S & L Crisis as a Public Policy Issue This research considers the savings

This research considers the savings and loan crisis as a public policy issue. The issue is discussed in the context of the following questions:

1. What is the nature of the issue?

2. Who have been the dominant actors in the formulation and adoption of policy to deal with the issue?

3. How has the manner in which the policy has been implemented affected the original problem, and how has it affected the attainment of policy goals?

4. Has the nature of the policy changed in terms of objectives, beneficiaries, sponsors, and so forth?

5. What changes in the policy or its implementation are desirable in the spring of 1991?

In contemporary society, government policy exerts a significant influence on almost all aspects of daily life. Prospects for the financial well being of individuals, thus, are, to a great extent,

. . . determined by public policy, by those decisions which shape contemporary environments in communities, workplaces, homes, and schools. Public policy sets parameters for the mode and character of industrial and agricultural production, corporate management, and individual behavior (Milio 3).

The savings and loan crisis was brought into sharp focus for the American people in the summer of 1989, when it had developed to a point where the Bush Administration and the Congress could no longer afford to behave as if the problem did not exist. By that time, hundreds of savings and loan associations were either

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in both the Senate and the House of Representatives. The Bush Administration has consistently attempted to understate the magnitude of the savings and loan crisis, because, to do so, enables the president to fail to include in budget proposals the level of funding required to address the crisis effectively, to continue to proclaim that additional federal tax revenues are unnecessary, and to continue to oppose any reregulation of the banking and finance sector of the economy. The FDIC has proved to be a wishywashy player, attempting first to go along with administration positions on the crisis, and then being forced to go to the Congress and ask for more funds to deal with the problem. The Board of Governors of the Federal Reserve has been a house divided. Paul Volker, who left the board in 1987 favored considerable reregulation of the banking and financial sector, and many of the present board members shared his outlook. His replacement as board chair, Alan Greenspan, however, favors more deregulation (Guttman 49). The Democratic leaders in the Congress have criticized the administration for not requesting sufficient funding to adequately deal with the savings and loan crisis; however, they have not mobilized their congre

Category: Economics - S