[Weekly Compilation of Presidential Documents Volume 29, Number 51 (Monday, December 27, 1993)]
[Pages 2611-2612]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
Statement on Signing the Resolution Trust Corporation Completion Act

 December 17, 1993

    Today I am pleased to sign into law S. 714, the ``Resolution Trust 
Corporation Completion Act.'' This legislation enables the Federal 
Government to honor its pledge to protect the nearly 3 million 
depositors in the thrifts controlled by the Resolution Trust Corporation 
(RTC) that await final resolution. It represents a decisive step toward 
bringing the savings and loan debacle to a conclusion.
    The Act removes the April 1, 1992, expiration date on $18.3 billion 
that the Congress appropriated in 1991, thereby making the money 
available to protect depositors. This amount should enable the RTC to 
complete all pending and anticipated resolution activities.
    The Act codifies the RTC management reforms Treasury Secretary Lloyd 
Bentsen announced in March, many of which have already been implemented. 
It also reaffirms the Administration's commitment to provide additional 
opportunities for women- and minority-owned businesses to participate in 
the RTC's contracting activities.
    This legislation will bring to a close a costly episode in our 
Nation's financial history. I appreciate the efforts of all those who 
have worked to make its enactment possible.
                                            William J. Clinton
The White House,
December 17, 1993.

Note: S. 714, approved December 17, was assigned Public Law No. 103-204. 
This item was not received in time for publication in the appropriate 
issue.

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