[Congressional Record Volume 141, Number 33 (Wednesday, February 22, 1995)]
[House]
[Page H1972]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]


 FEDERAL RESERVE BOARD IS SUBJECT TO THE JURISDICTION OF CONGRESS, NOT 
                            THE WHITE HOUSE

  (Mr. TRAFICANT asked and was given permission to address the House 
for 1 minute and to revise and extend his remarks.)
  Mr. TRAFICANT. Mr. Speaker, the Constitution says only Congress can 
draw money from the Treasury. It also says only Congress can coin 
money, regulate the value thereof and regulate the value of foreign 
money. Only Congress, the Constitution says, can regulate commerce with 
foreign nations.
  The question I ask, Congress, is under what authority did Robert 
Rubin sign an agreement to bail out Mexico? To me it is unbelievable.
  Now, the Washington Times reported that our bailout is going to bail 
out the Mexican banks and Mexican companies. Ladies and gentlemen, we 
are bailing out Mexican banks, we are putting our banks on the line 
here and our taxpayers in the fire.
  I disagree with this. I think the Federal Reserve Board is subject to 
the jurisdiction of Congress, not the White House. It is time for a 
constitutional court case to determine that.
  I plan to challenge the bailout in court.

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