Word: gramm
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WASHINGTON: The Senate is back in charge of impeachment -- and members are feeling mighty good about themselves. "We are happy that the Democrat leader is happy, and he is happy that we are happy," Republican Phil Gramm told reporters as the Senate reconvened for a gaudy 100-0 passage of the precooked trial blueprint. Now set to start at 1 p.m. (ET) Thursday, the process has been apportioned rather neatly: 24 hours of Senate floor time each for the House managers and the President, and 16 hours for senators' questions. Then comes the firefight: competing resolutions on whether to subpoena...
...BANKERS & BROKERS Chances for bank reform drop as Gramm replaces D'Amato on Senate Banking Committee...
WASHINGTON: One of the banking industry's least favorite senators is due for a promotion. With Al D'Amato's departure from the Beltway, Phil Gramm is in line for chairman of the House Banking Committee, and in spite of being a rabid free-marketeer (actually, because of it) Gramm stands between America's big banks and their dreams of deregulation...
...expanding the mandated banking welfare program known as the Community Reinvestment Act, which mandates low-interest loans in high-risk inner cities. The banks are willing to go along -- "they know that they won't get deregulation without a compromise," says TIME senior economics reporter Bernard Baumohl -- but Gramm...
...Compromise -- to put it euphemistically -- was Al D'Amato's middle name. "But Gramm is much more of an ideologue," says Baumohl. "He's not willing to trade." Gramm single-handedly killed the previous deregulation effort last October, and now it looks like he'll be in charge come January. Sometimes integrity can be a real inconvenience...