WASHINGTON -- A key House Republican warned the Clinton administration in a strongly worded letter that he opposes efforts by the Senate and Treasury to provide more relief for thrifts in the Resolution Trust Corp. funding bill.
"My sense is that the Senate has passed an indefensible bill, provided an indefensible compromise and procedurally made negotiations unprecedentedly awkward by failing even to name conferees," said Rep. Jim Leach of Iowa, the banking committee's ranking Republican.
In his letter to Treasury Under Secretary Frank N. Newman, Rep. Leach said that "at least 90% of the House position" must be maintained in the final bill. Because the House RTC vote was to close, Rep. Leach's support is considered crucial to passing a final bill.
Although the Senate passed its own version of the measure early this year, it has not yet appointed conferees to negotiate a final bill.
Like its House counterpart, the Senate bill would make $18.3 billion available for the RTC, but provides $16 billion - twice the House amount-for the Savings Association Insurance Fund
