Wednesday, September 17, 2014
Inquirer Daily News

Fernand St Germain | Ex-congressman, 86

Fernand St Germain, 86, who represented Rhode Island in Congress for 28 years and co-sponsored a 1982 bill that deregulated savings and loans, has died.

Mr. St Germain's daughter, Lisette, says the former congressman died Saturday at his home in Newport. She said he suffered from kidney failure.

Mr. St Germain rose to chair the House Banking Committee. The deregulation bill contributed to the 1980s savings and loan crisis by allowing institutions to expand their lending activities away from home mortgages into more risky commercial ventures. The crisis left U.S. taxpayers on the hook for billions of dollars. He used his clout to shower the district with federal projects.

He was first elected in 1960 and was close to President John F. Kennedy. He lost reelection in 1988 to Republican Ron Machtley. - AP

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