[Congressional Record Volume 141, Number 22 (Friday, February 3, 1995)]
[Extensions of Remarks]
[Page E269]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]


                             INTEREST RATES

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                            HON. PAT DANNER

                              of missouri

                    in the house of representatives

                        Friday, February 3, 1995
  Ms. DANNER. Mr. Speaker, home interest rates are up, housing starts 
are down. Car plants are closing, credit cards rates are rising, and 
more jobs are lost.
  I am alarmed that these scenarios exist in America in 1995 during 
this time of apparent prosperity. But for the seventh time since last 
February, the Federal Reserve has raised the short-term interest rate. 
And for the seventh time since last February, Americans will experience 
increased borrowing costs. We have heard many technical excuses about 
``cooling an overheating economy'' and ``curbing the rise of 
inflation.''
  Meanwhile, the people I represent are saying, ``that's enough!'' The 
Fed does not reserve the right to impose rate hike after rate hike on 
the hardworking citizens of my district who struggle every day to meet 
upward spiraling home, farm, and car payments. Most Americans who can 
scarcely afford life's necessities are having a difficult time 
believing that the economy is growing too rapidly. It is my hope that 
this is the last rate increase for a long time.


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