 188 (Roll no. 56).House roll call 56
- Resolving differencesResolving differences · The previous question was ordered without objection.
- Resolving differencesResolving differences · Mr. Gonzalez brought up conference report H.Rept. 102-27 by previously agreed to special order.
- FloorFloor · DEBATE - The House proceeded with one hour of debate on the conference report.
- Mar 19, 1991Resolving differencesResolving differences · Senate agreed to conference report by Voice Vote.
- Resolving differencesResolving differences · Conference report agreed to in Senate: Senate agreed to conference report by Voice Vote.
- Resolving differencesResolving differences · Conferees agreed to file conference report.
- Resolving differencesResolving differences · Conference committee actions: Conferees agreed to file conference report.
- Resolving differencesResolving differences · Conference report H. Rept. 102-27 filed. Filed late, pursuant to previous special order.
- Resolving differencesResolving differences · Conference report filed: Conference report H. Rept. 102-27 filed. Filed late, pursuant to previous special order.
- Mar 14, 1991Resolving differencesResolving differences · Senate agreed to request for conference. Appointed conferees. Riegle; Sarbanes; Garn.
- FloorFloor · Senate disagreed to the House amendment by Voice Vote.
- Mar 13, 1991Resolving differencesResolving differences · The chair appointed conferees from the Committee on Energy and Commerce for consideration of section 4 of the Senate bill, and modifications committed to conference: Dingell, Markey, and Lent.
- Resolving differencesResolving differences · The chair appointed conferees from the Committee on Banking, Finance and Urban Affairs, for consideration of the Senate bill, and the House amendment, and modifications committed to conference: Gonzalez, Oakar, Vento, Barnard, Schumer, Frank (MA), Carper, Torres, Wylie, Leach, M…
- Resolving differencesResolving differences · Motion to reconsider laid on the table Agreed to without objection.
- Resolving differencesResolving differences · On motion that the House insist upon its amendment, and request a conference Agreed to by voice vote.
- Resolving differencesResolving differences · Pursuant to the provisions of H. Res. 112, the House moved to insist upon its amendment, and request a conference.
- FloorFloor · Without objection the Speaker reserved the right to make additional appointments at a later date.
- FloorFloor · On passage Passed by the Yeas and Nays: 192 - 181 (Roll no. 51).House roll call 51
- FloorFloor · On motion to recommit with instructions Agreed to by the Yeas and Nays: 213 - 197 (Roll No. 50).House roll call 50
- FloorFloor · Rule provides for consideration of S. 419 with 1 hour of general debate. Upon adoption of this resolution it shall be in order to consider a motion offered by Rep. Gonzalez to take from the Speaker's table the bill S. 419, strike all after the enacting clause and insert in lieu …
- FloorFloor · Rule H. Res. 112 passed House.
- FloorFloor · Rules Committee Resolution H. Res. 112 Reported to House. Rule provides for consideration of S. 419 with 1 hour 0 of general debate. Upon adoption of this resolution it shall be in order to consider a motion offered by Rep. Gonzalez to take from the Speaker's table the b ill S. …
- Mar 7, 1991FloorFloor · Passed Senate with amendments by Yea-Nay Vote. 69-30. Record Vote No: 25.Senate roll call 25
- Feb 26, 1991FloorFloor · Measure laid before Senate by unanimous consent.
Data notes
Shows the introduction, each committee and subcommittee step the source dates (referral, hearings, markup, report, discharge), and the floor, conference, presidential and became-law steps. Calendar placements, messages between the chambers, amendments and committee report numbers are not shown for laws before the 108th Congress. Two entries the source lists twice are shown once.
Official record
The bill’s full text and every action, including introduction and committee steps, are on Congress.gov. Data through Oct 7, 2026.