Casey Urges RTC Funding

WASHINGTON -- In his first congressional appearance as chairman of the Resolution Trust Corp., Albert V. Casey vowed to lead the agency in "an aggressive and independent manner."

Speaking to reporters after his appearance before the Senate Banking subcommittee on consumer and regulatory affairs, Mr. Casey warned that the RTC needs a quick infusion of cash. Failure to act, he said, "would cost the American public a lot of money" as bankrupt thrifts continue to operate.

But Mr. Casey, a former American Airlines chairman and Postmaster General, urged the Senate panel to reject proposals to dramatically overhaul the thrift-bailout agency.

He said a measure passed by the House subcommittee that would strip the RTC Oversight Board of its power to review rules and regulations would hamper its ability to provide effective oversight. The Oversight Board reports to the President and is intended to ensure political accountability.

Mr. Casey said he would not object to a separate House provision requiring that he undergo Senate confirmation.

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