Fernand St Germain

Fernand Joseph St Germain (January 9, 1928 – August 16, 2014) was an American politician from Rhode Island. He was a member of the Democratic Party and served in the Rhode Island House of Representatives and the United States House of Representatives. He is best known for his sponsorship of the Garn–St. Germain Depository Institutions Act, which deregulated the savings and loan association industry.

Early life Born in Blackstone, Massachusetts, he was raised and attended parochial schools in Woonsocket, Rhode Island. He graduated from Our Lady of Providence Seminary High School, 1945, and from Providence College in 1948. He served in the United States Army as a pharmacy and laboratory technician from 1949 to 1952. St Germain did not spell his name with a period saying that he was no saint.

In 1960, he was elected to Congress, where he would serve 14 terms. He later joined the United States House Committee on Financial Services, becoming the committee chairman in 1981. In 1982, he and United States Senate member Jake Garn from Utah sponsored the Garn–St. Germain Depository Institutions Act. One of the act’s primary features was its deregulation of the savings and loan industry. Although the provisions of the act were to protect thrift savings institutions from rapidly rising interest rates by allowing them to offer new deposit accounts and make additional types of loans, its loosening of regulations arguably precipitated the Savings and loan crisis. The Act asserts United States title to certain abandoned shipwrecks located on or embedded in submerged lands under state jurisdiction, and transfers title to the respective state, thereby empowering states to manage these cultural and historical resources more efficiently, with the goal of preventing treasure hunters and salvagers from damaging them. President Ronald Reagan signed it into law on April 28, 1988.

In 1985, St Germain was accused of using his office for personal benefit. The Wall Street Journal published an investigation into the Congressman’s finances. The Journal examined his financial disclosures and found that he was able to secure no-down-payment loans of $1.3 million to acquire several IHOP (International House of Pancakes) restaurants even though he only had a salary of $42,500 per year.

Republican Ronald Machtley defeated him in November 1988 in a campaign that was notable for Machtley taking a live pig named "Les Pork" on the campaign trail to emphasize his commitment to reducing pork barrel spending by Congress.

Death A resident of Newport, Rhode Island, St Germain died of kidney failure on August 16, 2014, at his home in Newport.

Award and honors 1985 : Honorary degree from Brown University (LL.D.)