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National Archives

Public Papers - 1989

Letter to Congressional Leaders on Savings and Loan Financing Legislation

1989-08-04

Dear XXXXX:

Last night the savings and loan conferees reached a compromise on the financing plan included in the savings and loan legislation. The compromise avoids any amendment of the Gramm-Rudman-Hollings budget process, while including both the Administration's approach to financing and direct Treasury borrowing.

The conferees deserve our thanks and our congratulations. They have worked diligently to fashion a strong and responsible bill to deal with this extraordinarily serious problem. Importantly, the bill includes tough and sensible new capital and accounting standards. Final passage remains critical to the stability and solvency of our financial system.

This legislation has been developed in a bipartisan process. It is badly needed, and must be enacted without further delay. Consequently, I ask that the House and Senate approve this legislation today, and that we pledge to maintain our commitment to resolve this problem.

Sincerely,

George Bush

Note: Identical letters were sent to Thomas S. Foley, Speaker of the House of Representatives; George J. Mitchell and Robert Dole, majority and minority leaders of the Senate, respectively; Robert Michel, minority leader of the House of Representatives; Senators Donald Riegle, Jr., and Jake Garn; and Representatives Henry B. Gonzalez and Chalmers P. Wylie.

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