WASHINGTON - Bank industry representatives told Congress Tuesday that the Republican "Contract with America" proposal for individual retirement accounts should be overhauled.

The "American Dream Saving Account," as the GOP proposal is called, would not attract investors unless taxpayers are permitted to take a deduction when contributing to the account, said Manuel J. Mehos, chairman, president, and chief executive of Coastal Banc Savings Association, Houston. The proposal now postpones tax benefits.

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