Year Legislation Significance
1989 Ethics Reform Act Began an annual automatic pay adjustment procedure for members of
Congress based on private sector pay; specified reduction or elimination
of speaking fees and honoraria; eliminated a provision which allowed
members of the House of Representatives who had been in office since
1980 to convert campaign funds for personal use.
1989 Financial Institutions Reform,
Recovery, and Enforcement Act
Approved allotment of $50 billion over three years to sell or close
insolvent savings and loan institutions; created the Resolution Trust
Corporation to take over failed thrift organizations and sell their assets;
abolished the Federal Home Loan Bank Board and Federal Savings and
Loan Corporation; established the Office of Thrift Supervision within
the Department of the Treasury to supervise thrifts.1989 Bipartisan Accord on Central
America Act of 1989
Authorized the president to transfer funds to the Agency for
International Development to provide humanitarian assistance to
Nicaraguan resistance forces.1989 Omnibus Budget Reconciliation Act Approved $14.7 billion for deficit reduction; removed the U.S. Postal
Service from deficit reduction act requirements.
1989 Department of Housing and Urban
Development Reform Act
Required the Department of Housing and Urban Development (HUD)
to distribute housing program funds according to a revised formula;
mandated certain personnel who dealt with HUD to report their
earnings, based on their salaries; permitted civil fines for violations of
HUD mortgage programs.
Samuel B. Hoff1104 Legislation: Major U.S. Legislation The Eighties in America