FIRREA

FIRREA, which stands for the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, is a law enacted to address the savings and loan crisis in the United States. It aimed to improve the regulation of banking and savings institutions, strengthen oversight, and enhance the ability of federal agencies to recover assets from insolvent or fraudulent institutions. The act also established the Resolution Trust Corporation (RTC) to manage the cleanup of failed savings and loans. Overall, FIRREA's goal was to restore confidence in the financial system and prevent future crises through stricter oversight and enforcement.