Restructuring of Resolution Trust Corporation

After remarks from members of the committee on the death of committee member Sen. John Heinz (R-PA), who died in a plane crash on… read more

After remarks from members of the committee on the death of committee member Sen. John Heinz (R-PA), who died in a plane crash on April 4, the committee heard testimony on restructuring proposals for the Resolution Trust Corporation. The RTC was organized by Congress to supervise the dissolution and sale of the holdings of failed savings and loan institutions. Under the current structure of the RTC, an oversight board of government officials and a board of directors both hold power over the actions of the corporation, which complicates the ability of the RTC to get anything done. Its financial statements through December 1989 were finished in April of 1991, indicating the extent of the bureaucracy of the RTC. Gov. Sundlun, Sen. Pell and Sen. Chafee discussed the current situation of the savings and loan industry in Rhode Island, of which nearly one-fifth of the population currently has money tied up in the freeze of Rhode Island’s savings and loans' assets by the RTC. They also discussed a legislative proposal authored by the senators to solve the crisis. Sen. Kerrey argued against the presence of an oversight board and a board of directors in the same organization, and advocated a full time oversight policy board in order to make the agency more flexible and responsive to the savings and loan crisis. close

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Restructuring of Resolution Trust Corporation

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Program ID:
17460-1
Category:
Senate Committee
Format:
Senate Committee
Location:
Washington, District of Columbia, United States
First Aired:
Apr 9, 1991
Last Aired:
Apr 13, 1991

Airing Details

  • Apr 09, 1991 | 9:44am EDT | C-SPAN 2
  • Apr 09, 1991 | 8:00pm EDT | C-SPAN 2
  • Apr 13, 1991 | 11:35pm EDT | C-SPAN 1
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