Resolution Trust Corporation Oversight Board: GAO Views on Strategic Planning Efforts

GAO discussed the Resolution Trust Corporation (RTC) Oversight Board's draft strategic plan. GAO noted that the draft: (1) specified general program goals and all of the important policy areas for which RTC had to make decisions; (2) did not specify policies for resolving institutions, managing assets, and meeting other provisions of the law that established RTC; and (3) directed RTC to establish procedures for carrying out other legislative provisions by certain dates, but did not delineate those procedures. GAO believes that: (1) the draft could serve as a statement of issues and goals upon which the public could comment; (2) it is unclear how the Board will be able to meet its December 1989 deadline for establishing all policies, and it may have been unreasonable to expect the Board to resolve all policy issues by that date; and (3) the Board should subject finalized policies to congressional oversight to achieve clear understanding of how RTC intends to carry out its mission and to obtain clear operations evaluation criteria.