Resolution Trust Corporation:

Interim Report on the Management Reforms in the RTC Completion Act

GGD-94-114: Published: Jun 30, 1994. Publicly Released: Jun 30, 1994.

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Pursuant to a legislative requirement, GAO reviewed Resolution Trust Corporation (RTC) management reforms required under the RTC Completion Act, focusing on: (1) how RTC is implementing the reforms; and (2) progress being made by RTC toward achieving full compliance with the requirements.

GAO found that: (1) RTC has completed actions on two reforms, having initiated action on both before the RTC Completion Act became law; (2) RTC has taken actions on 3 other reforms, but the nature of each reform requires RTC to monitor its implementation to ensure full compliance; (3) although work is in progress to implement the remaining 16 reforms, progress has varied considerably; and (4) RTC needs to establish an audit committee, complete rules on asset disposition and minority contracting, revise and issue various procedures, and increase its audit followup and internal control activities.

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