[Congressional Record Volume 140, Number 14 (Friday, February 11, 1994)]
[Senate]
[Page S]
From the Congressional Record Online through the Government Printing Office [www.gpo.gov]


[Congressional Record: February 11, 1994]
From the Congressional Record Online via GPO Access [wais.access.gpo.gov]

 
           STATEMENT REGARDING CONFERENCE REPORT ON H.R. 3759

  Mr. D'AMATO. Mr. President, I rise to express my appreciation to my 
fellow conferees for retaining the RTC statute of limitations extension 
that the Senate adopted Wednesday evening.
  In retaining this provision in the conference report, my colleagues 
have demonstrated their sense of fairness to the American people. The 
savings and loan bailout was a financial disaster for the taxpayer; 
this amendment should alleviate some of the costs of that disaster. We 
are talking about real money here. On the day that Madison Savings and 
Loan was taken over by the regulators, 35 other savings and loans were 
declared insolvent--this 1 day alone cost the taxpayers billions of 
dollars in bail-out costs.
  I particularly would like to thank Senators Metzenbaum and Murkowski 
for their hard work on this issue. Senator Metzenbaum has been a 
tireless advocate on this issue. In fact, the amendments that Senator 
Murkowski and I offered Wednesday were nearly identical to draft 
legislation that Senator Metzenbaum forwarded to me on Tuesday for my 
consideration.
  The amendment will extend the statute of limitations under which a 
suit may be brought against individuals who have committed fraud 
involving failed savings and loans. Under the amendment, the 5-year 
time limit is extended until December 31, 1995, or the date that the 
RTC terminates, if later.
  This kind of congressional action shows the American people and the 
taxpayer that we are on the job--we're here looking out for their best 
interests. The statute of limitations on Madison and many other busted 
savings and loans was about to run out. When this amendment is enacted 
into law, we will have added valuable time back on to the ticking 
clock.

                          ____________________