Al Gore vs George Bush: the moderate's perspective Message Board

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Politics : Al Gore vs George Bush: the moderate's perspective

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To: Hawkmoon who wrote (2366)	10/13/2000 6:11:15 PM
From: Selectric II	Read Replies (1) of 10042

Great post, factual and informative. The kicker was the provision whereby federal insurance was increased from $40K to $100K per account, shifting the risk of all this irresponsibility from those who engaged in it, to those of us who wound up paying for it. "March, 1980--Depository Institutions Deregulation and Monetary Control Act (DIDMCA) enacted. The law is a Carter Administration initiative aimed at eliminating many of the distinctions among different types of depository institutions and ultimately removing interest rate ceiling on deposit accounts. Authority for federal S&Ls to make ADC (acquisition, development, construction) loans is expanded. Deposit insurance limit raised to $100,000 from $40,000. This last provision is added without debate." Your cited authority shows that the law was a Carter Administration initiative, taken in March, 1980. I've been told that Jim Wright (Democrat - Tx), who was Speaker of the House, was responsible for the federal insurance provision. Notwithstanding the foregoing, no doubt AS will take issue with the facts <g>.

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