Semiannual Appearance of the Thrift Depositor Protection Oversight Board: Hearing Before the Committee on Banking, Finance, and Urban Affairs, House of Representatives, One Hundred Third Congress, First Session, March 16, 1993, Volume 4
U.S. Government Printing Office, 1993 - Government publications - 148 pages
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$45 billion able accounts actions additional administration agency Altman amount appoint assets audit Banking billion Casey Chairman chart cleanup close commitment committee complete concern Congress Congressman conservatorships continue contracting contractors controls Corporation cost deal depositors deposits direct effect effort ensure estimated failed FDIC Federal FIRREA follow funds give going hearing House Improve institutions interest issue kind look loss March minority Objectives Office operations opportunities Oversight Board percent policies possible President problems procedures properties protect purchase question real estate receivership record Reform regard remaining request Reserve resolution responsibility RTC's SAIF savings and loan Secretary BENTSEN sell sold specific talking task taxpayer Thank things thrift tion vote
Page 39 - Thank you, Mr. Chairman. Mr. Secretary, on page 4 of your testimony, you say that until the President can nominate a permanent replacement for Al Casey, that Mr.
Page 47 - ... you done so? Secretary Peters. I was having it typed. My handwriting is notoriously horrible. If the committee would allow me, I would submit it for the record in about half an hour. It would be much easier for you to read. Mr. SKELTON. Would you submit it to my office as well? Secretary Peters. I would be happy to. [The information referred to can be found in the appendix on page 102.] Mr. Skelton. I would appreciate it. Mr. Chairman, out of this whole scheme of things, obviously, the decision...
Page 69 - ... issue, and we appreciate that. As I said at the outset we are ready to work with you, Senator D'Amato, and all the members of this committee to write responsible legislation that will let us bring an end to the savings and loan cleanup in the same bipartisan spirit with which we began it in FIRREA. This concludes my prepared statement. Responses to the questions required by FIRREA to be addressed at these appearances are contained in Attachment II to the statement.
Page 7 - Second, respond to problems flagged bv auditors: RTC will implement a system -- such as is required under OMB guidelines for other government agencies — to provide prompt, systematic, and effective followup on the findings and recommendations contained in the reports issued by the GAO and RTC's own Inspector General. When audits uncover problems, this is the system relied upon to correct them so that they do not recur. RTC must not repeat its mistakes after the auditors have brought them to management's...
Page 64 - RTC's efficiency. As Chairman of the Oversight Board I pledge to use the Board and its staff to improve RTC management practices in order to earn taxpayer trust in the RTC and to effect savings to reduce the deficit.
Page 61 - Embargoed until delivered Expected about 10:00 am March 16, 1993 STATEMENT OF THE HONORABLE LLOYD BENTSEN CHAIRMAN, THRIFT DEPOSITOR PROTECTION OVERSIGHT BOARD BEFORE THE HOUSE COMMITTEE ON BANKING, FINANCE AND URBAN AFFAIRS TUESDAY, MARCH 16, 1993 2129 RAYBURN HOUSE OFFICE BUILDING Mr. Chairman, members of the Committee: I am pleased to testify today on the Administration's objectives for the savings and loan cleanup and the funds that will be necessary to fulfill the government's deposit insurance...
Page 47 - All you have to do is go back and look at the record. I don't know whether it was in Mills' office or the two congressmen's offices, that there was a meeting at which Mr.
Page 62 - I also know that this is a vote for depositors, for the safety of our financial institutions, and that if we fail to meet this obligation, we will pay a far greater price, and deservedly so. I also know that many of you cannot vote to fund the RTC unless dramatic improvements are made in its operations. I will tell you plainly, on the record, that we intend to make such improvements...
Page 41 - But, were these recommendations — did they go unheeded? Was there any corrective action taken until PrimeTime sort of blew the lid off? Mr. MONROE. Yes, the Oversight Board sent a letter to Mr. Casey, I believe it was in late November, and Mr. Casey responded to the Oversight Board, and then, of course, I think there was another letter on February 15 from Secretary Bentsen to Mr. Casey on the subject. Mr.