Page:United States Statutes at Large Volume 104 Part 2.djvu/424

 104 STAT. 1388-16 PUBLIC LAW 101-508—NOV. 5, 1990 "(ii) RATE FOR EACH FUND TO BE SET INDEPENDENTLY.— The Corporation shall fix the assessment rate of Bank Insurance Fund members independently from the assessment rate for Savings Association Insurance Fund members. "(iii) DEADLINE FOR ANNOUNCING RATE CHANGES. —The Corporation shall announce any change in assessment rates. — "(I) for the semiannual period beginning on January 1 and ending on June 30, not later than the preceding November 1; and "(II) for the semiannual period beginning on July 1 and ending on December 31, not later than the preceding May 1.". (b) ASSESSMENT PROCEDURES. — Section 7(b)(2)(A) of the Federal Deposit Insurance Act (12 U.S.C. 1817(b)(2)(A)), as amended by section 2(c) of this Act, is amended— (1) by striking "annual" each time it appears; (2) in clause (i)(I), by inserting "during that semiannual period" after "member"; and (3) in clause (ii)(I), by inserting "during that semiannual period" after "member". (c) CONFORMING AMENDMENT ON TIMING OF ASSESSMENT CRED- ITS.— Section 7(d)(1)(A) of the Federal Deposit Insurance Act (12 U.S.C. 1817(d)(1)(A)) is amended to read as follows: "(A) The Corporation shall prescribe and publish the aggregate amount to be credited to insured depository institutions— "(i) in the semiannual period beginning on January 1 and ending on June 30, not later than the preceding November 1; and "(ii) in the semiannual period beginning on July 1 and ending on December 31, not later than the preceding May 1. ". SEC. 2004. FDIC AUTHORIZED TO SET DESIGNATED RESERVE RATIO AS NECESSARY IN FACE OF SIGNIFICANT RISK OF SUBSTANTIAL LOSSES TO INSURANCE FUND. Section 7(b)(1)(B) of the Federal Deposit Insurance Act (12 U.S.C. 1817(b)(1)(B)) is amended— (1) by striking ", not exceeding 1.50 percent," each time it appears; (2) in clause (iii)— (A) by inserting "and" at the end of subclause (I); (B) by striking subclauses (II) and (III); and (C) by redesignating subclause (IV) as subclause (II); and (3) in clause (iv)— (A) by inserting "and" at the end of subclause (I); (B) by striking subclauses (II) and (III); and (C) by redesignating subclause (IV) as subclause (II). SEC. 2005. FDIC AUTHORIZED TO BORROW FROM FEDERAL FINANCING BANK. Section 14 of the Federal Deposit Insurance Act (12 U.S.C. 1824) is amended— (1) in the heading, by striking "SEC. 14." and inserting: "SEC. 14. BORROWING AUTHORITY. "(a) BORROWING FROM TREASURY.— ";

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