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S&L Insurance Bailout Voted

May 14, 1987|Associated Press

WASHINGTON — The Senate today passed legislation to pump $7.5 billion into the beleaguered Federal Savings and Loan Insurance Corp., the thrift industry's deposit insurance fund, but refused to remove the bailout from a comprehensive banking bill.

The Senate approved the measure, an exact copy of one passed in March, by voice vote after rejecting, 62-37, an effort by Sen. Jake Garn (R-Utah) to strip the two-year aid bill of everything but the FSLIC recapitalization. On May 5, the House passed a two-year, $5-billion FSLIC proposal with no frills attached.

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