George Bush Sr. on Corporations

President of the U.S., 1989-1993; Former Republican Rep. (TX)

1989: Address the festering savings-and-loan crisis

August of 1989, Dad signed the Financial Institutions Reform, Recovery, and Enforcement Act. He had introduced legislation to fix a festering savings-and-loan crisis soon after entering office, and Congress, in keeping with the prevailing spirit of bipartisanship, had followed suit.

"Reagan sort of brushed it under the rug and postponed it, but President Bush pushed for action right off the bat," an aide remembered. "The economy still dipped into recession, but that was an enormously important piece of work that cleared the decks--allowing the economy to take off in 1991."

The legislative and economic work behind him, Dad--and indeed our entire family--were soon subjected to another, different kind of S&L crisis, with some Democrats paying particular attention to a single Colorado S&L, Silverado, where my brother Neil at the time served as an outside director.

Source: My Father, My President, by Doro Koch Bush, p.294 , Oct 6, 2006

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