[Congressional Record Volume 141, Number 20 (Wednesday, February 1, 1995)]
[House]
[Page H979]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]


      FEDERAL RESERVE BOARD URGED TO FOREGO INTEREST RATE INCREASE

  (Mr. GEJDENSON asked and was given permission to address the House 
for 1 minute.)
  Mr. GEJDENSON. Mr. Speaker, the Fed Chairman tells us that senior 
citizens are benefiting by an overstatement of inflation in this 
country. The Fed Chairman told us there is a crisis in Mexico. It seems 
to me the Fed Chairman and his policy helped create the crisis in 
Mexico, and if he is correct about the fact that inflation is 
overstated in the indicators, then he ought not raise taxes and he 
ought not raise interest rates.
  In my State and in my district in Connecticut, many people still want 
jobs that do not have them. A Fed policy that is based on creating more 
unemployed is an outrage in a country that is talking about putting 
people to work. You cannot sit there and tell us that you want welfare 
people to go to work and then raise interest rates so working people 
lose their jobs. If there ought to be jobs that are lost, they ought to 
be at the Fed. We ought to keep inflation not higher but lower so that 
more Americans go to work, so we can have a stronger economy and 
continue to reduce this deficit.
  Mr. Speaker, the Fed policy goes against everything we have done to 
increase employment and cut the deficit. I say to the Chairman, ``Don't 
raise interest rates anymore.''




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