University Daily Kansan / Friday, October 27, 1989
Nation/World
7
Treasury seeks more market control
The Associated Press
WASHINGTON — Treasury Secretary Nicholas S. Brady said yesterday that the Securities and Exchange Commission should have the power to halt stock trading in market emergencies.
Brady noted that SEC Chairman Richard C. Breeden said last a day earlier that he didn't want such authority.
sail just a day earlier that he said I want Bush administration. But the treasury secretary said that the Bush administration backed bills in Congress to strengthen the SEC in the belief that government's initial response to market emergencies should come "from a regulator with expertise and proximity to the markets."
Testifying before the Senate Banking Committee, Brady said that the 190-point slide in the Dow Jones industrial average on Oct. 13 had not altered his belief in the soundness of the U.S. economy.
But he said the 'tailspin' did point out the need for changes in market regulation.
He supported legislation introduced by Sens. Christopher Dodd, D-Conn., and John Heinz, R-Pa., to give the SEC emergency powers to restrict or halt trading, a newer vested now only in the president.
Brady, in a letter accompanying his testimony, noted that the legislation would give the president power to terminate SEC emergency actions and would require approval for any trading halt lasting longer than 24 hours.
On Wednesday, Breeden told a House panel that he supported the legislation except for the provision giving the SEC the power to halt trading in emergencies.
the BSC chairman said he believed that the possibility of arbitrary halts could cause uncertainty and volatility in the markets.
Bush calls for improved pesticide regulation
The Associated Press
WASHINGTON — President Bush called for legislation yesterday that would allow dangerous pesticides to be taken off the market more quickly, saying the government's ability to ensure a safe food supply was being called into question.
But his proposed changes in how pesticides and other chemicals on foods are regulated were criticized immediately. The critics, environmentalists and some members of Congress, said provisions of the president's plan could instead would make food less safe.
While Bush's proposal to streamline regulation was praised, critics said other provisions of his plan would ease the risk levels used to determine whether to ban a pesticide. The proposal would also have the government preempt state pesticide-control laws that often are stronger than federal rules.
World Briefs
BUSH SNUBS ORTEGA: President Bush is not interested in meeting with Nicaragua's Daniel Ortega during the president's anticipated visit to Costa Rica.
The Marxist president of Nicaragua made clear his eagerness to join the U.S. presidency today when 18 heads of state gather for a two-day "summit of the leaders" meeting on the issue of economic conservatives, has spurned Ortega's advances.
"I have no agenda with Mr. Ortega," Bush said during a White House interview with Latin-American
GORBACHEV PROPOSES CUTS: Soviet President Mikhail S. Gorbachev said yesterday that Moscow would cut its nuclear forces in the Baltic Sea and would destroy four aging submarines and the nuclear missiles they carried.
Gorbachev, on the second day of a three-day visit to Finland, also said the Soviet Union would take certain types of sea-launched nuclear weapons, out of the Baltic Sea and had removed all tactical nuclear missiles that could strike the northern European region.
In a 45-minute speech to Finnish business leaders, politicians and other guests, Gorbachev repeated his hope to eliminate nuclear weapons from the 147,500-square-mile Baltic Sea.
"We are prepared to come to agreement with all the nuclear powers and the Baltic states on effective guarantees for the nuclear-free status of the Baltic Sea, which will normally broadcast speech in Helsinki's Finlandia bank."
Gorbachev said the Soviet Union was taking the
steps unilaterally by dropping previous conditions that Western countries should agree first to a nuclear-free zone.
BUSH APPROVES AID: President Bush approved a $3.45 billion spending bill yesterday to help Northern Californiaians recover from last week's earthquake, as well as extend federal funding and look forward to Halloween and the World Series.
For the first time since the Oct. 17 earthquake, the Golden Gate Bridge charged tosled yesterday, partly because an average of $107,360 a day had been lost and partly because the free ride seemed to encourage driving at a time when officials were trying to persuade people to use public transportation.
Bush signed the aid bill just nine days after the 6.9 magnitude tremor rocked the area and called it a sign of nonpartisan compassion, but one California conspiracy theorist's delegation would be back, hat in hand, in the spring.
U. N. COMMISSIONER SERIES: The U.N. high commissioner for refugees resigned yesterday amid allegations of financial impropriety, mismanagement and favoritism to Western donor nations.
Secretary-General Javier Perez de Cuellar accepted Jean-Pierre Hocke's resignation effective Wednesday, said U.N. spokesman Francois Giuliani.
On Tuesday, Denmark called for an investigation of Hocke's use of Danish refugee money for first-class air travel
Hocke became high commissioner for refugees in 1966 as the favored candidate of the U.S.State Department.
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