[Congressional Record Volume 140, Number 137 (Tuesday, September 27, 1994)]
[House]
[Page H]
From the Congressional Record Online through the Government Printing Office [www.gpo.gov]


[Congressional Record: September 27, 1994]
From the Congressional Record Online via GPO Access [wais.access.gpo.gov]

 
     URGING THE FEDERAL RESERVE TO HOLD THE LINE ON INTEREST RATES

  (Mr. HINCHEY asked and was given permission to address the House for 
1 minute and to revise and extend his remarks.)
  Mr. HINCHEY. Mr. Speaker, I rise today to speak out against the 
Federal Reserve's interest rate policies that undermine economic 
recovery and keep millions of people out of work. It is unconscionable 
that the Fed has raised interest rates by over 50 percent this year 
despite the fact that there are few signs of inflation and millions 
upon millions of Americans remain out of work. It is now rumored that 
the Fed is considering raising interest rates by another half 
percentage point at today's open market committee meeting. Such action 
may jolt the economy right back into a recession. The fact is that the 
economy is not overheating and too many Americans remain out of work. 
Every time the Fed hikes interest rates, it essentially taxes the 
American people by increasing mortgage payments, credit card payments, 
and the cost of credit. I urge the Fed to end this ongoing crusade that 
foils economic progress and threatens the livelihood of the people. 
Hold the line on interest rates.

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