The Salina Journal from Salina, Kansas on January 23, 1986 · Page 6
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The Salina Journal from Salina, Kansas · Page 6

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Salina, Kansas
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Thursday, January 23, 1986
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Page 6
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Uncle Sam to get names of loan applicants alread WASHINGTON (AP) - The Selective Service System, using Social Security files and drivers-license registration to track down young men who fail to sign up for the draft, got a new weapon Wednesday: the list of 5 Bennett million people seeking college loans. Leaders of the Education Department said they signed an agreement to turn over computer tapes of the student aid applicants to Court: Fed can't limit 'non-banks' WASHINGTON (AP) — The Supreme Court ruled Wednesday that the Federal Reserve Board lacks power to limit the growth of ever- increasing "non-bank banks." The 8-fl ruling clears the way for continued expansion of the institutions unless Congress intervenes. Supporters say non-bank banks, which are bringing about major changes in the financial community, offer the public a wider variety of services and create more competition in the industry. Opponents say it is a dangerous practice to obliterate legal barriers, created during the Depression, between the banking industry and other forms of commerce. Non-bank banks also are called limited-service banks because, technically at least, they offer either checking accounts or commercial loans but not both, as do full-service banks. The court said the Federal Reserve Board expanded the definition of a bank beyond what federal law intends. "Without doubt there is much to be said for regulating financial institutions that are the functional equivalent of banks," Chief Justice Warren Burger said for the court. But he added, "Congress defined with specificity certain transactions that constitute banking subject to regulation. The statute may be imperfect but the (Federal Reserve) Board has no power to correct flaws that it perceives in the statute it is empowered to administer.'' Burger said that if the law "falls short of providing safeguards to protect the public interest that is a problem for Congress, and not the board or the courts, to address." House Banking Committee Chairman Fernand St Germain, D- R.I., said the ruling makes congressional action urgent. ' 'This has the potential for massive change in the U.S. banking system and its relationship to other areas of the economy," said St Germain, sponsor of a bill to bring non-bank - banks under the control of the Fed. "If we don't do anything in the - Congress, we will have a plethora of ." who-knows-what kinds of financial institutions which will be very hard to regulate." The bill has been approved by the House Banking Committee, and has been before the Rules Committee, which decides procedures for House action, since June. At the Federal Reserve, spokesman Joseph Coyne agreed that the court's decision "puts the issue squarely up to Congress." Coyne said the Fed suspended processing applications for non-bank banks and returned all uncompleted applications March 15. He said the central bank was assessing what it will do in the wake of Wednesday's ruling. Robert Evans, president of American Financial Services Association, a trade group that represents non- bank banks, said the decision shows that Congress exempted from the law those institutions that don't take demand deposits and make loans. the Selective Service. Education Secretary William Bennett, quoting Theodore Roosevelt, said, "The first requisite of a good citizen in this Republic of ours is that he shall be able and willing to pull his weight." "One of the ways in which college students can pull their weight and fulfill their responsibility of citizenship is by standing ready to defend their country in time of need." The Education Department will provide tapes with the names of 5 million students who applied for Pell Grants or other federal aid last year through the College Scholarship Service and the American College Testing programs, as well as a tape of the 2.6 million current Pell Grant recipients. The tapes will be provided regularly in the future. More than 15 million young men have registered since 1980, when the government ordered all males to do so within a month of their 18th birthday. There is no draft, which was abolished in 1973. Maj. Gen. Thomas K. Turnage, director of Selective Service, said 97 percent of the men age 18 through 25 have registered, including 99 percent of those in the 20-through-25 range, who actually would be subject to a draft lottery if Congress reinstated conscription. Selective Service estimates there are 400,000 non-registrants in the group of men in the age group of 18 through 25, including 83,000 old enough to be drafted. . Bennett said officials "really don't know" how many students the computer match will turn up. The computer linkup, at an estimated cost of $40,000, is the latest step in government efforts to carry out the 1982 Solomon Amendment, a law that bars student aid from males who fail to register. The Salina Journal Thursday, January 23,1986 Page 6 HICKORY HUT Sandwich Special Buy 2 get 1 FREE Beef, Ham or Pork only 1.99 Each Open Mon.-Sat. 11 am-9 pm, Closed Sundays Salina 825-1588 Offer Good Thru 2/1/86 1717 W.Crawford JOURNAL ADS PAY KANSAS WESLEYAN ASTROMOMY has been added to our Spring Schedule. This is a 4 credit hour course surveying our universe that includes seeing Halley's Comet through our 16 inch Cossegrain telescope. Begins Wednesday, Feb. 5 7:30-9:00 j For more information call: 827-5541 ext. 213 GLEAN SWEEP SALE We're Clearing Out Storewide! Now's The Time To Stop In And Save Big On Quality Fashions For The Whole Family From Famous Makers! 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