Magazine article American Banker

House Panel Agreement on RTC May Move Funding Bill to a Vote

Magazine article American Banker

House Panel Agreement on RTC May Move Funding Bill to a Vote

Article excerpt

WASHINGTON - An agreement among House Banking Committee leaders appears to have cleared the way for a quick floor vote on legislation to provide new funding for failed savings and loans.

The agreement would provide $18.3 billion for the Resolution Trust Corp. and permit the bail-out agency to accept new conservatorships for another 18 months, to March 31, 1995. The agency would cease operations altogether at the end of 1995.

An additional $8 billion would be provided to the Savings Association Insurance Fund, subject to a set of tough certification requirements. The measure would modify requirements pertaining to minority contracting and the sale of minority-owned thrifts.

Key Players Agree

The agreement was reached by banking committee chairman Rep. Henry B. Gonzalez, D-Tex., Rep. Jim Leach, R-Iowa, the panel's ranking Republican, and Rep. Stephen L. Neal, D-N.C., chairman of the financial institutions subcommittee.

In addition, Rep. Richard Baker, R-La., a key player among conservative Republicans, was reported to be in agreement. Republican sources cautioned, however, that GOP lawmakers were still waiting to see the final legislative language.

The panel's Democratic leaders were hopeful Thursday afternoon that the measure could be brought before the House Rules Committee by the end of the day and before the full House by early next week. The Rules Committee is the gatekeeper for the House floor.

However, it was unclear whether that timetable could be met. …

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