WASHINGTON - The Clinton administration Thursday backed legislation to shield thrift bad-debt reserves from $3 billion in back taxes.

But Cynthia G. Beerbower, Treasury deputy assistant secretary for tax policy, said the tax break shouldn't last forever, because unlimited exemptions for institutions that concentrate on residential lending are risky.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

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