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FOREIGN AID page 41
in the future, especially as
Israel continues with the
peace process.
"Israel's security is ex-
tremely important to us. It
has the highest priority and
I think particularly as Israel
takes risks for peace, the
United States needs to re-
spond in a way to give
reassurance by our aid
levels," the secretary said.
Jewish leaders have been
assured repeatedly by the
administration that Israel's
aid will remain intact for
now.
But some pro-Israel
sources on Capitol Hill have
expressed concern about
what will happen to other
longtime practices, such as
congressional designations
of exactly how and when and
under what circumstances
aid to Israel is disbursed, in
a future with fewer ear-
marks.
"We want to find out what
to substitute for that if there
are no earmarks," one Hill
aide commented.
And some in the Jewish
community are looking to
the long term, concerned
that competition for foreign
aid will increase, and that
Israel, the largest recipient
of foreign aid, will be the
focus of much of this atten-
tion.
The Conference of Presi-
dents of Major American
Jewish Organizations, for
example, is studying the
long-term implications of
foreign aid reform.
Overall, some pro-Israel
sources on the Hill believe
that the administration's
proposal will be changed as
it goes through the relevant
committees dealing with
foreign aid.
The House Foreign Affairs
Committee, for example, has
a good proportion of pro-
Israel members, they note.
Some are watching closely
to see if both houses of Con-
gress actually decide to
move on the reform plan this
year.
Some in the Jewish
community are
looking to the long
term, concerned
that competition for
foreign aid will
increase.
And some think foreign
aid reform will not pass this
year.
"I'm doubtful it's going to
happen," said one Hill
staffer. "It's an election
year, and foreign aid votes
are really unpopular, espe-
cially in an election year."
The plan is "an exercise in
theory," the staffer said. "If
the Jewish community
doesn't support it, it's not go-
ing to pass." ❑
Bank Official Arrests
Behind Market Crisis
Jerusalem (JTA) — More
than $4 billion were wiped
out on the Tel Aviv stock
market this week in what
was described as a
psychological — rather than
an economic — phenomenon.
It is widely believed that
the panic and crisis in con-
fidence that was so spec-
tacularly evident Wednes-
day and Thursday were a re-
sponse to a wave of arrests
and investigations of senior
bank officials, notably those
of the Discount Bank.
Earlier this week, two
senior Discount Bank offi-
cials and the portfolio man-
ager of the Central Securi-
ties Corp. were remanded on
bail. They are suspected of
fraudulently manipulating
shares and of giving and
taking bribes in a series of
business deals affecting the
shares of 13 companies over
the past year.
The companies, some
formerly regarded as blue-
chip stocks, include Tadiran,
Osem and the Dead Sea In- .
dustries.
The market fell across the
board as small investors
began to sell heavily amid
rumors of further arrests of
senior banking staff on
suspicion of fraudulent deal-
ing.
Ten years ago, Israel was
shaken by a bank-shares
crisis. The recommendations
of the judicial committee of
inquiry set up to investigate
the scandal have largely
been ignored.
The committee particular-
ly stressed the need to sever
the banks' overly intimate
connection with the stock
market. ❑