Page:United States Statutes at Large Volume 105 Part 3.djvu/494

 105 STAT. 2378 PUBLIC LAW 102-242—DEC. 19, 1991 Subtitle E—Utilization of Private Sector SEC. 426. UTILIZATION OF PRIVATE SECTOR. Section 11(d)(2) of the Federal Deposit Insurance Act (12 U.S.C. 1821(d)(2)) is amended by adding at the end the following new subparagraph: "(K) UTIUZATION OF PRIVATE SECTOR. — In carrying out its responsibilities in the management and disposition of assets from insured depository institutions, as conservator, receiver, or in its corporate capacity, the Corporation shall utilize the services of private persons, including real estate and loan portfolio asset management, property management, auction marketing, and brokerage services, if such services are available in the private sector and the Corporation determines utilization of such services is practicable, efficient, and cost effective.". SEC. 427. REPORTING. Section 17 of the Federal Deposit Insurance Act (12 U.S.C. 1827) is amended by adding at the end the following new subsection: "(h) ADDITIONAL REPORTS. — "(1) IN GENERAL. —In addition to the reports required under subsections (a), (b), and (c), the Corporation shall submit to Congress not later than April 30 and October 31 of each year, a semiannual report on the activities and efforts of the Corporation for the 6-month period ending on the last day of the month prior to the month in which such report is required to be submitted. "(2) CONTENTS OF REPORT.— Each semiannual report required under this subsection shall include the following information with respect to the Corporation's assets and liabilities and the assets and liabilities of institutions for which the Corporation serves as a conservator or receiver: "(A) A statement of the total book value of all assets held or managed by the Corporation at the beginning and end of the reporting period. "(B) A statement of the total book value of such assets which are under contract to be managed by private persons and entities at the beginning and end of the reporting period. "(C) The number of employees of the Corporation at the beginning and end of the reporting period. "(D) A statement of the total amount expended on private contractors for the mansigement of such assets. "(E) A statement of the efforts of the Corporation to maximize the efficient utilization of the resources of the private sector during the reporting period and in future reporting periods and a description of the policies and procedures adopted to ensure adequate competition and fair and consistent treatment of qualified third parties seeking to provide services to the Corporation.".

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