[Congressional Record Volume 140, Number 126 (Monday, September 12, 1994)]
[House]
[Page H]
From the Congressional Record Online through the Government Printing Office [www.gpo.gov]


[Congressional Record: September 12, 1994]
From the Congressional Record Online via GPO Access [wais.access.gpo.gov]

 
FEDERAL RESERVE BOARD RAISES INTEREST RATES FOR FIFTH TIME IN THE LAST 
                                7 MONTHS

  (Mr. TRAFICANT asked and was given permission to address the House 
for 1 minute and to revise and extend his remarks.)
  Mr. TRAFICANT. Mr. Speaker, the Federal Reserve Board has once again 
raised interest rates. In fact, Mr. Speaker, this is the fifth hike in 
the last 7 months.
  Now the Fed said inflation is threatening and the economy is just too 
strong. Let me ask this question: If the economy is so strong, why is 
IBM laying off 3,000 workers, and why is K-Mart laying off 5,000 
workers? The truth is I have never heard of companies laying off 
American workers when it was boom time.
  I say the fact is we have got a new country club full of rich, high 
paid bankers who met in secrecy in back rooms without public hearings, 
raising our interest rates, killing American jobs, and Congress keeps 
listening to that song and dance. I say it is time for Congress to 
reevaluate this little country club whose piggy bank just keeps getting 
fatter and fatter while American workers keep getting a pink slip. 
Think about it.

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