Despite a negative reaction from the White House, Louisiana Congressman Richard Baker won't give up on his plan to create a tax-free development corporation, much like the savings-and-loan bailout's Resolution Trust Corp., to finance and manage the rebuilding of New Orleans.In an interview with The Credit Union Journal, a sister publication to National Mortgage News, Rep. Baker said he is not deterred by the White House's opposition to an RTC-like entity and still believes his plan, which combines several funding proposals, is the best way to reconstruct the Crescent City. The Louisiana Republican, a senior member of the House Financial Services Committee, said he is working with state officials and representatives of Wall Street to reformulate his proposal to make it more acceptable to fellow lawmakers and the Bush administration.
