U.S. gets tough on tradeThe Clinton administration took a...

BUSINESS DIGEST

February 02, 1993

U.S. gets tough on trade

The Clinton administration took a tough bargaining stance in its first major trade dispute by announcing that next month the federal government would stop purchasing a wide range of products made in Europe. Yesterday's announcement, which takes effect unless a compromise is reached, immediately was branded "unilateral bullying" by one European official, who urged negotiations to avert a trade war between the United States and Europe.

Brody nominated

President Clinton yesterday nominated Kenneth D. Brody, an investment banker and limited partner at Goldman, Sachs & Co., to become chairman of the Export-Import Bank of the United States. The Ex-Im Bank, as it is popularly known, provides sales insurance for American exporters and lends money to their foreign customers.

Vento asks ouster of RTC chief

An influential lawmaker urged the Clinton administration yesterday to dismiss the head of the agency responsible for cleaning up the savings and loan industry and to reform its operations before seeking more money for the thrift bailout.

Rep. Bruce F. Vento, D-Minn., a senior Democrat on the House Banking Committee, accused the Resolution Trust Corp. and its president, Albert V. Casey, of ineptitude and inefficiency, and said the additional billions of dollars needed to dispose of failed thrifts should be withheld.

Lebanon given loan

The World Bank has granted Lebanon a $175 million loan to start rebuilding its electricity and water lines and other services damaged in 15 years of civil strife, the government said yesterday.

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