en.wikipedia.org/wiki/Keating_Five
Savings and Loan institutions in the United States in the late 1980s. Following the deregulation of the banking industry in the 1980s, savings and loan associations (also known as thrifts) were given the flexibility to invest their depositors' funds in commercial real estate.
Federal Home Loan Bank Board, the federal agency that regulates the industry, tried to clamp down on the trend. In so doing, however, the FHLBB clashed with the Reagan administration, whose policy was deregulation of many industries, including the thrift industry. The administration declined to submit budgets to Congress that would request more funding for the FHLBB's regulatory efforts.
After months of testimony revealed that all five senators acted improperly to differing degrees, the senators continually said they were following the status quo of campaign funding practices. In August 1991, the committee concluded that Cranston, DeConcini, and Riegle's conduct constituted substantial interference with the FHLBB's enforcement efforts and that they had done so at the behest of Charles Keating. The committee recommended censure for Cranston and criticized the other four for "questionable conduct." As it happened, Cranston, who was nearly 80 years of age, had already decided not to run for re-election in 1992. DeConcini and Riegle continued to serve in the Senate until their terms expired, but they did not seek re-election in 1994. Glenn did choose to run for re-election in 1992 and it was anticipated that he would have some difficulty winning a fourth term in the Senate.
R Michael DeWine for one more term in the Senate before retiring in 1999. McCain also remained in the Senate and he made campaign finance reform a key legislative interest. The scandal was followed by a number of attempts to adopt campaign finance reform -- spearheaded by US Sen.
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