The Nation : Bank Bill Sent to Reagan

The Senate passed and sent to President Reagan a comprehensive compromise banking bill that allows the insolvent Federal Savings and Loan Insurance Corp. to raise $10.8 billion by selling long-term bonds. The Senate, after about an hour of debate, voted 96 to 2 to approve the legislation, which includes a ban on new “non-bank banks,” limited-service financial institutions that are exempt from federal restrictions on bank ownership and interstate banking. The measure, which cleared the House on a 382-12 vote, would also require banks to speed up the availability of funds deposited by checks.