Academic journal article Journal of Accountancy

Leach Says Congress Will Consider Merging BIF and SAIF Funds

Academic journal article Journal of Accountancy

Leach Says Congress Will Consider Merging BIF and SAIF Funds

Article excerpt

House Banking Committee chairman Jim Leach (R-lowa) told members attending the American Institute of CPAs national conference on savings institutions that before the end of the year the House and the Senate would consider legislation to consolidate the Bank Insurance Fund (BIF) with the Savings Association Insurance Fund (SAIF). "It is likely Congress will deal with the BIF-SAIF issue, although it had not seemed probable earlier this year," said Leach.

Leach said the recapitalization last May of the BIF, the growth of the deposited balance of the SAIF and the thrift industry's willingness to accept a sacrifice to restore the SAIF have put the BIF-SAIF issue on the forefront of the legislative agenda. Leach said the sacrifice would be in the form of a higher premium assessment to recapitalize the SAIF before a merger with the BIF The chairman said the thrift industry accepted a one-time assessment of $0.85 per $100 of insured deposits. "The public is not in the mood to accept any more obligations for the savings and loan disaster," said Leach. "But with this phased-in premium in the S&L industry, I think there will be a BIF-SAIF resolution. …

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