Statement on Signing the Resolution Trust Corporation Refinancing, Restructuring, and Improvement Act of 1991

Today I have signed into law H.R. 3435, the "Resolution Trust Corporation Refinancing, Restructuring, and Improvement Act of 1991." This Act reorganizes the Resolution Trust Corporation (RTC) while providing only stopgap funding to allow the RTC to resume the resolution of failed thrifts.

H.R. 3435 provides only a part of the funds requested by the Administration which are urgently needed to protect depositors' accounts. This manner of funding risks a repeat of the start-and-stop process that has already cost American taxpayers millions of dollars.

The Administration requested $80 billion to allow the RTC to fulfill the Federal Government's deposit insurance commitments and complete the job of closing insolvent thrifts.

I am approving this legislation in view of the RTC's critical need to receive funding immediately so that we can make good on our Government's deposit insurance obligations. I urge the Congress, upon its return, to move quickly to provide the remaining necessary funds to allow the RTC to complete its mission without increasing the burden on America's taxpayers.

George Bush

The White House,

December 12, 1991.