The House banking committee Friday approved a bill to set up a commission that would investigate the growing crisis of failing thrift institutions.

Committee chairman Fernand St. Germain said he hoped the full House would consider the legislation on Tuesday.The Senate has already passed legislation proposing an investigative commission.

As many as 500 savings and loan institutions are considered to have liabilities exceeding their assets and concern is growing about the eventual cost of rescuing them and protecting depositors.

"It is no secret . . . that the problems of the industry and its insuring fund have been complicated by the wildly gyrating nature of the estimate of the size of the problem and a crazy-quilt approach to the rescue programs that have been initiated by the Federal Home Loan Bank Board," St. Germain said.

Committee members agreed to an amendment proposed by Rep. Charles Schumer, D-N.Y., that would permit no more than two appointed members of the commission to come from thrift trade associations or federal or state thrift regulatory agencies.

The commission proposed by the House banking committee would have to report by Feb. 1.