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Statement on Signing the Resolution Trust Corporation Completion Act

December 17, 1993

Today I am pleased to sign into law S. 714, the "Resolution Trust Corporation Completion Act." This legislation enables the Federal Government to honor its pledge to protect the nearly 3 million depositors in the thrifts controlled by the Resolution Trust Corporation (RTC) that await final resolution. It represents a decisive step toward bringing the savings and loan debacle to a conclusion.

The Act removes the April 1, 1992, expiration date on $18.3 billion that the Congress appropriated in 1991, thereby making the money available to protect depositors. This amount should enable the RTC to complete all pending and anticipated resolution activities.

The Act codifies the RTC management reforms Treasury Secretary Lloyd Bentsen announced in March, many of which have already been implemented. It also reaffirms the Administration's commitment to provide additional opportunities for women-and minority-owned businesses to participate in the RTC's contracting activities.

This legislation will bring to a close a costly episode in our Nation's financial history. I appreciate the efforts of all those who have worked to make its enactment possible.


The White House, December 17, 1993.

NOTE: S. 714, approved December 17, was assigned Public Law No. 103-204.

William J. Clinton, Statement on Signing the Resolution Trust Corporation Completion Act Online by Gerhard Peters and John T. Woolley, The American Presidency Project

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