17, 1989, the Senate Ethics Committee investigation began of the Keating Five, Alan Cranston (D–CA), Dennis DeConcini (D–AZ), John Glenn (D–OH), John McCain (R–AZ), and Donald W. Riegle Jr. (D–MI), who were accused of improperly intervening in 1987 on behalf of Charles H. Keating Jr., chairman of the Lincoln Savings and Loan Association. Keating's Lincoln Savings failed in 1989, costing the federal government over $3 billion and leaving 23,000 customers with worthless bonds. In the early 1990s, Keating was convicted in both federal and state courts of many counts of fraud, racketeering and conspiracy. He served four and a half years in prison before those convictions were overturned in 1996. In 1999, he pleaded guilty to a more limited set of wire fraud and bankruptcy fraud counts, and sentenced to the time he had already served. Financial Institutions Reform, Recovery and Enforcement Act of 1989 As a result of the savings and loan crisis, Congress passed the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA), which dramatically changed the savings and loan industry and its federal regulation. The highlights of the legislation, which was signed into law on August 9, 1989, were: The Federal Home Loan Bank Board (FHLBB) and the Federal Savings and Loan Insurance Corporation (FSLIC) were abolished. The Office of Thrift Supervision (OTS), a bureau of the United States Treasury Department, was created to charter, regulate, examine, and supervise savings institutions. The Federal Housing Finance Board (FHFB) was created as an independent agency to replace the FHLBB, i.e. to oversee the 12 Federal Home Loan Banks (also called district banks) that represent the largest collective source of home mortgage and community credit in the United States. The Savings Association Insurance Fund (SAIF) replaced the FSLIC as an ongoing insurance fund for thrift institutions (like the FDIC, the FSLIC was a permanent corporation that insured savings and loan accounts up to $100,000). SAIF is administered by the FDIC. The Resolution Trust Corporation (RTC) was established to dispose of failed thrift institutions taken over by regulators after January 1, 1989. The RTC will make insured deposits at those institutions available to their customers. FIRREA gives both Freddie Mac and Fannie Mae additional responsibility to support mortgages for low- and moderate-income families. The legislation also required S&Ls to meet minimum capital standards (some of which were risk-based) and raised deposit-insurance premiums. It limited to 30% of their portfolios