Page:United States Statutes at Large Volume 106 Part 1.djvu/589

 PUBLIC LAW 102-325—JULY 23, 1992 106 STAT. 557 to cause the capital ratio to equal or exceed 2 percent within 36 months. "(5) CAPITAL RESTORATION PLAN. — "(A) SUBMISSION, APPROVAL, AND IMPLEMENTATION. —The Secretary of the Treasury and the Association shall consult with respect to any capital restoration plan submitted pm*- suant to paragraph (4) and the Secretary of the Treasury shall approve such plan (or a modification thereof accepted by the Association) or disapprove such plan within 30 days grfter such plan is first submitted to the Secretary of the Treasury by the Association, tmless the Association and Secretary of the Treasury mutually agree to a longer consideration period. If the Secretary of the Treasury approves a capital restoration plan (including a modification of a plan accepted by the Association), the Association shall forthwith proceed with dihgence to implement such plan to the best of its ability. "(B) DISAPPROVAL.— If the Secretary of the Treasury does not approve a capital restoration plan as provided in subparagraph (A), then not later than the earlier of the date the Secretary of the Treasury disapproves of such plan by written notice to the Association or the expiration of the 30-day consideration period referred to in subparagraph (A) (as such period may have been extended by mutual agreement), the Secretary of the Treasiiry shall submit the Association's capital restoration plan, in the form most recently proposed to the Secretary of the Treasury by the Association, together with a report on the Secretary of the Treasury's reasons for disapproval of such plan and an alternative capital restoration plan, to the Chairman and ranking minority member of the Senate Committee on Labor and Human Resources and to the Chairman and rsuiking minority member of the House Committee on Education and Labor. A copy of such submission simultaneously shall be sent to the Association and the Secretary of Education by the Secretary of the Treasury. "(C) ASSOCIATION IMPLEMENTATION AND RESPONSE. — Upon receipt of the submission by the Association, the Association shall forthwith proceed with diligence to implement the most recently proposed capital restoration plan of the Association. The Association, within 30 days after receipt from the Secretary of the Treasury of such submission, shall submit to such Chairmen and ranking minority members a written response to such submission, setting out fully the nature and extent of the Association's agreement or the disagreement with the Secretary of the Treasury with respect to the capital restoration plan submitted to the Secretary of the Treasury and any findings of the Secretary of the Treasury. "(6) SUBSTANTIAL CAPITAL RATIO REDUCTION. — "(A) ADDITIONAL PLAN REQUIRED.— If the capital ratio is less than 1,75 percent and is greater than or equal to 1 percent at the end of the Association's most recent calendar quarter, the Association shall submit to the Secretary of the Treasury within 60 days after such occurrence a capital restoration plan (or an appropriate modification of any plan previously submitted or approved under para-

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