Utah Insurance

One day after the House of Representatives by an overwhelming majority the overall banking legislation, management, the Senate was not a security measure the role of voice even begin the debate on a similar action. Senators, the action that the Assembly had defiled the problem.

Heavy lobbying work Treasury Secretary Nicholas F. Brady, Vice President Dan Quayle and the head of the Banking Committee separate Democrats and Republicans-noon, on Capitol Hill was not enough for the 60 votes necessary for the Senate, the Banking Committee of the Bank extensive revision.

Several senators and their assistants, said the head of the majority decision, George J. Mitchell, and the Republican leader, Bob Dole, with the intention to move the debate was more time to see what kind of measure could be approved by the Assembly.

Here is the chairman of the Banking Committee, representatives of Henry B. Gonzalez of Texas, said that his group developing a comprehensive legislation on Wednesday that the taxpayer loans to the tune of billions of dollars to the rapid deterioration of the Bank Insurance Fund remains unchanged but most of the bank of the nation laws. Mr. Gonzalez once again expressed fears that widespread bank in panic, when Congress is not immediately. Insurance for Public

“Confidence in the banking system is fragile and we must act quickly to a public opinion that the resources available to withdraw if the failure of depositors of banks,” he said.

The action today on Capitol Hill, already reduced the limited chances for passage of the judgement of the government’s plan for the nation’s banking laws six years or decades of restrictions, Bar banks and securities insurance companies and industrial enterprises, owners of banks. Frankly, if the Congress is at the end of pavement kerbs Interstate Banking.

Monday, at the insistence of the nation’s largest banks and the White House, home to 89, 324 to reject any action, it would have been much more difficult than the White House wanted for banks to sell insurance and issued by companies and securities. Today, it seemed as if what the administration has been a triumph, actually, a pyrrhic victory.

The management strategy was, for a broad bill to the Senate and then hopefully drag along the house, then the Conference Conciliation Committee to improve the action of both chambers.

Senators, attended a lunch with Mr. Brady and Vice President Quayle, and others, met the head of the Banking Committee, Senator Donald W. Riegle Jr. Of Michigan, said today that without the support of the house, they would not go on their own members and to adopt, which has been criticized flat, as the same type of deregulation, which creates economies and Loan debacle.

“The house has a fairly strong statement,” said Senator Richard C. Shelby, Democrat of Alabama. “He said they do not want a large bill.

A number of Republicans, including ranking minority member of the Banking Committee, Senator for Utah son Jake, also said, Mr. Brady, they try, a narrow piece of legislation that the management of research.

In the house of preparing meeting on Wednesday, the Banking Committee members will be a bill contains essentially the provision of the first six as far rejected by the Assembly on Monday. Terms of New Bill

This would be the bank line of credit insurance fund cash to $ 30 billion to $ 5 billion, each of the obligations are reimbursed by the banking sector. This measure would also not bring billion, the ability of the sickness fund taxpayers ready for its Working Capital. These bonds will be repaid by sale of assets of banks have failed. Below are the other main provisions:

* Before annual inspections on the ground would be required of any bank by the regulatory authorities.

* Auditing Standards would be strengthened, and accountants would be required to inform the regulatory authorities of all failures at banks.

* The regulatory authorities have the authority to seize maroden institutions prior to maturity in assets device.