Congress failed to pass a bill aiding FSLIC.
Federal Home Loan Bank Board Chairman Edwin J. Gray said he is “deeply disappointed” that Congress failed to approve the bill that would have raised $15 billion for the Federal Savings and Loan Insurance Corp. and expanded the powers of federal bank regulators to merge weak institutions with stronger ones. Gray said the bank board “will do its level best” to deal with mounting problems in the S&L; industry. But he urged “in the strongest possible way” that Congress take up the legislation again when it convenes in January.
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