[United States Government Manual]
[July 01, 1995]
[Pages 705-708]
[From the U.S. Government Publishing Office, www.gpo.gov]
THRIFT DEPOSITOR PROTECTION OVERSIGHT BOARD
808 Seventeenth Street NW., Washington, DC 20232
Phone, 202-416-2650
Chairman Robert E. Rubin
Board of Directors:
(Secretary of the Treasury) Robert E. Rubin
(Chairman of the Board of Alan Greenspan
Governors of the Federal
Reserve System)
(Director, Office of Thrift Jonathan L. Fiechter,
Supervision) Acting
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(Chief Executive Officer, John E. Ryan, Acting
Resolution Trust Corporation)
(Chairman, Federal Deposit Ricki T. Helfer
Insurance Corporation)
Independent Member Robert C. Larson
(vacancy)
Executive Director Dietra L. Ford
General Counsel Richard H. Farina
Deputy Executive Directors:
Government Affairs and Public Kenneth Colburn
Liaison
Finance Thomas Elzey
Oversight and Evaluation Neal Peterson
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The principal duties of the Oversight Board are to review and evaluate
the overall strategies, policies, and goals of the Resolution Trust
Corporation and to approve, prior to implementation, the Corporation's
financial plans, budgets, and periodic financing requests. The Oversight
Board also reviews the Resolution Trust Corporation's overall
performance, including its management activities, internal controls, and
performance relative to budget plans. In addition, the Board monitors
the implementation by the Corporation of the 10-point Management Reform
Program instituted by the Secretary of the Treasury in his role as
Oversight Board Chairman. It also regularly reports to Congress on the
Resolution Trust Corporation's programs, progress, and funding needs.
The Thrift Depositor Protection Oversight Board, formerly the Oversight
Board (of the Resolution Trust Corporation), was established as an
instrumentality of the United States on August 9, 1989, by the Financial
Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C.
1441a).
The Board is governed by a seven-member directorate consisting of
the Secretary of the Treasury, who is its Chairperson; the Chairman of
the Board of Governors of the Federal Reserve System; the Chief
Executive Officer of the Resolution Trust Corporation; the Chairman of
the Federal Deposit Insurance Corporation; the Director of the Office of
Thrift Supervision; and two independent members appointed by the
President, with the advice and consent of the Senate.
The day-to-day operations of the Board are conducted through its
Executive Director and other officers and staff. The Board is required
to transmit periodic reports to the Congress and the President,
including: reports under the Inspector General Act; annual audits of
Resolution Trust Corporation's financial statements; annual reports on
Oversight Board and Corporation operations; semiannual reports (which
are followed by appearances before the Senate and House Banking
Committees); quarterly submissions of the Corporation's operating plans;
quarterly reports on severely troubled institutions supervised by the
Office of Thrift Supervision; and quarterly budget reports.
Activities
The Thrift Depositor Protection Oversight Board:
--reviews and evaluates overall strategies, policies, and goals of
the RTC for case resolutions, management and disposition of assets, and
use of private contractors;
--approves, prior to implementation, RTC financial plans, budgets,
and periodic financing requests;
--reviews RTC's regulations and procedures, not including its
internal administrative practices or procedures or its determinations or
actions with respect to case-specific matters;
--reviews RTC's overall performance including its management
activities, internal controls, and performance relative to approved
budget plans;
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--establishes and maintains a national advisory board to advise the
Oversight Board on policies and programs for the disposition of real
property assets of RTC institutions;
--directs the operations of six regional advisory boards and a
national advisory board, which provide advice to RTC and the Oversight
Board on the disposition of real estate acquired from insolvent savings
and loans;
--provides support for the Affordable Housing Advisory Board on
policies and programs related to the provision of affordable housing,
including the operation of affordable housing programs;
--provides advice regarding the merger of RTC's Affordable Housing
Disposition Program into the Federal Deposit Insurance Corporation at
the termination of RTC operations in December 1995;
--maintains an Audit Committee to monitor RTC internal controls,
monitors audit findings and recommendations of the RTC Inspector General
and the General Accounting Office and RTC's responses to such findings,
monitors the financial operations of RTC, and regularly reports findings
and recommendations to RTC and the Oversight Board; and
--directs activities of the Resolution Funding Corporation
(REFCORP), a mixed-ownership Government corporation established with the
sole purpose of providing financing for RTC.
For further information, contact the Director of Government and Public
Affairs, Thrift Depositor Protection Oversight Board, 808 Seventeenth
Street NW., Washington, DC 20232. Phone, 202-416-2622.
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