BANKING & FINANCE - March 3, 1995
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GAO Report Warns About Thrift Insurance Fund: The savings and loan industry’s deposit insurance fund is dwindling and may be insufficient to handle a large failure, the General Accounting Office said in a report. The inadequacies will worsen unless Congress and regulators address a widening gap between bank and thrift deposit insurance funds, said the GAO, Congress’ investigative arm. Senate Banking Chairman Alfonse M. D’Amato (R-N.Y.) and Rep. John J. LaFalce (D-N.Y.), who released the report jointly, expressed alarm and urged colleagues to act before there is another thrift crisis. The 1980s S&L; collapses have cost taxpayers $150 billion.
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