Page:United States Statutes at Large Volume 103 Part 1.djvu/417

 PUBLIC LAW 101-73 —AUG. 9, 1989 103 STAT. 389 "(ii) provide an estimate of the short-term and long- term cost to the United States Government of obliga- tions issued or incurred during such period; "(iii) report on the progress made during such period Reports, in selling assets of institutions described in subsection (b)(3)(A) and the impact such sales are having on the local markets in which such assets are located; "(iv) describe the costs incurred by the Corporation in issuing obligations, managing and selling assets ac- quired by the Corporation; "(v) provide an estimate of the income of the Corpora- tion from assets acquired by the Corporation; "(vi) provide an assessment of any potential source of additional funds for the Corporation; and "(vii) provide an estimate of the remaining exposure of the United States Government in connection with institutions described in subsection (b)(3)(A) which, in the Oversight Board's estimation, will require assist- ance or liquidation after the end of such period. " (T) APPEARANCES CONCERNING START-UP OF CORPORATION.— "(A) APPEARANCE REQUIRED. — Before January 31, 1990, the Oversight Board and the Corporation shall appear before the Committee on Banking, Finance and Urban Affairs of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate for the purposes described in subparagraph (B). "(B) PURPOSES OF APPEARANCE. —In connection with the appearance of the Oversight Board and the Corporation required by subparagraph (A), the Oversight Board and the Corporation shall— "(i) describe the strategic plan established for the operations of the Corporation; "(ii) describe the policies and procedures established or proposed to be established for the Corporation, including specific measures taken to avoid political favoritism or undue influence with respect to the activities of the Corporation; "(iii) provide any regulation proposed to be pre- scribed by the Corporation; and "(iv) provide the proposed case resolution schedule. "(1) POWER TO REMOVE; JURISDICTION. — "(1) IN GENERAL. — Notwithstanding any other provision of law, any civil action, suit, or proceeding to which the Corpora- tion is a party shall be deemed to arise under the laws of the United States, and the United States district courts shall have original jurisdiction over such action, suit, or proceeding. (2) CORPORATION AS PARTY. — The Corporation shall be sub- stituted as a party in any civil action, suit, or proceeding to which its predecessor in interest was a party with respect to institutions which are subject to the management agreement dated February 7, 1989, among the Federal Savings and Loan Insurance Corporation, the Federal Home Loan Bank Board and the Federal Deposit Insurance Corporation. "(3) REMOVAL AND REMAND.—The Corporation may, without bond or security, remove any such action, suit, or proceeding v from a State court to the United States District Court for the District of Columbia, or if the action, suit, or proceeding arises

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