Page 16 - The Michigan Daily - Thursday, May 5, 1983
House panel slashes
Salvador aid request
WASHINGTON (AP) - A House ap-
propriations panel slashed President
Reagan's security-related foreign aid
request by more than a third yesterday,
denying or deferring funds for El
Salvador and more than two dozen
other countries.
The foreign operations subcommittee
approved 8-5 a supplemental ap-
propriation measure granting $356.5
million in assistance for the current
fiscal year to Lebanon, Costa Rica,
Honduras and Thailand and $245
million for the International Develop-
ment Association but eliminating other
countries on the list.
REP. CLARENCE Long (D-Md.)
subcommittee chairman, said the ad-
ministration's request for $50 million in
military assitance to El Salvador,
which is in the grip of a leftist rebellion,
would be considered later, probably in
a House-Senate conference committee.
Last week, the subcommittee ap-
proved half of a separate ad-
ministration request to divert $60
million from military aid to other coun-
tries and give it to El Salvador instead.
The funds were approved on condition
that the administration press for social
reforms in El Salvador and a political
settlement of the civil war.
In view of this, said Long, "It would
be a little too much for us to approve
any more money right now."
"THERE HAS to be more time so we
can observe whether any progress is
being made or not," he said.
The administration submitted a sup-
plemental request of $1.06 billion for
military assistance grants and loans
and security-related economic
assistance during the current fiscal
year.
VOLUNTEER AT
UNIVERSITY HOSPITALS
Spring - Summer Terms
Informational Meetings
May 5 at 7 pm or May 9 at 4 pm
Call 763-6710 for further information
Daily Photo by JEFF SCHRIER
Mayor meets Mouse
Mayor Louis Belcher presents Mickey Mouse with a key to the city. Mickey
is in town to promote the new Disney channel on Ann Arbor Cablevision.
Kids' bank
EASTONMass. (AP)-A group of
kids and a teacher who started a bank
at school were learning a lot about high
finance when the state decided to teach
them a lesson about the law-by shut-
ting them down.
"The law is the law," said Robert
Ledbetter, a state deputy banking
commissioner, whose examiners closed
the bank at Easton Middle School for
not having a charter, among other
things.
The bank was started as a learning
closed
tool, teaching the children the rudimen-
ts of finance by loaning out money for
lunches and pocket cash. Borrowers
were charged 8 percent interest a week
with a maximum credit line of $1.50,
twice the price of a day's hot lunch.
But "the school has gone well beyond
the banking statute," Ledbetter said.
"Making loans at 8 percent runs about
400 percent per annum and that's in
clear violation of the law. The bank
was in violation."
4
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