August 1, 1996

Two New Jersey Transit employees have been assigned to monitor TCT Transit Services of Knoxville, Tenn, and other private carriers hired by State Transportation Dept (New Jersey Daily Briefing) (S)

Federal Reserve proposes rules to loosen Glass-Steagall Act curbs on bank participation in securities business; would let securities subsidiaries of bank holding companies earn up to 25 percent of revenue from underwriting and dealing stocks and many types of bonds, up from 10 percent limit; would also end or scale back some of 'firewalls' it has required banking firms to establish between banking and securities operations; move is victory for large banks (M)

Pres Clinton's decision to sign welfare-reform bill caps years of work on issue, months of legislative back-and-forth with Congress and thousands of hours of wrenching policy debate within Administration itself; debate arrayed close advisers who branded bill as extreme against others who led charge to sign as way of delivering on Clinton's 1992 promise to 'end welfare as we know it' (M)

Gail Devers, the 100-meter dash winner, finished fourth in the 100-meter hurdles. Sergri Bubka had to pull out of the pole vault with an inflamed Achilles' tendon. The day at a glance, SportsThursday, page B11.

Hearings are planned on whether customers of Public Service Electric and Gas Company and Atlantic Electric Company are entitled to refunds because Salem I and Salem II nuclear power plants have been out of commission for over year (New Jersey Daily Briefing) (S)