Congress

News > Politics > Congress > Rep. who helped deregulate savings and loans dies

Rep. who helped deregulate savings and loans dies

PROVIDENCE, R.I. (AP) — A man who represented Rhode Island in Congress for 28 years and co-sponsored a 1982 bill that deregulated savings and loans has died. Fernand St Germain (SAINT' jer-MAYN') was 86. St Germain's daughter, Lisette, says the congressman died Saturday at his home in Newport. She said he suffered from kidney failure. St Germain rose to chair the House Banking Committee. The deregulation bill contributed to the 1980s savings and loan crisis by allowing institutions to expand their lending activities away from home mortgages into more risky commercial ventures. The crisis left U.S. taxpayers on the hook for billions of dollars. St Germain used his clout to shower the district with federal projects. He was first elected in 1960 and was close with President John F. Kennedy. He lost re-election in 1988 to Republican Ron Machtley.

Congress

WASHINGTON (AP) — Congress' must-pass budget bill ignores the Obama administration's request to accelerate...
WASHINGTON (AP) — In case you missed them the first time, House Republicans have passed an election-year package...
WASHINGTON (AP) — Congress' must-pass budget bill ignores the Obama administration's request to accelerate...
WASHINGTON (AP) — The effort to train and arm Syrian rebels proved a tough sell with many Iraq and Afghanistan...
WASHINGTON (AP) — The president of Ukraine is asking the U.S. to give his soldiers lethal military equipment in...