-Caveat Lector-
Tuesday October 24 8:30 PM ET
House OKs Bill To Reduce Bank Risk
By MARCY GORDON, AP Business Writer
WASHINGTON (AP) - The House passed a bill on Tuesday designed to
reduce risk to the nation's banking system should a major financial
institution become insolvent. The measure, supported by the Clinton
administration, passed by a voice vote. The legislation would allow
a bank or investment firm in bankruptcy-court protection and its
creditors to use the net value of the company's losses from
derivatives trading in calculations, rather than the much larger
gross value. The difference is designed to avoid tying up the
trading contracts too long in bankruptcy proceedings.
Treasury Secretary Lawrence Summers, representing the administration,
and Federal Reserve Chairman Alan Greenspan last Friday urged
lawmakers to approve the legislation before Congress adjourns soon
for the year.
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