Magazine article American Banker

Washington People

Magazine article American Banker

Washington People

Article excerpt

The Fredo Bill

Even before the bankruptcy overhaul bill failed Thursday afternoon in the House on a procedural vote and was then approved in revised form in the wee hours of the next morning, skeptical lobbyists' had reason to expect the unexpected.

The bill's six-year odyssey, during which it once passed Congress only to be vetoed by President Bill Clinton, has been tortuous. It recovered from many near-death experiences only to fall short every time it was on the verge of success.

Glib words from one lobbyist Thursday proved increasingly prophetic as the day progressed.

"Following bankruptcy reform the last couple of years has been like repeatedly watching the movie 'Godfather II,' " said John H. Hanley, the Independent Community Bankers of America's director of legislative strategy. "You keep wishing that Fredo would come back from the fishing trip, but he never does. Hopefully he will this time around."

Short-Order Regs

Would you like fries with that?

Federal Deposit Insurance Corp. staff members could find themselves asking that question under a plan the agency hopes to institute.

Maybe it's an exaggeration, but FDIC Chairman Don Powell was not kidding last week when he said he wanted to place its executives with private companies to help change its bureaucratic culture.

During a presentation to the agency's new outside advisory council (made up of management from several industries, including executives of Coca-Cola Co., Cisco Systems Inc., and American Express Co.), Mr. Powell said that the FDIC would consider putting some employees in a paid rotation to work for another organization for a limited time, perhaps six months.

The meeting included presentations on an array of topics concerning the FDIC, including reducing banks' regulatory burden, changing call report requirements, and restructuring the financial supervisory system. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed


An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.