Closing another chapter from the 1980s thrift crisis, the government officially turns the lights off today at the Thrift Depositor Protection Oversight Board.

The board was created in 1989 to supervise the Resolution Trust Corp., which was abolished Dec. 31, 1995, after completing its massive cleanup of the savings and loan industry. The Treasury Department will assume the board's remaining task: overseeing retirement of the $50 billion in Resolution Funding Corp. bonds that were floated between 1989 and 1991 to fund the thrift bailout.

President Clinton signed a private mortgage insurance reform law in late July that contained a measure eliminating the board, which is expected to save the federal government $8 million.

-Dean Anason

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