Bipartisan fix for S&L fund going before House panel

The House Banking Committee has scheduled a vote on a Savings Association Insurance Fund (SAIF) bailout plan that would impose a one-time levy on savings and loan associations to capitalize the SAIF. The plan also imposes a levy on banks to pay the interest on the Financing Corp. bonds that also will be used to finance the SAIF as banking deposit insurance funds would be merged with the SAIF in 1999. The bill to be voted on does not put a levy on Fannie Mae or Freddie Mac and spreads out banks' payments over time.
The House Banking Committee is expected to vote today on a new, bipartisan plan for rescuing the thrift insurance fund. The legislation would leave banks with a big share of [...]