Legislative Update: Action on Legislation

Resolution Trust Corp. Oversight

The House Banking Committee on Tuesday approved legislation to abolish the Thrift Depositor Protection Oversight Board. The legislation, introduced by Chairman Jim Leach, would save $250,000 annually, according to Treasury Department estimates.

The board's chief function of overseeing the Resolution Trust Corp. disappeared in 1995 when the RTC was abolished. Other responsibilities- oversight of the Resolution Funding Corp. and membership on the Affordable Housing Advisory Board-would be transferred to the Treasury Department.

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