Bush Responds to the Savings and Loan Crisis
At a glance:
- Series: Great Events from History II: Business and Commerce Series
- Categories: Government and Politics, Economics
- Subcategories: Business, Laws, Acts, Legislation, Banks, Banking, Finance
- Curriculum: American History 1951-present
- Geographical Location: Washington, D.C.
- Date: August 9, 1989
Article abstract: The Financial Institutions Rescue, Recovery, and Enforcement Act of 1989 was passed to bail out the savings and loan industry and to strengthen its regulatory standards.
Summary of Event
On August 9, 1989, President George Bush signed into law the long-awaited legislation designed to stem the stream of losses in the savings and loan industry. The Financial Institutions Rescue, Recovery, and Enforcement Act (FIRREA) had four explicit goals. The first was to improve the ability of regulators to supervise savings institutions by...
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