State of the Union

January 30, 1991

President Bush proposed:

* A bank reform plan that relies on the banking industry to shore up the federal deposit insurance fund.

* A transfer of $15 billion in domestic programs from the federal government to states in a single consolidated grant.

* That Fed Chairman Alan Greenspan head a joint congressional and Federal Reserve Board study of a capital gains tax incentive.

* Elimination of political action committees.

* A comprehensive national energy strategy combining conservation, development, and greater use of alternative fuels.

* Revival of a Reagan plan for education vouchers allowing parents to enroll children in public or private schools of their choice.

* "Record" federal investment and a permanent tax credit to strengthen private research and development.

* A blueprint for a new national highway system.

* Refocusing the Strategic Defense Initiative to provide protection from limited ballistic missile strikes.

* Tax-free family savings accounts and penalty-free IRA withdrawals for first-time homebuyers.

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