Bob Dole: “last month, I joined with my distinguished colleague from New York, Senator D'Amato, in asking both Attorney General…”

“last month, I joined with my distinguished colleague from New York, Senator D'Amato, in asking both Attorney General Reno and the interim chief executive officer of the Resolution Trust Corporation, Roger Altman, to enter into agreements tolling the civil statute of limitations with respect to Madison Guaranty Savings & Loan. We have already taken action on this bill, so maybe that will not be necessary if it is left in the conference report. As Senator D'Amato has explained, the RTC has a 5-year period in which to bring a civil suit for fraud, starting from the date it becomes the conservator or receiver of a failed institution. Since Madison Guaranty was taken over by Federal regulators in February 1989, it appears that the statute of limitations will expire later this month. Once the statute expires, the RTC--and the American people--are out of luck. Unfortunately, Mr. Altman's response to our request was evasive at best. According to Mr. Altman: The RTC will vigorously pursue all appropriate remedies using standard procedures in such cases, which could include seeking agreements to toll the statute of limitations. Notice the choice of words: It is not ``would'' seek these tolling agreements. It is ``could'' seek the agreements. Nothing firm. No commitments.”