[Congressional Record Volume 143, Number 157 (Sunday, November 9, 1997)]
[House]
[Page H10425]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




           FOREIGN OPERATIONS APPROPRIATION CONFERENCE REPORT

  (Mr. PAUL asked and was given permission to address the House for 1 
minute.)
  Mr. PAUL. Madam Speaker, I rise to point out to the House a piece of 
legislation that I am sure will be passed tonight or in the morning in 
the wee hours when a lot of people are not paying much attention, and 
that is the foreign operations appropriations conference report.
  I would like to point out that buried in this report is a $3.5 
billion new program called the new agreements to borrow, further 
funding for the IMF. These are the funds that will be used to bail out 
Third World nations and also bail out bankers and industries that have 
invested in these nations such as in Mexico or Indonesia.
  This is considered not to be expensive because of our special 
accounting procedure here, it is not on budget. It is supposed to be 
for free. But let me call my colleagues' attention to this: new 
agreements to borrow, IMF, new funding in the foreign operations bill 
report. This is inflationary, it is detrimental to the dollar, and it 
is subsidizing foreign interests as well as special banking and 
industrial interests here.

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