President Clinton will nominate a 65-year-old Florida real estate executive to be chief executive of the Resolution Trust Corp., the agency charged with cleaning up the savings and loan mess.
Stanley Tate, a Republican, "should have strong bipartisan support in the Senate," which must confirm the nomination, said Treasury Secretary Lloyd Bentsen.
Tate heads Tate Enterprise, which develops, constructs and invests in condominiums, shopping centers and office buildings. He has been mayor and a City Council member of Bay Harbor Islands, Fla., and served on the RTC's East Coast Region Advisory Board from 1990 to 1993.
Tate succeeds Albert Casey, a former chairman of American Airlines who was appointed by President George Bush but forced to resign after Clinton took office.
Deputy Treasury Secretary Roger Altman has served as the RTC's interim chief executive since March 15 and will continue until Tate is confirmed.