Statement of Administration Policy: H.R. 1340 - Resolution Trust Corporation Completion Act

(House)
(Gonzalez (D) Texas and 7 others)

The Administration supports House passage of H.R. 1340 as modified by the Banking Committee amendment.

The Administration believes that it is essential to the stability of our financial system that the Government fulfill its promise to the millions of depositors who have placed their savings in insured institutions. The funds will protect depositors in failed federally insured savings and loans.

The best way to reduce the cost of the savings and loan cleanup is to provide prompt funding to fulfill the Government's promise to insured depositors.

Pay-As-You-Go Scoring

H.R. 1340, if amended by the leadership amendment, would not be subject to the pay-as-you-go requirements of the Omnibus Budget Reconciliation Act of 1990 with the exception of the provision establishing a "Housing Opportunity Hotline" program in each Federal Home Loan Bank. Although anticipated annual costs are less than $500,000, that provision is still under review by OMB.