U.S. and Japan intervene to halt yen slide
The United States and Japan coordinated currency market action to prop up the yen and steady markets. Clinton said the dollar sales were proper and aimed at stabilizing Asia, with about $2 billion moved in yen purchases and a similar amount by Japan. The move lifted stocks and weakened the dollar to 136.40 yen, while officials urged Japan to adopt structural reforms to restore growth.
MENTIONED IN THIS ARTICLE
Washington
United States
America
Japan
U.S
Clinton
Asia
Treasury
Robert Rubin
Lawrence Sum
Hashimoto
White House
Globe
Russia
Latin America
Rubin
Robert Dederick
Northern Trust Co
Chicago
Partial privatization plans would cut Social Security benefits
A Congressional Research Service study says proposals to privatize part of Social Security would reduce guaranteed benefits for a typical 65 year old retiring in 2025 by about one third under a Republican Democratic study group plan and by about 11 percent under a Kerrey Moynihan option. The report notes a cash shortfall could prevent payment of 20 to 30 percent of benefits starting in 2032 without changes.
MENTIONED IN THIS ARTICLE
Congressional Research Service
Bob Kerrey
D-Neb
Daniel Moynihan
D-N.y
Wall Street
Kerrey and Moynihan
Gs Kerrey
Eet
CRS
House scraps income tax code in election year showdown
The House passed 219 to 209 the Tax Code Termination Act to sunset the current framework by Dec 31, 2002, with a simplified replacement due by July 4, 2002. Clinton and Democrats denounced it as a gimmick while supporters like Steve Forbes hailed a national movement for reform. Senate prospects were uncertain.
MENTIONED IN THIS ARTICLE
Washington
House
Congress
Clinton
IRS
Forney
Pete’’ Stark
D-Calif
Ken Bentsen
Dtexas
GOP
Steve Forbes
Asia
Steve Largent
Rokla
Senate
William V. Roth Jr
R-Del
Roth
Dick Armey
R-Texas
Bill Tauzin
R-La
Tauzin
Armey
Rep
Ben Cardin
D-Md
Also Mentioned on This Page
Yen
Fed
Mers
Tokyo
Ryutaro Hashimoto
Randy
Lynn Corréa
Zanda Hudson
UD Universes
UISC
CBS
Music City Mall
Odessa, TX
Shopsmith Inc
Home Workshop Company
Smith, Inc
Woodworking
Mar
Axrn
Forbes
Dillard's
Visa
Mastercard
American Express
Discover
Diners Club
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