[Congressional Record Volume 145, Number 86 (Thursday, June 17, 1999)]
[Extensions of Remarks]
[Page E1308]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




         H.R. 1400, THE BOND PRICE COMPETITION IMPROVEMENT ACT

                                 ______
                                 

                            HON. TOM BLILEY

                              of virginia

                    in the house of representatives

                        Thursday, June 17, 1999

  Mr. BLILEY. Mr. Speaker, I am in receipt of the following 
correspondence from the gentleman from Nebraska (Mr. Barrett), the 
chairman of the Subcommittee on General Farm Commodities, Resource 
Conservation, and Credit, regarding H.R. 1400. I submit the letter for 
the Record.

                                         House of Representatives,


                                     Committee on Agriculture,

                                     Washington, DC, May 24, 1999.
     Hon. Tom Bliley,
     Chairman, House Commerce Committee, House of Representatives, 
         Rayburn House Office Building, Washington, DC
       Dear Mr. Chairman: I want to take this opportunity to offer 
     my congratulations on your bill, H.R. 1400, the Bond Price 
     Competition Improvement Act of 1999. This important 
     legislation will improve transparency in the bond market that 
     will be beneficial to those purchasing these important 
     financial instruments.
       In reading the bill's report language, I note in section 3 
     that the bill's proposed changes ``are to affect only debt 
     securities.'' The report language states further that these 
     ``changes are not intended to affect the exemption from 
     registration requirements enjoyed by securities issued by 
     government sponsored enterprises, or to impose any 
     requirements on government sponsored enterprises.''
       As chairman of the House Agriculture credit subcommittee, I 
     am extremely sensitive to proposals affecting the providers 
     of credit to farmers and ranchers across our nation. The Farm 
     Credit System, a government sponsored enterprise whose 
     authorities fall solely within the jurisdiction of the 
     Agriculture Committee, is an important provider of credit to 
     production agriculture. The 500,000 farmers who use Farm 
     Credit System institutions for their credit needs are facing 
     terrific challenges brought about by bad weather, low 
     commodity prices and lost export markets. Any change in 
     registration requirements and the cost associated with such a 
     change would be unwelcome, particularly at a time of such 
     stress in the agricultural economy. Again, I note your bill 
     in no way contemplates changes relative to securities issues 
     by the Farm Credit System and therefore I am pleased to 
     support H.R. 1400.
       I appreciate all the work you have done on this 
     legislation, and I look forward to working with you on issues 
     of mutual concern in the future.
           Sincerely,

                                                 Bill Barrett,

                                     Chairman, Subcommittee on

                                         General Farm Commodities,
                                 Resource Conservation and Credit.

     

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