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Semiannual Report and Appearance by the Oversight Board of the Resolution Trust Corporation

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Semiannual Report and Appearance by the Oversight Board of the Resolution Trust Corporation Semiannual report and appearance by the Oversight Board of the Resolution Trust Corporation : hearing before the Committee on Banking, Finance, and Urban Affairs, House of Representatives, One Hundred First Congress, second session, June 14, 1990. United States. Washington : U.S. G.P.O. : 1990. https://hdl.handle.net/2027/uc1.31210014948929 Public Domain, Google-digitized http://www.hathitrust.org/access_use#pd-google We have determined this work to be in the public domain, meaning that it is not subject to copyright. Users are free to copy, use, and redistribute the work in part or in whole. It is possible that current copyright holders, heirs or the estate of the authors of individual portions of the work, such as illustrations or photographs, assert copyrights over these portions. Depending on the nature of subsequent use that is made, additional rights may need to be obtained independently of anything we can address. The digital images and OCR of this work were produced by Google, Inc. (indicated by a watermark on each page in the PageTurner). Google requests that the images and OCR not be re-hosted, redistributed or used commercially. The images are provided for educational, scholarly, non-commercial purposes. SEMIANNUAL REPORT AND APPEARANCE BY THE OWERSIGHT BOARD OF THE RESOLUTION TRUST CORPORATION HEARING BEFORE THE COMMITTEE ON BANKING, FINANCE AND URBAN AFFAIRS - PUB HOUSE OF REPRESENTATIVES ONE HUNDRED FIRST CONGRESS º SECOND SESSION JUNE 14, 1990 Printed for the use of the Committee on Banking, Finance and Urban Affairs Serial No. 101-133 rººRVERSD eS %. -- 10 º vº NGV. 0 -s 1990 Ø Tº | covernººnoºspºrtLERARY U. S. DEPOSITORY U.S. GOVERNMENT PRINTING OFFICE 31–205== WASHINGTON : 1990 For saleby the Superintendentof Documents,CongressionalSalesOffice U.S. GovernmentPrinting Office,Washington,DC 20402 (+5 −ll wº HOUSE COMMITTEE ON BANKING, FINANCE AND URBAN AFFAIRS HENRY B. GONZALEZ, Texas, Chairman FRANK ANNUNZIO, Illinois CHALMERS P. WYLIE, Ohio WALTER E. FAUNTROY, District of JIM LEACH, Iowa Columbia NORMAN D. SHUMWAY, California STEPHEN L. NEAL, North Carolina STAN PARRIS, Virginia CARROLL HUBBARD, Jr., Kentucky BILL McCOLLUM, Florida JOHN J. LAFALCE, New York MARGE ROUKEMA, New Jersey MARY ROSE OAKAR, Ohio DOUG BEREUTER, Nebraska BRUCE F. VENTO, Minnesota DAVID DREIER, California DOUG BARNARD, JR., Georgia JOHN HILER, Indiana CHARLES E. SCHUMER, New York THOMAS J. RIDGE, Pennsylvania BARNEY FRANK, Massachusetts STEVE BARTLETT, Texas RICHARD H. LEHMAN, California TOBY ROTH, Wisconsin BRUCE A. MORRISON, Connecticut ALFRED A. (AL) McCANDLESS, California MARCY KAPTUR, Ohio JIM SAXTON, New Jersey BEN ERDREICH, Alabama PATRICIA. F. SAIKI, Hawaii THOMAS R. CARPER, Delaware JIM BUNNING, Kentucky ESTEBAN EDWARD TORRES, California RICHARD H. BAKER, Louisiana GERALD D. KLECZKA Wisconsin CLIFF STEARNS, Florida B1LL NELSON, Florida PAUL E. GILLMOR, Ohio PAUL E. KANJORSKI Pennsylvania BILL PAXON, New York ELIZABETH J. PATTERSON, South Carolina JOSEPH P. KENNEDY II, Massachusetts FLOYD H. FLAKE, New York KWEISI MFUME, Maryland DAVID E. PRICE, North Carolina NANCY PELOSI, California JIM. McDERMOTT, Washington PETER HOAGLAND, Nebraska RICHARD E. NEAL, Massachusetts ELIOT L. ENGEL, New York (II) C O N T E N TS Page Hearing held on: June 14, 1990...............................................................................................…. 1 Appendix: June 14, 1990........................................................................................…. 64 WITNESSES THURSDAY, JUNE 14, 1990 Brady, Hon. Nicholas, Secretary of the Treasury; Hon. Jack Kemp, Secretary of Housing and Urban Development; Robert Larson, President and Chief Executive Officer, The Taubman Company, Inc., Independent Member of the Oversight Board; Hon. William Taylor, Past Acting President of the Oversight Board; Hon. Peter H. Monroe, President of the Oversight Board; and Hon. Alan Greenspan, Chairman of the Board of Governors of the Federal Reserve System.............................................................................................. APPENDIX Prepared statements: Annunzio, Hon. Frank............................................................................................. Brady, Hon. Nicholas............................................................................................... Engel, Hon. Eliot L.................................................................................................. Gonzalez, Hon. Henry B.......................................................................................... Hubbard, Hon. Carroll ........................................................................................... Wylie, Hon. Chalmers P.......................................................................................... ADDITIONAL MATERIAL SUBMITTED FOR THE RECORD Carper, Hon. Thomas R., questions to Secretary Brady, Mr. Taylor and RTC representatives with responses.................................................................................. 183 Gonzalez, Hon. Henry B.: Questions with response from Oversight Board................................................. 178 Follow-up questions to Oversight Board.............................................................. 188 Oversight Board RTC: Fourth quarter FY 1990 Operating Plan............................................................. 141 Letter to Chairman Gonzalez dated April 30, 1990 Transmitting Semian nual Report.…..................…. 165 Semiannual Report of the Resolution Trust Corporation and the Over sight 166 tatesBoard.….General Accounting Office, report to the Chairman dated July Uğ 119 SEMIANNUAL REPORT AND APPEARANCE BY THE OVERSIGHT BOARD OF THE RESOLU TION TRUST CORPORATION Thursday, June 14, 1990 HOUSE OF REPRESENTATIVES COMMITTEE ON BANKING, FINANCE AND URBAN AFFAIRs, Washington, DC. The committee met, pursuant to notice, at 10 a.m., in room 2128 Rayburn House Office Building, Hon. Henry B. Gonzalez [chair man] presiding. Present: Chairman Gonzalez, Representatives Annunzio, Neal of North Carolina, Hubbard, LaFalce, Oakar, Vento, Barnard, Schu mer, Carper, Torres, Kleczka, Kennedy, Flake, Mfume, Price, Pelosi, McDermott, Hoagland, Neal of Massachusetts, Engel, Wylie, Leach, Parris, McCollum, Roukema, Hiler, Roth, McCandless, Saxton, Stearns, Gillmor, Paxon. The CHAIRMAN. The committee will please come to order. And we will try to dispense with some of the preliminaries so we can pro ceed expeditiously. We are very grateful to the witnesses who have so much on their shoulders and yet have responded to our invita tion. Today the Oversight Board of the Resolution Trust Corporation makes its first semiannual appearance before this committee as re quired by the Financial Institutions Reform, Recovery, and En forcement Act of 1989. As you will recall, we had the first hearing in January, I believe it was January the 24th and 25th. We appreciate the appearance of Treasury Secretary Brady, who is Chairman of the Board, Chair man Greenspan, Secretary Kemp, and Mr. Robert Larson, one of the two public members appointed by the President. We would also like to thank Bill Taylor, who has just completed his post as acting president of the board, for the job he has done, and to welcome the new president, Mr. Peter Monroe. I think I speak for all the mem bers of this committee when I wish you, Mr. Monroe, good luck and much success in your job. Since the passage of FIRREA, this committee has held a series of oversight and investigative hearings on the savings and loan indus try and on the administration's implementation of their plan. Progress has been painfully slow at times, but we have been and we must be patient. We know that it takes time to start any new enterprise, but we remain concerned that keeping insolvent institu tions open simply means more losses—this was our concern, indi vidual concern, in 1987 and 1988 before FIRREA—a deterioration (1) 2 in the value of the assets of the institutions and that open insol vent or near insolvent institutions are competing with healthy in stitutions knowing that Uncle Sam, in the form of the American taxpayer, will pay the costs. Just yesterday the Congressional Budget Office provided this committee with the estimates of the number of institutions that will eventually have to be resolved by the RTC. Once again, the es timates of the number of institutions and the cost of their resolu tion is going up. Again, I caution, we didn't have all kind of esti mates, but I think that all depends upon—as I said last year, what is done today, this year, will determine what will happen next year as far as eventual resolution cost. No one knows what the ultimate cost will be. We do know that the faster the job's done, as I said, the lower the cost will be. We have asked the Oversight Board to tell us their plans, to tell us how much money they're going to need and when. It is my hope that today we will get that information. I know that the American people are as concerned as we all are. We are also concerned about the tremendous amount of assets coming in the RTC's hands, but we knew that. We knew that last year. We knew that we were going into something the country had never faced before. And so, this is the reason why I have tried to express patience and tolerance, and also some sustainment of good will and bipartisan effort. This is an election year, and we want to be restrained so that we don't obstruct unwittingly and with the best of intentions. We will spend 2 days in the field hearings in Texas next week, looking specifically
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