BANKING & FINANCE - July 24, 1991

Foley Prods Committees for Action on Bank Bill: House Speaker Thomas S. Foley (D-Wash.) set a deadline of Sept. 27 for committee action on comprehensive legislation overhauling the banking system and replenishing the Federal Deposit Insurance Corp. The bill cleared the House Banking Committee, 31-20, on June 28, and Foley’s referral of the measure to four other panels virtually guarantees that Congress will be debating it as the FDIC nears the brink of insolvency. FDIC Chairman L. William Seidman has said the fund guaranteeing bank deposits up to $100,000 will run dry sometime after the end of the fiscal year on Sept. 30.