[Congressional Record Volume 140, Number 124 (Thursday, August 25, 1994)]
[House]
[Page H]
From the Congressional Record Online through the Government Printing Office [www.gpo.gov]


[Congressional Record: August 25, 1994]
From the Congressional Record Online via GPO Access [wais.access.gpo.gov]

 
                 THE EQUITABLE ESCHEATMENT ACT--S. 1715

 Mr. JOHNSTON. Mr. President, on June 24, 1994, I expressed my 
support for a negotiated settlement of the dispute between Delaware, 
New York, and Massachusetts and the 47 States that support enactment of 
S. 1715, the Equitable Escheatment Act. The 47 States which support 
that legislation have been negotiating in good faith with 
representatives from Delaware, Massachusetts, and New York accepting 
the settlement. Subject to New York accepting the settlement, I am 
pleased to report that the Governors of Delaware and Massachusetts have 
worked out a compromise which would eliminate the need for legislation.
  New York apparently believes it can defeat S. 1715, and is 
stonewalling this compromise. With 80 cosponsors and the support of 47 
Governors, it would be unconscionable for this body to permit one State 
to thwart the will of the majority. Clearly, the will of the public 
must prevail. I strongly urge the parties involved to work toward 
reaching an acceptable compromise on an expedited basis. If 
negotiations do not result in an equitable compromise in the very near 
future, the only alternative available to the Senate will be immediate 
action on S. 1715.

                          ____________________