This paper considers the quasi-linear theory of the right- and left-hand resonant electromagnetic instabilities driven by a hot ion beam streaming parallel to a magnetic field in a homogeneous Vlasov plasma. Using the single-mode approximation, the time evolutions of important parameters are obtained to show that for the range of parameters considered, reduction of the beam speed and formation of temperature anisotropies are the most significant factors in the quasi-linear stabilization process. Combining both instabilities in a quasi-linear study is found to produce a roughly equal mixture of both polarizations and relatively isotropic conditions for tenuous beam densities and low initial beam drift speeds. Computer simulations are used to compare with the quasi-linear results. The simulations justify the single-mode assumptions, verify that quasi-linear changes are the means of saturation for the parameter range of concern, and check the nonlinear evolution of the system when both modes are present.