‘High’ on Taylor for S&L; Job, Bush Says

From Associated Press

President Bush said today that he is “very high on” Federal Reserve regulator William Taylor to replace L. William Seidman as boss of the Administration’s savings and loan bailout.

Seidman told Bush today that he “enthusiastically supports” Taylor, director of bank supervision at the Federal Reserve Board, the President said at a news conference.

“He suggested the name of Bill Taylor, who we’re very high on, to take his responsibilities,” Bush said.

Taylor is on leave from his Federal Reserve job and is serving temporarily as the chief staff officer of an Administration-led panel that oversees the work of Seidman’s bailout agency, the Resolution Trust Corp.


White House spokesman Marlin Fitzwater said Tuesday that Bush would not resist a move by Seidman, 69, to leave before the October, 1991, expiration of his term as chairman of the Federal Deposit Insurance Corp. and the RTC.

However, Bush today denied reports that he suggested that Seidman leave.

“Hey listen, I haven’t told you I’m anxious to see Bill Seidman leave. . . . He’s done a good job,” Bush said. “It’s his initiative with me. . . . I think Seidman has conducted himself with extraordinary grace and great ability.”

Taylor was approached by the Administration earlier this year for the job of director of the Treasury Department’s Office of Thrift Supervision, which regulates solvent S&Ls.; He turned that offer down.

The job of FDIC and RTC chairman may prove more attractive. Once appointed, the chairman serves independently and cannot be removed by the President. Also, the job is not subject to government salary restrictions.