[Congressional Record Volume 140, Number 66 (Tuesday, May 24, 1994)]
[House]
[Page H]
From the Congressional Record Online through the Government Printing Office [www.gpo.gov]


[Congressional Record: May 24, 1994]
From the Congressional Record Online via GPO Access [wais.access.gpo.gov]

 
           INSISTING ON ACCOUNTABILITY AT THE FEDERAL RESERVE

  (Mr. DeFAZIO asked and was given permission to address the House for 
1 minute.)
  Mr. DeFAZIO. Madam Speaker, an interesting view of reality was just 
espoused by my predecessor in the well. It is not the Federal Reserve 
Board that is raising interest rates? No, of course not, But I would 
ask: ``It isn't?''
  When did this flurry of higher interest rates start? It started with 
Mr. Greenspan and the radicals at the Federal Reserve Board who operate 
in secret for the interests of a certain few privileged in this country 
when they saw inflation on the horizon. Well, no one else did. But they 
said, ``If we raise interest rates, then long-term rates will go down. 
Don't worry.''
  They raised interest rates, and long-term rates went up. They raised 
interest rates again, and long-term rates went up again.
  Last week the Wall Street Journal and the special interests there 
begged the Federal Reserve to raise interest rates again, because they 
are only happy when they see a decline in the job outlook in the future 
of the economy of this country.
  The Federal Reserve needs to be audited. They need to be brought back 
under control, and we need here in the Congress to take a little 
responsibility for their actions--something I am sure my colleague over 
there does not want to do.

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