An amendment which like the original bill provides $30 billion to the RTC to cover thrift losses in FY 1991 but which also includes other provisions. The amendment requires the RTC to take actions to achieve eight specified management reform goals: to standardize RTC procedures for auditing conservatorships; to reduce the length of time that institutions are in conservatorship, with a goal of no more than 9 months; to make specified improvements to the RTC's information resources management program; to develop a centralized system for managing the portfolio of securities under its control; to develop an effective system to track and inventory real estate assets; to develop a process to update, on a quarterly basis, the value of assets under receivership; to develop a program for examining one- to four-family mortgages and for marketing such loans on a pooled basis; and, to regularly review its organizational contracting structure, and standardize its contracting procedures. The RTC would be required, by the end of FY 1991, to report to Congress on its progress towards achieving these goals, and to establish a timetable for achieving goals not yet completed.

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Amendment Number
16
Description
An amendment which like the original bill provides $30 billion to the RTC to cover thrift losses in FY 1991 but which also includes other provisions. The amendment requires the RTC to take actions to achieve eight specified management reform goals: to standardize RTC procedures for auditing conservatorships; to reduce the length of time that institutions are in conservatorship, with a goal of no more than 9 months; to make specified improvements to the RTC's information resources management program; to develop a centralized system for managing the portfolio of securities under its control; to develop an effective system to track and inventory real estate assets; to develop a process to update, on a quarterly basis, the value of assets under receivership; to develop a program for examining one- to four-family mortgages and for marketing such loans on a pooled basis; and, to regularly review its organizational contracting structure, and standardize its contracting procedures. The RTC would be required, by the end of FY 1991, to report to Congress on its progress towards achieving these goals, and to establish a timetable for achieving goals not yet completed.
Purpose
Amendment in the nature of a substitute sought to authorize $30 billion in funding for the Resolution Trust Corporation (RTC). It would have required the RTC to make certain management efficiency and reporting improvements.
Congress
102
Type
HAMDT
Latest Action Date
Mar 12, 1991
Latest Action Text
On agreeing to the Wylie amendment (A002) Failed by recorded vote: 190 - 235 (Roll no. 40).
Latest Action Time
19:03:39
Submitted Date
Mar 12, 1991
Chamber
House of Representatives
Update Date
Jun 7, 2021
Amendment 16 — Informed