The US has been tangling with the regulation of the savings and loan industry throughout John McCain’s career in the Senate. The Nation reports on Senator John McCain’s participation and the potential economic footprint he could leave if elected.

Mark Summer from The Nation looks at Senator McCain’s track record with deregulation and some of the key players still on the scene:

“In 1982, the same year John McCain entered the Senate, a bill was put forward that would substantially deregulate the savings and loan industry. The Garn-St. Germain Depository Institutions Act was an initiative of the Reagan administration, and was largely authored by lobbyists for the S&L industry–including John McCain’s warm-up speaker at the Republican National Convention, Fred Thompson.”

Read the full story here.

Peter Fray

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