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Article: Bailout law calls the tune for industry; '89 measure still sets the legislative agenda. (Financial Institutions Reform Recovery and Enforcement Act)(part 5)
- Article from:
- American Banker
- Article date:
- August 12, 1994
- Author:
CopyrightCOPYRIGHT 1994 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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'89 Measure Still Sets The Legislative Agenda
WASHINGTON -- It's been five years since President Bush signed the Financial Institutions Reform Recovery and Enforcement Act, but the bailout law continues to shape the legislative environment for banks and thrifts to this day.
"FIRREA was a seminal piece of legislation and so many things flowed out of it that have to be dealt with now," said Patrick Forte, president of the Association of Financial Services Holding Companies.
For banks, the first FIRREA effect came in 1991, when Congress passed the much-reviled Federal Deposit Insurance Corp. Improvement Act. Bankers say that law punished their industry in much the ...