Clinton's First Fed Pick Confirmed by Senate
The Senate approved economist Alan Blinder for the Federal Reserve Board in a voice vote, making him the first nominee of a Democratic president to join the Fed in 14 years. Blinder, 48, will become vice chairman of the seven member board and could succeed Chairman Greenspan when his term ends in March 1996.
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AIDS Suit Won Against Blood Bank in NJ Jury Award
A New Jersey jury ordered the American Association of Blood Banks to pay William Snyder 570000 for AIDS exposure from a 1984 transfusion. The verdict awards 405000 in compensatory damages and about 165000 in interest. Snyder, 67, contracted HIV after heart surgery. The case is seen as an early successful HIV lawsuit against the blood screening standards group. The Federal Election Commission scolded Ross Perot’s 1992 campaign for campaign finance violations, sending admonishments for excessive contributions, unreimbursed expenses, undisclosed debts, and undisclosed financial activities.
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Clinton defense fund contemplates $1000 limit
White House aides propose a legal defense fund allowing individuals to contribute up to $1000, a first for a sitting president. President Clinton has not decided, while mounting Whitewater bills and a Paula Jones harassment suit drive reconsideration.
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Dollar rescue effort falls short as markets retreat
The United States and 16 other nations mobilized more than 3 to 5 billion to prop up the dollar, but the effort failed to halt the slide. Wall Street sank with the Dow dropping 62 points to 3,636.94 and the 30 year Treasury yield rising to 7.52 percent as investors grew wary. Senator Domenici called the move a global vote of no confidence in Clinton policies. President Clinton defended the dollar and urged not to overreact.
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