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Wednesday, February 8, 1989 / University Daily Kansan
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--he said he would like to have a measure ready for full Senate action by sometime in March but said he was unsure of unscheduled scheduling with Senate leaders.
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--he said he would like to have a measure ready for full Senate action by sometime in March but said he was unsure of unscheduled scheduling with Senate leaders.
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S
L operating losses), all of us are under enormous responsibilities to get this package done."
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"I am determined to see us act quickly in the committee to match the speed of the administration," Riegle said. "When we are losing on the order of $33 million a day (from S. &
The Bush proposal, in addition to making changes in the way $LsLs are regulated, proposes raising the estimated $90 billion cost of bailing out the S&L industry through a combination of tax dollars and higher insur-
or Patio
sponsor the administration's package. Riegle said he hoped to schedule hearings in the next two weeks in his committee to begin ironing out differences concerning the plan.
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Volcker said he was concerned that deposit insurance premiums not be raised to such a level that they harm the ability of $&Ls and banks to compete with other industries in offering financial services.
Congress takes quick action to implement new Bush plan
"I welcome the administration's initiative this early in the (congressional) session," Volcker said. "The president's program provides a very good base for your consideration of legislation."
- Continued from p. 1
"My sense is that the increased insurance premiums goes to the edge of viability in terms of not undermining the health of the financial industry, which is under heavy competition," he said.
Some members of the Senate Banking Committee asked whether the financing approach represented the proper mix between taxpayer money and commercial funds, but senators were generally supportive of the overall approach.
Volcker also said he disagreed with the administration's proposal to abolish the Federal Home Loan Bank Board as an independent regulatory agency.
ance premiums paid by banks and S& Ls.
Garn called the Bush proposal "an excellent first step," and said Congress needed to act with dispatch to the bleeding in *mounting $81 losses*.
"This problem is serious enough that we don't have time to be partisan about it," Garn said. "I hope we can work together, next few months to pass legislation."
former Federal Reserve Chairman Paul Volker, testing before the committee on the $&L crisis, also urged quick congressional action on the Bush package, saying he thought it addressed the major problems
- Continued from p. 1
facing the S&L industry.
Bush says 'pay increase is in order'
gress off to a rocky start as public scorn was heaped upon lawmakers, who were presented with a pay package recommended by a presidential commission, and endorsed by former President Reagan and Bush.
By day's end yesterday many law-makers appeared drained, but at least one still had a sense of humor.
"I wish I was as thin as my wallet," said Sen. Barbara Mikulski, D-Md., in recognition of her being on the plump side.
House members especially faced an outraged public, because the Democratic leadership, without protest from Republican leaders, had planned to let the raise become law without a vote.
Speaker Jim Wright, D-Texas, to accommodate them with a strategy to let the full rage become visible. The team will scale back to 30 percent to scale it back to 30 percent.
the plan collapsed, and Wright scheduled yesterday's rejection vote, after anti-rise lawmakers won a
procedural vote Monday that showed they had the strength to win.
The Senate handled the problem differently, voting 95-5 last week to reject the raise at a time it appeared too early. The Senate's increase become law without a vote.
Although some House members called the Senate vote hypocritical, it put the senators on record against the raise. They had little choice but to vote against it when they voted again in order to conform to the House language.
Turner, now 42, said that even as a sixth-grader he appreciated much of the event's significance.
Sensitivity is only way for Turner
"I remember the exact date, in fact: February 2, 1959," he said. "I remember walking through the doors for the first time with a friend, and I felt standing next to me. I felt the whole community behind me."
In today's political climate, Turner said he most admired people of honesty and integrity, such as Jesse Jackson. He said his mother's deep sense of morality and justice in the face of tough, port-city living influenced him deeply, even today.
because of the obstinate white community. It took another judicial mandate to reopen and integrate the idle schools.
- Continued from p. 1
And despite his interest in the Black Panthers, a civil rights activist group, Turner said he was being bullied by the group's well-publicized violence.
During his college years in the mid-1960s, politics remained high among Turner's priorities at Howard University in Washington, D.C. He was a member of the Southern Christian Leadership Conference, led by Dr. Martin Luther King, Jr.
Ramaley said one aspect about Turner that came through clearly was his frankness.
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