WASHINGTON PEOPLE: Panel Members Have a Ball Swapping Tales of

A drawn-out day of often contentious deliberations on regulatory relief legislation in the House Banking Committee was sprinkled with a few lighthearted moments last Thursday.

Rep. Spencer Bachus, R-Ala., introduced an amendment to exempt pawnshops from the Truth-in-Lending Act. The lawmaker then told members how a pawnbroker once had saved his skin.

"I lost my wedding ring when I was in the Army, and I didn't want my wife to know about it," Rep. Bachus said. He said he bought another band of gold from a pawnshop, and all was well.

While Rep. Maxine Waters, D-Calif., scolded Rep. Bachus for introducing the amendment, Rep. Barney Frank said that he saw merit in the measure. However, the Massachusetts Democrat - one of the few openly gay members of Congress - added that he couldn't quite relate to Rep. Bachus' tale of the lost ring.

"I know a lot more about pawnshops than I do about wedding rings."

When Democrats questioned why banks needed so much regulatory relief when they are currently making record profits, Rep. Sonny Bono decided that it was time for a lecture on how "natural law" favors those who are productive.

You shouldn't penalize people for being productive, argued the California Republican. He added that he worked hard for his pay.

"I don't think I should have to share it with anyone. I did it, and it's mine."

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Sure, most of what Fed Chairman Alan Greenspan says borders on the unintelligible. That's the way he wants it, he told the Senate Banking Committee on Tuesday.

Mr. Greenspan appeared before the committee last Tuesday as a member of the Thrift Depositor Protection Oversight Board.

But nobody was interested in talking to him about thrift depositors. Instead, committee Chairman Alfonse M. D'Amato wanted to know just what economic indicators the Fed looked at in deciding whether to raise or lower interest rates.

Said Greenspan, prefacing a decidedly noncommittal response: "If I say something which you understand fully in this regard, I've probably made a mistake."

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