Word: metzenbaum
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...only five minutes before the scheduled start of an 11-day recess, Metzenbaum succeeded in wresting concessions that allowed senators to adopt the bill, 91-8, and leave town until...
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...