Contributing to the yen's
broad-based strength was the apparent unwinding of yen-financed positions in emerging market currencies, a move that was exacerbated by reports of worsening current account deficits and downwardly revised economic growth forecasts in countries such as Thailand and the Czech Republic.
On February 15, 1989, members of the Coalition for Fiscal Restraint, a
broad-based group of businesses and economic associations opposed to higher taxes, endorsed President Bush's proposed flexible spending freeze.
Finally, the bill would require a Commerce Department study on the impact of
broad-based employee stock option plans on expanding corporate ownership, recruiting skilled workers, stimulating research and innovation, and growth in the U.
Taxpayers can expect that the final regulations will also provide that, to qualify under this special rule, a program must (1) allow participants to select only from among
broad-based investment strategies designed exclusively by the program and (2) establish procedures and maintain appropriate records to prevent a change in investment options from occurring more frequently than once per calendar year or on a change in the account's designated beneficiary.
In our view, such a compelling cost-benefit analysis has not been made with respect to proposals to establish a
broad-based apparatus of reporting requirements or audit trails in this market.
Indeed, it is likely that the DOE approach would have had a devastating effect on the establishment and continued maintenance of many
broad-based stock option programs -- causing many employers to abandon or retarget their option plans.
In our view, such a compelling cost-benefit analysis has not been made with respect to proposals to establish a
broad-based apparatus of reporting requirements in this market, either directly or through audit trails or transparency requirements.
Many of these companies are planning to go public and will carefully consider the implications of retaining their
broad-based stock option plan on their access to the public capital markets,
