Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: WEDNESDAY, September 15, 1993 TAG: 9309150065
SECTION: BUSINESS PAGE: B8 EDITION: METRO
SOURCE: Associated Press
DATELINE: WASHINGTON LENGTH: Short
The bill, adopted 214-208, must be reconciled with more expensive Senate-passed legislation. Any compromise would then have to be returned to both chambers for final approval before it is sent to President Clinton to sign into law.
Among Western Virginia's congressmen, Democrats Rick Boucher and L.F. Payne voted to approve the spending and Republican Bob Goodlatte voted against it.
The House measure appropriates $18.3 billion for the Resolution Trust Corp. to shut down 71 insolvent thrifts it is keeping open for lack of money to protect depositors and for any further S&Ls that fail before April 1, 1995.
It authorizes up to $8 billion more, under certain conditions, for failures through 1998, which will be handled by a new Savings Association Insurance Fund.
If all the money is spent, it would bring the total taxpayer cost of the cleanup since 1987 to $158 billion.
The Senate in May passed its version of S&L cleanup legislation, providing up to $34.3 billion, after relatively calm debate. But the issue has been more contentious in the House, where Republicans resent past difficulties in getting Democrats to go along with Bush administration S&L cleanup measures.
Opponents called the RTC "a bureaucratic nightmare" and insisted it could finish the cleanup with the money it has in reserve in case of runs by depositors.
by CNB