Statement of Administration Policy: H.R. 4704 - Removal of Limitation on Availability of Funds Previously Appropriated to the Resolution Trust Corporation (RTC)

(House)
(Gonzalez (D) Texas and Wylie (R) Ohio)

The Administration strongly supports legislation to provide adequate funding to the RTC to complete the savings and loan cleanup. H.R. 4704 provides partial funding by eliminating the April 1, 1992, sunset date on funds authorized in 1991. The RTC has indicated that H.R. 4704 would only allow the RTC to continue operations until October of this year. Since this is the only option before the House at this time that would keep the RTC running, the Administration supports H.R. 4704 as a temporary means to save the taxpayer money.

The Administration would prefer full funding and will continue to work with Congress as the legislative process moves forward to provide additional funds to the RTC.