Subject File, 1981-1989




Scope Note


The White House Office of Records Management had some difficulty in assigning case files to these subject categories.  You will find requests for payment of accounts in FI001-01 and FI001-02, there are contributions against the national debt in FI001-01, FI001-02 and FI004; and concerns about deficits and national debt in FI001-01, FI001-02 and FI004. Requests for budgeting and funding of a wide range of specific projects is included in FI004. Normally the Library would make an attempt to reassign case files to their correct category, but given the widespread incidence of this misclassification, we are leaving them “as is.”  Transfers of case files were made for obvious or egregious mistakes such as tax information found in any subject category other than FI010, etc.


FINANCE (FI) (.6 l.ft.; Box 1-2)


This primary subject category consists of material relating to the financial community (banks, investment brokers, financial journalists); comments and advice to the President and Congress on economic policy, monetary policy, and regulation of the financial economy. It also includes material relating to a large project undertaken by the Department of the Treasury describing and then making recommendations for changes in the financial relationships between the federal government and state and local governments. The entire report is included in this material. This primary category also includes Treasury reports on the financial markets; suggestions for a government wide financial manager; legislation regarding financial management; a report on the government management of trust finds and reference to the Vice President’s Task Force on Regulations.



File Code               Description

FI001                     Accounting-Audits (0.3 l.ft.; Box 2-3)

                             This secondary subject category consists of material relating to the

                             Financial Managers Integrity Act of 1982 legislating simplification and

                             unification accounting systems for government agencies; reports from

                             agencies on their progress with the goals of the Act and a December 1985

                             report from the General Accounting Office outlining further problems

                             with government accounting; the Single Audit Act of 1984 requiring states

                             and local entities receiving federal money to use a single audit

                             practice; applying GAAP (Generally Accepted Accounting Practices) to

                             the US budgeting; numerous complaints about the IRS decision to

                             disallow the completed contract method of accounting and support for the

                             Church Audit Processing Act against the Department of Treasury’s



FI001-01                Collections – Receipts – User Fees (1.7 l.ft.; Box 3-7)

                             This secondary subject category consists of material relating to comments

                             and/or protests against actual or proposed user fees including the highway

                             transportation fees; meat/poultry inspection fees; sport boating and fishing

                             fees; border crossing fees; export use fees; grazing fees; financial

                             transaction fees; attorney fees and small port fees. The category also

                             includes material relating to the Federal Debt Collection Acts and

                             Amendments of 1981-1986; support for establishing a national lottery;

                             reports on user fees and the receipts produced; requests from individuals

                             and businesses for payment of fees owed; money sent for deficit reduction

                             and debt payments by individuals;


FI001-02                Disbursements – Expenditures (8.6 l.ft.; Box 7-28)

                             This secondary subject category consists of material relating to reduction

                             of Federal spending; government waste and fraud in spending including

                             material on the Grace Commission (The President’s Private Sector

                             Survey on Cost Control); enactment of the Prompt Payment Act of 1982

                             requiring government entities to pay their bills in a timely manner (30

                             days from invoice); numerous requests for the cost of protection of

                             President Reagan, the cost of the President Reagan’s and the Vice

                             President Bush’s travel and vacations; requests for the costs of

                             government redecoration; cash management issues; public concern about

                             budget deficits and the national debt; support for the line item veto for the

                             President; legal review of President Reagan’s ability to rescind or

                             postpone spending; public suggestions for saving federal money; reports

                             of waste and fraud in government offices and projects; strategy for

                             promoting the Truth in Spending Act (not enacted);  requests from

                             individuals and businesses for payment of fees owed; and money sent by

                             the public for towards reduction of the United States budget deficit.


FI001-03                Irregularities, Financial (0.6 l.ft.; Box 28-30)

                             This secondary subject category consists of material relating to violations

                             of the Antideficiency Act,  (U.S.C. 1341). The material consists of

                             notifications and reports to Congress and the President of a violation of

                             the Antideficiency Act by government agencies, the vast majority being

                             from the Department of Defense and the military branches. Since the

                             standard report requires identifying the person responsible and possible

                             personnel repercussions, much of this category is currently closed under

                             the Freedom of Information Act for the protection of personal privacy.


                             Note: The Antideficiency Act prohibits the federal government and

                             federal government employees from entering into a contract that is not

                             "fully funded" because doing so would obligate the government in the

                             absence of an appropriation adequate to the needs of the contract. This Act

                             of Congress dating back to 1884 is sometimes known as Section 3679 of

`                           the Revised Statutes.


FI002                     Banks – Banking  (3.9 l.ft.; Box 30-40)

                             This secondary subject category consists of material relating to the

                             precarious financial state of the nation’s savings & loan industry (“thrifts”)

                             with requests for changes in legislation (particularly the 1982

                             Amendments to the Depository Institutions Act), changes in regulation,

                             implementation of the “All Savers” accounts; status reports on thrift

                             banks; failures/closures of specific thrifts; and numerous policy changes

                             recommended by the White House policy staff, the public, and industry

                             trade groups to bolster savings and loans institutions. The policy material

                             covers issues such as interest rate changes, thrift control of assets,

                             certificates from the Federal Deposit Insurance Corporation (FDIC), and

                             FDISL to assist cash flow, legislative remedies for the “sale on call”

                             California Supreme Court “Wellenkamp” decision. This category also

                             includes material regarding the failure of Fidelity Federal Savings & Loan

                             of San Francisco, the subsequent takeover by Citicorp as one of the first

                             interstate bank takeovers and the lawsuit filed over the bidding process

                             employed for takeover of this bank. There is material on many other bank

                             failures, including material on failures of state chartered savings and loans



The thrift material comprises over 70% of the material within this secondary subject category


This secondary subject category also includes material regarding requests and meetings

scheduled with the President and other White House staff by savings and loan

executives; commercial and independent bank executives, and banking industry

trade associations; praise and objections for deregulation actions by the

Depository Institutions Deregulation Committee (DIDC); background information

on state usury ceilings; reports on savings statistics of the American public; reports

on regulation of financial institutions from the Vice President’s Task Force on

Regulation of Financial Services and the proposal to consolidate bank

regulation agencies; concerns about the status of international banks and

U.S. holdings in international banks; commercial bank deregulation; support,

opposition and evaluation of the annual financial services legislation and;

new regulations restricting FDIC coverage for “brokered deposits” (third

party deposits) and the litigation over these rulings; the consideration of

TIMs (trusts for investments in mortgages); reviews of changes in bank and

thrift activities under newly proposed legislation; the status of commercial

banks; protests against IRS regulations requiring a 10% tax withholding from

payouts of savings instruments; the emergence of nonbank banks (consumer

banks with no commercial loans) and the preemption of state licensing and

regulation; and questions of chartering and regulating; and various complaints

from the public on specific bank actions.


FI002 Note: A savings and loan association (or S&L), also known as a thrift, is a financial institution specializing in accepting savings deposits and making mortgages and other loans. By 1980s law thrifts could have no more than 10 percent of their lending in commercial loans. Thus their focus on mortgage and consumer loans made them particularly vulnerable to housing downturns and/or volatile interest rates. The first savings and loan associations date back to the 1800s, but they became particularly strong during the Great Depression with the creation of the Federal Home Loan Bank and the Federal Home Loan Bank Board.


In the late 1970s savings & loan institutions were already under severe strains due to rising interest rates. Cash flow and profitability

were endangered by the pace of savings withdrawals compared to new deposits and home mortgage loans financed at lower interest rates than savings deposits were earning. Congress and the White House promoted policy and legislative measures to support the S&Ls, but

closures, mergers and take-overs had begun.


Measures by Congress, and changes in interest rates gave some fleeting stability to the savings and loan industry in the 1980s. An accelerated

decline in the late 1980s resulted in the full-blown 1990s savings and loan crisis with the collapse of many savings and loans institutions. Some of the causes for this crisis include the loosening of regulations for S & Ls resulting in risky and unsecured loans and commercial ventures.


In 1980, Congress passed the Depository Institutions Deregulation and Monetary Control Act of 1980.  This bill began the major deregulation of all financial institutions from depression era rules and regulations. The bill allowed bank mergers, abolished interest rate ceilings on deposits and loans, and allowed credit unions and thrifts to offer checking accounts.


It also created the six member Depository Institutions Deregulation Committee (DIDC). The six members of the Committee were the

Secretary of the Treasury, the Chairman of the Board of Governors of the Federal Reserve System, the Chairman of the FDIC, the Chairman of the Federal Home Loan Bank Board (FHLBB), and the Chairman of the National Credit Union Administration Board (NCUAB) as voting

members, and the Comptroller of the Currency as a non-voting member. The DIDC was tasked with phasing out interest rate ceilings on deposit accounts by 1986.


Besides the phase out of interest rate ceilings, the Committee's other tasks included devising new financial products that would allow thrifts to compete with money funds and to eliminate ceilings on time deposits. The Committee automatically ended in 1986 when all interest rate ceilings were abolished.


Researchers will find both the savings and loan decline and the work of the DIDC documented in FI002.


FI003                     Bonds – Stocks – Investments (2.7 l.ft.; Box 40-47)

                             This secondary subject category contains material relating to objections to

                             the Internal Revenue Service/Department of the Treasury decision to roll

                             back tax advantages for Economic Development Bonds/Industrial

                             Development Bonds. These bonds were widely used by states and

                             localities to fund construction projects and attract business to their areas

                             by offering advantageous tax breaks. This category also contains material

                             relating to support/opposition to money market funds; promotion of U.S.

                             Savings Bonds; setting interest rates on U.S. Savings Bonds and Treasury

                             Bills; creating investments in mortgage funds; reports on the New York

                             Stock Exchange; reactions and policy proposals in response to “Black

                             Monday,” the October 19, 1987 stock market crash; and numerous public

                             mail regarding lost stock/bond certificates, unpaid dividends or interest

                             and personal losses in stocks or bonds.


FI004                      Budget – Appropriations (l.ft.; Box 47-


FI004-01                 Allocations


FI004-02                 Estimates, Budget


FI005                      Credit – Loans


FI005-01                 Agricultural Loans


FI005-02                 Housing, Loans


FI005-03                 Schools – Student Teacher


FI005-04                Finance: Small Business Loans (3.2 ft.; Box )

                             A subject category containing correspondence primarily from the general

public regarding procurement of small business loans, payments, and eligibility.


FI005-05                 Transportation Loans


FI006                      Funds – Accounts


FI007                     Interest Rates (l.ft.; Box )

Largely correspondence and memos from the public and Congress regarding interest rate policy in general, and setting interest rates in particular.


FI008                     Monetary Systems (l.ft.; Box)

Memos and correspondence relating to U.S. monetary systems, including such topics as commemorative coins; proposed changes to U.S. money’s design and makeup, gold standard issues, and international money and trade issues (e.g. European common currency, the value of the Japanese yen).


FI009                      Public Debt (l.ft.; Box)


FI010                      Taxation (l.ft.; Box


FI010-01                 Excise Tax – Estates – Gift – Excess Profit (l.ft.; Box)


FI010-02                 Income Tax


FI010-03                 Real Estate Tax – Personal Property


FI010-04                 Sales Tax