Whitewater Hearings August 1, 1994 - Part 1
Whitewater Hearings August 1, 1994 - Part 1
(10:30:01) PBS funding credits. Whitewater coverage title screen. .NINA TOTENBERG and KEN BODE introduce and discuss the day's hearing. Hearing begins with an explanation of the day's proceedings and remarks from the Chairman, Senator Donald W. Riegle, Jr...The first panel will consist of witnesses from the Resolution Trust Corporation...This afternoon, just to give everyone an indication of that part of our day, the second panel will consist of just a single witness, Jean Hanson, who is the General Counsel of the U.S. Department of the Treasury. Ms. Hanson was previously employed at Fried, Frank, Harris, Shriver, and Jacobson, from 1976 until March 1993. She served as a consultant to the Department of Treasury from March 1993 until June 1993, when she was confirmed into her present position by the U.S. Senate. These two panels will focus on the matters that I've discussed. Let me invite, then, our first four witnesses to come to the table in front of the name tags that are there. I'm going to ask you to stand and raise your right hand. Do you swear that the testimony you're about to give is the truth, the whole truth, and nothing but the truth, so help you God? (All respond: I do.)The Chairman: Very good. Please be seated. Mr. Ryan, I'm going to begin with you, You're the senior person at the table. I understand you have an opening statement you wish to make. Mr. Ryan. Yes, Mr. Chairman. The Chairman. Very good. Why don't you pull that microphone a little closer to you so you can be heard, and we'd be pleased to have your statement at this time. Mr. Ryan. Thank you, Mr. Chairman. My name is John E. "Jack" Ryan. I'm the Deputy and Acting CEO of the RTC, I became CEO on January 4, 1994, and assumed the role of Acting CEO on March 30, 1994. I'm a career regulator with over 30 years experience as a senior regulatory official with the Federal Reserve Board and more recently with the Office of Thrift Supervision where I served as the Director of the Southeast Region of that agency since October 1989. Over the course of my career, I have dealt with and managed many of the financial crises that have occurred in the United States during the past 20 years including Continental Illinois, Penn Square, the foreign debt problem, and the savings and loan crisis, to name just a few. Last December, I agreed to serve temporarily as Deputy CEO of the RTC until a permanent CEO could be found. When I agreed to the temporary assignment, it was my understanding that the process of selecting a permanent CEO was well underway and I anticipated that my tenure would be limited to a matter of a few weeks. Obviously, that expectation turned out to be incorrect and my job has now expanded to Acting CEO. As of this moment, I have no idea what the current status of the selection of a permanent CEO is, nor do I know how much longer I will have this responsibility. As I have repeat I told the RTC staff, I will continue to discharge my responsibilities, including those relating to Madison Guaranty, as though I was the permanent CEO and to the best of my ability. The RTC is fully cooperating with this Committee in the conduct of these hearings. The RTC has provided the information and data requested by this Committee and has made staff available for depositions and testimony.