[Congressional Record Volume 141, Number 21 (Thursday, February 2, 1995)]
[House]
[Page H1076]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




              FED'S ACTION DISSERVICE TO WORKING AMERICANS

  (Mr. MILLER of California asked and was given permission to address 
the House for 1 minute and to revise and extend his remarks.)
  Mr. MILLER of California. Mr. Speaker, the Federal Reserve Board 
yesterday did a terrible disservice to working Americans when for the 
seventh time in a year it raised interest rates.
  American homeowners will now get $15 billion of additional mortgage 
costs charged against them because of this increase. Half of the 
homeowners in America will get an envelope shortly from their lending 
institution telling them that their monthly mortgage rate has gone up 
because of these actions by the Federal Reserve. Those people shopping 
for a car this weekend will find the cost of financing that automobile 
has gone up because of the Federal Reserve. Carpenters, plumbers, 
electricians, and others who work in the homebuilding industry and the 
construction industry will find it harder to find work throughout the 
year because the cost of homebuilding has gone up, the cost of 
construction has gone up, and the cost of small business expansion has 
gone up because of these actions taken in secret by the Federal 
Reserve.
  American workers deserve better and the Federal Reserve ought to 
recognize that the wages of American workers are under pressure from 
workers around the world, and they ought to understand that inflation 
is different today than it was yesterday.


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