Word: metzenbaum
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Dates: during 1980-1989
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Critics of cable have attacked the present industry arrangements on several fronts in Washington. The measures include a bill introduced last month by Ohio Democrat Howard Metzenbaum, chairman of the Senate antitrust subcommittee, that would limit the number of subscribers that any system operator could control to 25% of the total U.S. cable audience. The FCC, meanwhile, is preparing a report on the impact of cable deregulation that is due out next year. In a separate action, the agency has begun reviewing a rule that bars broadcast networks from owning cable systems. The networks already have interests in cable channels...
Declaring that "goodwill isn't worth doodly-doo," Metzenbaum insisted that S&Ls have at least 1.5 percent in "tangible capital"--cash, stocks and property that could easily be converted to cash and could be seized, in the event of a failure, before turning to government deposit insurance funds...
...Metzenbaum had sought 3 percent tangible capital but in the end had to accept 1.5 percent. Regulators will have the authority to restrict the growth of institutions falling below that level...
...satisfied with the result that has been obtained," he said, adding, "I can say substantive progress has been made," Metzenbaum said...
...Metzenbaum was urged on by two groups--Consumer Federation of America and Consumers Union--that decided to emphasize capital as an important consumer issue. The groups are hoping the Metzenbaum victory will lend momentum to their fight to toughen the House version of the S&L bill...