Senate Approves Bank Reform Bill
From Times Wire Reports
Mexico’s Senate voted to approve a bill that resolves a multibillion-dollar bank debt, turning the reforms into law and ending months of debate. The lower house of Congress had earlier approved a fund, known as Fobaproa, to deal with the $60-billion debt. The compromise deal offers discounts to smaller debtors while forcing banks to take on a big share of the burden of recovering the debt.
More to Read
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.