OTHER NEWS - April 16, 1992

RTC Assails Congress for Shortfall: The Resolution Trust Corp. said its income from the sale of assets at failed thrifts will fall $15 billion short of this year’s $100-billion target because of delays in Congress in providing funding. Congress adjourned for the spring recess without approving the Administration’s request for funds to complete the takeover and disposal of insolvent savings institutions. Without money to shut down the crippled thrifts, the RTC is unable to sell their assets, which include securities, residential and commercial mortgages and real estate. Deputy Treasury Secretary John Robson said taxpayers will lose $2.5 million a day--the estimated cost of keeping money-losing institutions open temporarily--as long as Congress refuses to act. “I hope they (legislators) will come to their senses when they get back,” he said.