[Congressional Record Volume 140, Number 7 (Wednesday, February 2, 1994)]
[House]
[Page H]
From the Congressional Record Online through the Government Printing Office [www.gpo.gov]


[Congressional Record: February 2, 1994]
From the Congressional Record Online via GPO Access [wais.access.gpo.gov]

 
                             WELFARE KINGS

  (Mr. OWENS asked and was given permission to address the House for 1 
minute and to revise and extend his remarks.)
  Mr. OWENS. Mr. Speaker, there have been some loud cries for special 
prosecutors and special investigations and hearings by Congress, and I 
am all in favor of that, whenever large amounts of money are involved. 
But let us not just have these diversionary investigations. Let us 
really investigate where the big money is.
  I call to the attention of my colleagues, and to the attention of all 
the taxpayers in America, the front page of the January 28 issue of the 
Washington Post. The Washington Post exposes the welfare kings in the 
farm industry. It talks about the Farmers Home Administration, which, 
in the past 5 years, the FmHA has written off as uncollectible $11.5 
billion in loans. I did not say ``million,'' I said $11.5 billion in 
loans. But the agency is not finished giving away money yet.
  It has another $5 billion in loans and bad debts that it intends to 
give away. That is our taxpayers' money, given away to people who call 
themselves farmers. Many of them are not farmers at all. They are 
millionaires. One has a net worth of $121 million.
  George W. Nickel, Jr., has $17.6 million in delinquent loans. there 
are others. Warren G. Carter, overdue on $13 million in loans; Bill 
Restefano, overdue $1.2 million in back payments; $16.5 billion already 
given away of taxpayer money to the welfare kings of America.

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