FDIC AUTHORIZED TO BORROW FROM FEDERAL FINANCING BANK.

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.—”; 104 STAT. 1388–17 (2) in subsection (a), as designated by paragraph (1)— (A) by striking “this section” each time it appears and inserting “this subsection”, and (B) by striking “The Corporation may employ such funds” and inserting “The Corporation may employ any funds obtained under this section”; and (3) by adding after subsection (a), as amended by paragraph (2), the following new subsection: “(b) Borrowing From Federal Financing Bank.—The Corporation is authorized to issue and sell the Corporation’s obligations, on behalf of the Bank Insurance Fund or Savings Association Insurance Fund, to the Federal Financing Bank established by the Federal Financing Bank Act of 1973. The Federal Financing Bank is authorized to purchase and sell the Corporation’s obligations on terms and conditions determined by the Federal Financing Bank. Any such borrowings shall be obligations subject to the obligation limitation of section 15(c) of this Act. This subsection does not affect the eligibility of any other entity to borrow from the Federal Financing Bank.”.