[Congressional Record Volume 141, Number 19 (Tuesday, January 31, 1995)]
[House]
[Page H899]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




  MISGUIDED POLICIES OF THE FEDERAL RESERVE ARE THREATENING NATIONAL 
                                SECURITY

  (Mr. DeFAZIO asked and was given permission to address the House for 
1 minute.)
  Mr. DeFAZIO. Mr. Speaker, at this very moment the President of the 
United States is announcing yet another plan to bail out the Government 
of Mexico. He says it is an issue of national security. The President 
is wrong.
  Meanwhile on the other side of town, Mr. Speaker, a secret meeting of 
the Federal Reserve Board to consider a policy change that will affect 
the security of every American family is going on with little notice. 
They may propose the seventh increase in 1 year to fight imaginary 
inflation. This act could raise the deficit by $2.5 billion, drive up 
the costs of a hundred-thousand-dollar house by $1600 a year, close 
down home building, close small businesses, and it is designed to 
increase unemployment to 6 percent.
  The misguided policies of the Federal Reserve are a real national 
security issue, and I would advise the President to drop the Mexican 
bailout and go after the no-growth policies of the Federal Reserve 
Board.

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