November 15, 1988 |
The expected selection of Rep. Henry B. Gonzalez (D-Texas) as chairman of the House Banking, Finance and Urban Affairs Committee may further fragment an already divided panel and delay a solution to the savings and loan crisis, analysts say. Gonzalez, a hot-tempered, outspoken maverick, is considered the most likely successor to Rep. Fernand J. St Germain (D-R.I.), who was defeated last week in his bid for a 15th term.
September 9, 1988 |
Treasury Undersecretary George D. Gould, clashing with members of the House Banking Committee, said Thursday that financial regulators' use of $10 billion in notes to prop up failing savings and loan associations is supported by the full faith and credit of the United States. "It was never the intent of Congress to give an open checkbook to any federal agency," responded an angry Rep. Toby Roth (R-Wis.).
April 12, 1987 |
The House Ethics Committee has found no wrongdoing by Rep. Fernand J. St Germain (D-R.I.) in connection with allegations that he became a millionaire with help from several people he aided officially, the panel's confidential draft report says. The draft found instances in which the chairman of the House Banking Committee failed to report properly his assets on financial disclosure forms or undervalued them by as much as $1.5 million.
November 9, 1988 |
Bucking a strong GOP tide in the presidential election, Democrats on Tuesday ousted two incumbent Republican senators and apparently strengthened their Senate majority--a gain that could lead to stalemate between the 101st Congress and President-elect George Bush. And in the House, Democrats also appeared to have achieved a slight increase in their already substantial majority. According to NBC News, Democrats gained two new seats in the House, giving them a 259-176 margin over the GOP.
May 4, 1988 |
Accusing federal regulators of secrecy and stonewalling, House Banking Committee Chairman Fernand St Germain (D-R.I.) said Tuesday that he will press his investigation of the Federal Home Loan Bank Board's campaign to find a buyer for crippled Financial Corp. of America. An angry St Germain said the bank board, in its eagerness to find a buyer, had been persistently ignoring his requests for information about Irvine-based FCA.
September 8, 1988 |
M. Danny Wall, chairman of the Federal Home Loan Bank Board, is a man who loves to write notes--not little "thank you" messages but formal promises to pay big bucks to ailing savings and loan associations. Wall's agency has already poured out $9.7 billion in notes to strengthen the balance sheets of insolvent S&Ls, and on Monday it promised another $500 million as a key element in its complex rescue plan for American Savings & Loan, the nation's second-largest thrift.