[Congressional Record Volume 140, Number 138 (Wednesday, September 28, 1994)]
[Senate]
[Page S]
From the Congressional Record Online through the Government Printing Office [www.gpo.gov]


[Congressional Record: September 28, 1994]
From the Congressional Record Online via GPO Access [wais.access.gpo.gov]

 
                      DO NOT RAISE INTEREST RATES

  Mr. DeCONCINI. Mr. President, yesterday the Federal Reserve decided 
not to raise interest rates. I congratulate them. The last thing the 
Amerian economy needs is higher interest rates.
  I am concerned, however, that Chairman Greenspan has been given 
unlimited authority to raise interest rates unilaterally between now 
and November 15. I urge Chairman Greenspan not to utilize that 
authority and give the economic recovery a little breathing room.
  I ask unanimous consent that a copy of my letter of today's date to 
Chairman Greenspan be included in the Record at this point.
  There being no objection, the letter was ordered to be printed in the 
Record, as follows:

                                                  U.S. Senate,

                               Washington, DC, September 28, 1994.
     Hon. Alan Greenspan,
     Chairman, Federal Reserve Board, Washington, DC.
       Dear Chairman Greenspan: I want to congratulate you on 
     yesterday's decision by the Federal Reserve not to raise 
     interest rates. At the same time, I want to urge you not to 
     use your authority to unilaterally raise rates between now 
     and November 15th.
       The recovery of the American economy is delicate at best. 
     It simply cannot tolerate any additional interest rate 
     increases and continue to grow.
       Again, I applaud the Federal Reserve's restraint and urge 
     you to continue it.
           Sincerely,
                                                 Dennis DeConcini,
     U.S. Senator.

                          ____________________