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Key Votes

S 714 - Resolution Trust Corporation Completion Act - Key Vote

National Key Votes

Ben Cardin voted Yea (Conference Report Vote) on this Legislation.

Read statements Ben Cardin made in this general time period.

Stages

Family

Issues

Stage Details

Legislation - Signed (Executive) - Became Public Law No. 103-204 -
Legislation - Conference Report Adopted (House) (235-191) - (Key vote)

Title: Resolution Trust Corporation Completion Act

Vote Smart's Synopsis:

Vote to adopt a conference report that provides additional funding to the Resolution Trust Corporation (RTC) and the Savings Association Insurance Fund (SAIF) to pay for losses incurred by savings and loans institutions.

Highlights:
  • $18.3 billion for the RTC to implement a program to reduce fraud and abuse, respond to problems identified by auditors, and increase contracting opportunities for women and minorities.
  • $8.5 billion for SAIF with the option of an additional $8.5 billion that must be certified by Congress.
  • Instructs the Secretary of the Treasury to submit to Congressional committees reports of spending by the RTC and SAIF.
  • Extends the statue of limitations for civil liability lawsuits against officers and directors of failed savings and loan companies from three to five years.
  • Expands employee whistleblower protections to cover violations of regulations or law and gross mismanagement (waste of funds, abuse of power, or health or safety violations).
  • Changes the date the RTC is required to complete its program from December 31, 1996 to December 31, 1995.
Legislation - Conference Report Adopted (Senate) (54-45) - (Key vote)

Title: Resolution Trust Corporation Completion Act

Vote Smart's Synopsis:

Vote to adopt a conference report that provides additional funding to the Resolution Trust Corporation (RTC) and the Savings Association Insurance Fund (SAIF) to pay for losses incurred by savings and loans institutions.

Highlights:
  • $18.3 billion for the RTC to implement a program to reduce fraud and abuse, respond to problems identified by auditors, and increase contracting opportunities for women and minorities.
  • $8.5 billion for SAIF with the option of an additional $8.5 billion that must be certified by Congress.
  • Instructs the Secretary of the Treasury to submit to Congressional committees reports of spending by the RTC and SAIF.
  • Extends the statue of limitations for civil liability lawsuits against officers and directors of failed savings and loan companies from three to five years.
  • Expands employee whistleblower protections to cover violations of regulations or law and gross mismanagement (waste of funds, abuse of power, or health or safety violations).
  • Changes the date the RTC is required to complete its program from December 31, 1996 to December 31, 1995.
Legislation - Bill Passed With Amendment (House) -

Title: Resolution Trust Corporation Completion Act

Vote Smart's Synopsis:

Vote to pass a bill that provides additional funding to the Resolution Trust Corporation (RTC) and the Savings Association Insurance Fund (SAIF) to pay for losses incurred by savings and loans institutions.

Highlights:
  • $18.3 billion for the RTC to implement a program to reduce fraud and abuse, respond to problems identified by auditors, and increase contracting opportunities for women and minorities.
  • $8.5 billion for SAIF with the option of an additional $8.5 billion that must be certified by Congress.
  • Instructs the Secretary of the Treasury to submit to Congressional committees reports of spending by the RTC and SAIF.
  • Extends the statue of limitations for civil liability lawsuits against officers and directors of failed savings and loan companies from three to five years.
  • Expands employee whistleblower protections to cover violations of regulations or law and gross mismanagement (waste of funds, abuse of power, or health or safety violations).
  • Changes the date the RTC is required to complete its program from December 31, 1996 to December 31, 1995.
Note:

NOTE: THIS IS A SUBSTITUTE BILL, MEANING THE LANGUAGE OF THE ORIGINAL BILL HAS BEEN REPLACED. THE DEGREE TO WHICH THE SUBSTITUTE BILL TEXT DIFFERS FROM THE PREVIOUS VERSION OF THE TEXT CAN VARY GREATLY.

NOTE: THIS VOTE PASSED BY UNANIMOUS CONSENT, MEANING NO MEMBER OBJECTED TO THE PASSAGE OF THE VOTE. THIS DOES NOT NECESSARILY INDICATE THAT ALL MEMBERS FAVORED THE VOTE'S OUTCOME.

Legislation - Bill Passed (Senate) (61-35) - (Key vote)

Title: Resolution Trust Corporation Completion Act

Vote Smart's Synopsis:

Vote to pass a bill that provides additional funding to the Resolution Trust Corporation (RTC) and the Savings Association Insurance Fund (SAIF) to pay for losses incurred by savings and loans institutions.

Highlights:
  • $18.3 billion for the RTC to implement a program to reduce fraud and abuse, respond to problems identified by auditors, and increase contracting opportunities for women and minorities.
  • $8.5 billion for SAIF with the option of an additional $8.5 billion that must be certified by Congress.
  • Instructs the Secretary of the Treasury to submit to Congressional committees reports of spending by the RTC and SAIF.
  • Extends the statue of limitations for civil liability lawsuits against officers and directors of failed savings and loan companies from three to five years.
  • Expands employee whistleblower protections to cover violations of regulations or law and gross mismanagement (waste of funds, abuse of power, or health or safety violations).
  • Changes the date the RTC is required to complete its program from December 31, 1996 to December 31, 1995.
Legislation - Introduced (Senate) -

Title: Resolution Trust Corporation Completion Act

Sponsors

  • Donald W. Riegle Jr. (MI - D) (Out Of Office)
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