224. H J Res 324. Temporary Debt-Limit Increase/Adoption. Adoption of the joint resolution to raise the ceiling on the federal debt to $2.8 trillion, through May 1, 1989, from $2.3 trillion (after that date, the debt limit would revert to the permanent level of $2.1 trillion if no action were taken); to establish an automatic spending-cut procedure; to set maximum allowable budget deficits at $150 billion for fiscal 1988, $130 billion or up to $36 billion below what the fiscal 1989 deficit would be with no changes in current law for 1989, $90 billion for 1990, $45 billion for 1991, zero for 1992; to provide that in all years except 1992 the automatic spending-cut procedure would come into effect if deficit estimates exceed that year's target by more than $10 billion; and to revise budget rules relating to appropriations and to treatment of federal credit programs. The measure also bars disinvestment of the Social Security trust fund for any purpose except to pay program benefits and costs, and requires congressional approval, by joint resolution, of pay raises recommended by a special commission for members of Congress and certain other federal officials and employees. Adopted 54-31: R 2910, D 25-21 (ND 13-16, SD 12-5), July 31, 1987. 225. Greenspan Nomination. Confirmation of President Reagan's nomination of economist Alan Greenspan of New York as chairman of the Board of Governors of the Federal Reserve System, succeeding Paul A. Volcker. Confirmed 91-2: R 42-0, D 49-2 (ND 32-2, SD 17-0), Aug. 3, 1987. A "yea" was a vote supporting the president's position. 226. HR 27. FSLIC Rescue/Conference Report. Adoption of the conference report on the bill to enable the insolvent Federal Savings and Loan Insurance Corporation to borrow $10.8 billion and, among other provisions, to ease regulatory requirements for savings and loans in economically depressed areas, to prohibit the expansion of limited-service banks, to require faster clearing of depositors' checks and to suspend expansion of banks into insur ance, real estate and securities underwriting. Adopted 96-2: R 44-2; D 52-0 (ND 34-0, SD 18-0), Aug. 4, 1987. The conference report on HR 27, passed by the House Aug. 3, was sent to the president for his approval. (House vote 294, p. 88-H) 227. HR 1340. Commodity Distribution Reform Act/Passage. Passage of the bill to require the Agriculture Department to improve the quality of surplus agricultural commod. ities distributed to schools and other food assistance programs which aid the elderly, American Indians and children, and to give the secretary of agriculture discretion over how these improvements are made. Passed 97-0: R 45-0; D 52-0 (ND 36-0, SD 16-0), Aug. 5, 1987. 228. Ruder Nomination. Confirmation of President Reagan's nomination of David S. Ruder of Illinois to be a member of the Securities and Exchange Commission. Confirmed 81-17: R 45-0; D 36-17 (ND 24-12, SD 12-5). Aug. 6, 1987. A "yea" was a vote supporting the president's position. 229. HR 1451. Older Americans Act/Passage. Passage of the bill to reauthorize for five years the Older Americans Act, which provides social and nutrition programs for senior citizens. The bill authorizes approximately $1.6 billion for fiscal 1988, with a 5 percent annual increase for most programs for fiscal years 1989-92. Passed 98-0: R 45-0, D 53-0 (ND 36-0, SD 17-0), Aug. 6, 1987. (The Senate previously had moved to strike the Housepassed language after the enacting clause and to insert instead the language of S 887, the Senate version of the bill.) 230. McPherson Nomination. Confirmation of President Reagan's nomination of M. Peter McPherson of Virginia to be deputy secretary of the Treasury. Confirmed 95-2: R 44-1; D 51-1 (ND 34-1, SD 17-0), Aug. 6, 1987. A "yea" was a vote supporting the president's position. UNITED STATES CODE CONGRESSIONAL AND ADMINISTRATIVE NEWS 100th Congress-First Session 1987 Convened January 6, 1987 Volume 2 PUBLIC LAWS 100-203 to 100-242 LEGISLATIVE HISTORY ST. PAUL, MINN. WEST PUBLISHING CO. LEGISLATIVE HISTORY SENATE REPORT NO. 100-19 [page 99] This legislation treats the symptoms and not the problems. Yet Congress ignores the need for comprehensive answers and furthermore freezes the hodge-podge set of laws, legal decisions, regulatory actions and market innovations into place. Instead of providing reassurance to markets we provide indecision. Congressional neglect of the financial services law leaves the result completely up to the marketplace and loophole lawyers. So my long-term objective is a complete overhaul of the laws affecting the financial services industry. In the meantime let's respond to the emergency FSLIC situation. WILLIAM L. ARMSTRONG. HOUSE CONFERENCE REPORT NO. 100–261 (page 119] JOINT EXPLANATORY STATEMENT OF THE COMMITTEE OF CONFERENCE The managers on the part of the House and the Senate at the conference on the disagreeing votes of the two Houses on the amendments of the Senate to the bill (H.R. 27) to facilitate the provision of additional financial resources to the Federal Savings and Loan Insurance Corporation and, for purposes of strengthening the reserves of the Corporation, to establish a forbearance program for thrift institutions and to provide additional congressional oversight of the Federal Home Loan Bank Board and the Federal home loan bank system, submit the following joint statement to the House and the Senate in explanation of the effect of the action agreed upon by the managers and recommended in the accompanying coference report: The Senate amendment to the text of the bill struck out all of the House bill after the enacting clause and inserted a substitute text. The House recedes from its disagreement to the amendment of the Senate with an amendment which is a substitute for the House bill and the Senate amendment. The differences between the House bill, the Senate amendment, and the substitute agreed to in conference are noted below, except for clerical corrections, conforming changes made necessary by agreements reached by the conferees, and minor drafting and clarifying changes. TITLE I-COMPETITIVE EQUALITY AMENDMENTS Conferees' Note: Many of the provisions contained in Title I of this Act were reported out by the House Committee on Banking, Finance and Urban Affairs in the 98th and 99th Congresses. Issues covered by the House Banking Committee which are similar to Title I include, among other things, the closing of the nonbank bank loophole, extension of certain sections of the Glass-Steagall 588 |