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daily nebraskan
Wednesday, October 31, 1979
DeCamp: psople hurt by refusal of special session
1
"ft
IN
Daily Nebraskan Photo
Sen. John DeCamp
By Val Swinton
Gov. Charles Thone will not call a special legislative
session to deal with the state's usury limit, according to
administrative aide Randy Moody.
Sen. John DeCamp of Neligh, chairman of the Banking
Committee, said he talked with Thone Tuesday morning
in hopes of persuading him to call the session .
'He just doesn't believe it's necessary at this time,"
Moody said. "He doesn't believe the problem is such an
emergency that the regular session couldn't deal with it."
Members of the state's banking and construction
industry said Monday that if the usury .limit was not
removed or raised-and soon-there would be no money
for loans, putting companies out of business, causing an
increase in unemployment and generally disrupting the
state's economy.
The usury limit is the limit banks and savings and loan
companies can charg'e in interest on loans. Currently the
rate is 12.5 percent. However, the cost to banks and
savings and loans of obtaining the money is higher than
that. Thus the institutions will lose money unless the
interest rate they can charge for the loans is raised.
The only other alternative for lending institutions is to
quit making loans, which is already happening, according
to banking representatives who testified before the
Banking Committee on Monday.
DeCamp said he was angry about the governor's
decision. "My personal reaction is, there's going to be a
lot of people hurt," he said.
The senators themselves could call a special session.
Ten senators would have to sign a petition, then the
Secretary of State would pool the Legislature. If 33
members agree to the special session, a report is made to
the governor and the session will be called.
Committee members estimate such a process would
take about three weeks, which includes the seven days the
Legislature must remain in session.
The Governor could call a special session immedi.ni.iw
according to committee members, and the special session
could be concluded within 10 days.
Banking representatives who testified Monday said the
sooner the Legislature resolves the problem, either by
raising the usury limit or removing it , the better.
Wayne Dobson, UNL banking professor, told the
committee that if senators wait until January when the
regular session of the Legislature convenesseveral 4mar.
ginal" companies could be forced out of business.
However, Dobson added, "I don't think we would have
a disaster."
DeCamp said Thone's failure to call a special session is
another example of the state politicial leaders failing to
solve Nebraska's problems. He predicted the federal gover.
nment would intervene soon, either removing the usury
limit or setting a limit effective for the entire country.
DeCamp said the committee did not make a decision
on whether .to recommend a special session during an
executive, session Tuesday, deciding to wait a week.
r
.6
Keep
Red Cross
ready.
ASUN agenda
Gerald Rudolph, dean and professor of university
libraries, will speak in open forum at the ASUN
meeting 7 pm. Wednesday, in the East Union.
In old business, a bill directing Student Regent
Bud Cuca to oppose any attempt to limit scalping of
football tickets is up, for a vote. Another bill to be
brought before the senate will gather past organic
acts, or bylaws, and . determine which are still
applicable.
Included in new business is a resolution compli
menting the Regents on the resolution they passed
discontinuing the performance of therapeutic
abortions at the University of Nebraska Medical
Center.
A bill up for consideration by the senate dis
cusses bringing politicial or ideological speakers to
campus and whether it would be advisable to attack
this problem from another angle.
Also, new business includes legislation resolving
that a day of mourning be held for educational
quality at UNL and stating it is time for the Regents .
to "bend over" for the students .rather than the
students continually "bending over" for the
Regents' policies. f . ,., .
Finally, the resolution supporting' the Georgia'
football team in their quest. for the Southeast
Conference Championship is up for approval again,
Cuca said some senators may raise an objection
about the triviality of this resolution and if they did
he wouldn't blame them. -
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