A bill providing an additional $30 billion to continue the savings and loan bailout won final congressional approval and was sent to President Bush.
The compromise measure, cleared by the Senate earlier in the week, was passed Thursday by the House on a 225-188 vote.Final passage came with only brief debate, unlike the bitter fight waged in the House last week when a series of competing amendments caused the entire bill to be rejected. A scaled-down measure was approved the following day.
The legislation provides another $30 billion for the Resolution Trust Corp., the government agency created in 1989 to oversee the closing of failing thrifts. The RTC also makes payments to depositors whose money was insured by the government and oversees the sale of real estate and other assets held by the closed savings and loans.
The administration asked for the $30 billion because the $50 billion the RTC was given in 1989 is nearly gone.
Because of the large number of failed thrifts, the RTC is expected to use up the latest infusion of $30 billion in the next several months and probably will have to ask Congress for an additional $50 billion in the fall.
The final bill approved by House and Senate negotiators contains some reforms in auditing and management procedures at the RTC, but the measure is less stringent than many House members had wanted.