House Banking Committee Chairman Jim Leach, R-Iowa, last week introduced legislation to abolish the Thrift Depositor Protection Oversight Board.

The board's primary function, supervision of the Resolution Trust Corp., was lost in 1995 when the thrift industry cleanup agency was abolished.

The board's remaining duties, oversight of the Resolution Funding Corp. and nonvoting membership on the Affordable Housing Advisory Board, would be transferred to the Treasury Department. Treasury Secretary Robert E. Rubin asked Rep. Leach to sponsor the bill, which aims to save $250,000 in personnel and overhead costs.

- Dean Anason and Bill McConnell

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.