Observations on the Financial Institutions Reform, Recovery and Enforcement Act of 1989

T-AFMD-89-10: Published: Jun 1, 1989. Publicly Released: Jun 1, 1989.

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Pursuant to a congressional request, GAO discussed proposed legislation to help resolve the thrift crisis. GAO believes that the legislation: (1) urgently requires enactment, since delays will result in continued losses in investor confidence, diminishment of thrifts' franchise value, and thrift operating losses which will increase resolution costs; (2) should make its proposed Resolution Trust Corporation an on-budget entity, even if an on-budget approach increases difficulties in meeting deficit reduction targets; (3) does not significantly under- or over-estimate thrift resolution costs, projected at about $285 billion; and (4) needs to clearly establish and define the Resolution Trust Corporation's authority, responsibility, and accountability, appropriate GAO and congressional oversight, and guidance on how it should conduct activities.

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