Resolution Trust Corporation:

Status of Minority and Women Outreach and Contracting Program

GGD-93-106: Published: May 19, 1993. Publicly Released: Jun 18, 1993.

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Pursuant to a congressional request, GAO provided information on the Resolution Trust Corporation's (RTC) Minority and Women Outreach and Contracting Program.

GAO found that: (1) RTC efforts to strengthen the program have resulted in an overall increase in contracts awarded and fees paid to minority- and women-owned businesses (MWOB) and minority- and women-owned law firms (MWOLF); (2) RTC program initiatives have included the establishment of contracting goals, creation of an Office of Minority and Women Outreach and Contracting Program, and consolidation of its business and legal programs under one department; (3) RTC awarded 45,000 contracts totalling $1.3 billion in 1992, including 15,000 contracts with estimated fees totalling $323 million to MWOB; (4) in 1992, MWOLF received about 10 percent of the $351 million that RTC paid in legal services fees and significantly increased their share of fees paid for receivership and corporate legal services; and (5) although RTC has made progress in fostering the MWOB outreach and contracting program goals, it needs to expand the opportunities for MWOB, achieve existing program goals, and implement policies and procedures to ensure that MWOB meet status qualifications.

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