Pressure Grows in Congress to Overhaul RTC : * Thrifts: The soaring cost of rescuing S&Ls; prompts many officials to demand major changes at the bailout agency.

WASHINGTON —  With official cost projections for the savings and loan bailout rising, congressional pressure intensified Friday for restructuring the Resolution Trust Corp., the agency charged with cleaning up the thrift industry.

At the same time, L. William Seidman, chairman of the Federal Deposit Insurance Corp. and architect of the S&L; cleanup, sought to defend the RTC against critics, noting that the agency had done a good job in taking control of 617 troubled thrifts and closing 396 of them, while disposing of assets totaling $157 billion.

Seidman acknowledged, however, that the agency, with 7,000 employes, is now ready to move into adulthood from adolescence. He suggested that Congress consider a new structure for the RTC under which a revamped agency would have a strong chief executive, perhaps someone from private industry with experience in real estate management. Under the current system, policy is established by a board dominated by top Administration officials from other agencies who spend little time on RTC business.

David Cooke, the RTC executive director, is not involved in policy decisions. If Congress creates a new structure, Seidman said, the top executive officer should sit on the policy-making board of directors. Seidman flatly denied a report that Cooke would be fired from his current job. Seidman also told the Senate Banking Committee Friday that the government will need another $80 billion for the S&L; mess, in addition to the $80 billion in taxpayer money already spent. That would bring the total to $160 billion--$30 billion more than the Administration’s earlier estimates.

The Administration has rapidly lost credibility in Congress because of its seeming inability to gauge the real costs of disposing of S&Ls.; Even the new $160 billion projection may be low, according to a calculation prepared by the Senate Banking Committee staff. The staff report said the short-run cost of the thrift crisis could climb to $185 billion.

Even Seidman acknowledged that his $160-billion estimate could prove unduly optimistic.

“There certainly is the possibility these estimates are too low,” Seidman said. “It depends on the economy of the country, especially the real estate economy. We put in conservative estimates, but no one can guarantee they are correct.”

Critics in and out of government have charged that slipshod management at the RTC has worsened the crisis and dramatically raised the cost of the bailout.

In fact, a chorus of complaints about the inefficiencies of the RTC and growing concern over the rising cost of disposing of defunct S&Ls; are combining to weaken Congress’ resolve to deal with the thorny issue.

“A number of senators have made it clear that it is highly unlikely additional funds will be granted unless major changes are made” in RTC operations, Senate Banking Committee Chairman Donald Riegle (D-Mich.) said during the hearing at which Seidman testified Friday.

An irritated Sen. Alphonse D’Amato (R-N.Y.) said the RTC “has becomes Congress’ 800-pound gorilla--it does what it wants and we don’t seem to do anything about it. We just keep feeding it, and feeding it, hoping that some day it will become a good gorilla and do what it is supposed to.”

Congress is frustrated because the RTC, created nearly two years ago, has been slow in disposing of its massive collection of securities, mortgages, and real estate.

“The RTC needs more specialized professionals to handle the different types of assets that the RTC tenaciously clings to,” D’Amato said at the hearing.

This mood of intense skepticism will greet Treasury Secretary Nicholas F. Brady when he appears before the Senate Banking Committee next week to ask for at least $50 billion to pay S&L; clean-up expenses during fiscal 1992.