Newspaper article THE JOURNAL RECORD

Lawmakers to Move Quickly on S L Cleanup Request

Newspaper article THE JOURNAL RECORD

Lawmakers to Move Quickly on S L Cleanup Request

Article excerpt

Lawmakers to Move Quickly on S L Cleanup Request

WASHINGTON _ Lawmakers promised quick action Wednesday on President Clinton's request for $45 billion to finish the savings and loan cleanup, with the first votes coming as soon as next week. Sen. Donald W. Riegle Jr., D-Mich., chairman of the Senate Banking Committee said he hoped for a vote from his panel next week on a "clean bill" _ one that appropriates the money but does not require changes in the S L cleanup agency, the Resolution Trust Corp. "It's our intention to move very, very quickly," he said. Tax Returns at Slowest Pace in Five Years

WASHINGTON _ Americans are filing their federal tax returns at the slowest pace in five years and getting smaller refunds, the Internal Revenue Service said Wednesday. The number of returns filed through Friday was down 8 percent from the same period a year ago: 48.2 million compared with 52.4 million. The IRS issued 6 million refunds last week, which usually is the peak week for refunds. But that number was down 10 percent from the 6.7 million certified in the second week of March 1992. The average refund last week was $894, down slightly from last year. Single Position Sought for Financial Regulator

BOCA RATON, Fla. _ Creation of a single, cabinet-level department to oversee all financial regulation was proposed Wednesday by the head of a leading commodity futures exchange. The new agency would cover banking, stock, bond and futures trading and consumer protection, said John "Jack" Sandner, chairman of the Chicago Mercantile Exchange. His proposal amounts to a complete overhaul of the way financial matters are regulated in this country. He dubbed the agency the Federal Financial Regulatory Service. The tasks covered are now performed by the Commodity Futures Trading Commission, for futures markets; the Securities and Exchange Commission, for stocks, bonds and mutual funds; and at least three banking and savings and loan regulators. …

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