House Banking Committee Chairman Henry B. Gonzalez last week said he is "shocked and dismayed" that Gov. Bill Clinton and President Bush, the two major presidential candidates, appear to be sticking their heads in the sand when it comes to the nation's banking problems.
During their final debate last week, the two men acknowledged strains in banking, but said the industry was fundamentally sound. They said its problems are nowhere near as bad as those that have befallen the savings and loan industry.
"I disagree with Gov. Bill Clinton and President Bush, the two candidates who trivialized the banking crisis by saying it does not exist," said Gonzalez, a Texas Democrat. "It is in the interest of the country to squarely face the bank bailout problem, as there are currently well over 1,000 banks on the bank problem list."
Banks on the Federal Deposit Insurance Corp.'s problem list are those whose financial condition is considered precarious. Should their condition worsen, they may have to be shut down, at great potential cost to taxpayers.
Independent candidate Ross Perot said during the final debate that it was time for politicians of both parties to face up to the banking and thrift crises.
