Resolution Trust Corporation:

Summary of GAO Products

GGD-93-128: Published: Jul 20, 1993. Publicly Released: Aug 27, 1993.

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Pursuant to a congressional request, GAO: (1) provided summaries of its products on the Resolution Trust Corporation (RTC) and related issues; (2) updated RTC actions to implement recommendations; and (3) discussed the applicability of federal regulations limiting the contracting out of inherently governmental functions.

GAO found that: (1) since RTC started its operations in August 1989, 98 products have been issued on RTC asset management and disposition, conservatorships and resolutions, contracting and contract management, financial management, funding and crosscutting issues, and information resources management; (2) of the 76 recommendations made to improve RTC operations, 48 are still open; (3) several issues need immediate attention to minimize the cost of the savings and loan cleanup; (4) RTC greatest challenges are to maximize the rate of return on its growing inventory of hard-to-sell assets and provide adequate contractor oversight; and (5) RTC is not subject to regulations limiting the contracting out of governmental functions.

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