Letter Accepting the Resignation of M. Danny Wall as Director of the Office of Thrift Supervision

Dear Danny:

I accept your resignation as Director of the Office of Thrift Supervision, to become effective on a date determined by the Secretary of the Treasury. I commend your willingness to remain for a period of time to assist in an orderly transition.

When I proposed to the Congress legislation to restructure and restore public confidence in the thrift industry, we recognized the immensity of the task ahead and the need for the full concentration of our efforts on its accomplishment. An important element of our recovery plan was the creation of the Office of Thrift Supervision to administer the tough new capital and other regulatory standards governing the industry.

As the first Director of the Office of Thrift Supervision, you served during the important organizational phase of the new agency. I thank you for your hard work in that position, and for your unselfish recognition that the job of revitalizing the industry demands the complete and undistracted attention of the agency's entire leadership and staff.

In closing, I also want to note my appreciation for your comments on behalf of the many dedicated employees of the Office of Thrift Supervision who are working long hours to restore soundness to our Nation's savings and loan industry.

Best wishes for your future endeavors.

Sincerely,

George Bush