[Congressional Record Volume 148, Number 38 (Wednesday, April 10, 2002)]
[House]
[Pages H1191-H1192]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                          DAYLIGHT SAVING TIME

  The SPEAKER pro tempore. Under a previous order of the House, the 
gentlewoman from Indiana (Ms. Carson) is recognized for 5 minutes.
  Ms. CARSON of Indiana. Mr. Speaker, I rise today to talk about an 
issue that is very important to the future of the State of Indiana. For 
too long, much of Indiana have been out of sync of the rest of the 
world. Hoosiers have been languishing under a system where as much as 
three different time zones are randomly followed in our State. This 
outdated approach has been allowed to exist without regard to geography 
or to logic.
  The result is that we are wasting valuable resources and putting our 
valuable small businesses and industries at a competitive disadvantage. 
I want all Hoosiers to have every opportunity and advantage to compete 
in the global economy. We must put our best efforts towards realizing 
the great promise of the 21st century.
  I am working hard on this issue to help us take a step forward in 
that pursuit. I am introducing a bill which will finally allow Indiana 
to spring forward.
  The benefits to all of us are clear in Indiana. Daylight saving time 
will save Indiana families over $7 million annually in electricity 
rates alone. It will give a windfall to small and large businesses 
alike by lifting barriers to competition, improving communication and 
commerce, and saving millions on improved energy efficiency statewide.
  For our communities, this will be one more step in preserving our 
cherished way of life by perfecting our health and safety. By all of 
Indiana observing daylight saving time, toxic emissions would be 
reduced by more than 240 million pounds annually. With more daylight, 
schoolchildren will not have to travel to and from school in the dark. 
For families, there will be more time for outdoor leisure and 
recreation after the work day is over. All of this is by simply 
changing our clocks just twice a year.
  To give one example, Mr. Speaker, of how this issue affects Hoosiers, 
let me tell Members what I heard from Tom Williams of the Federal Home 
Loan Bank of Indianapolis.
  He says that there are times when Hoosier borrowers actually pay a 
higher price to borrow money when Indiana is on Chicago time. This 
commonly occurs when a loan closing happens at the end of the business 
day, and the lender wants to use an advance from his bank to fund the 
loan. If the lender contacts the bank after the market in New York 
closes, his bank cannot quote a firm price, since it will not

[[Page H1192]]

know what the price will be the following morning.
  Thus, the Federal Home Loan Bank must impose a premium on the cost of 
funds that can amount to as much as $20,000 per $1 million borrowed. 
That premium could be avoided, he says, if Indianapolis were on eastern 
standard time year-round.
  As Hoosiers, we have long prided ourselves on going our own way, 
being independent, and relying on common sense. I want to thank those 
dedicated citizens in Indiana who worked hard and long in the spirit of 
independence and common sense to build a groundswell of support for 
this initiative. I believe in and belong to this tradition, and that is 
why my legislation puts the decision in the hands of all of us in 
Indiana by giving our own Indiana General Assembly the opportunity to 
decide for ourselves what is best for our future.
  I want to empower our Hoosiers to do just that: spring Indiana 
forward, spring Indiana toward greater prosperity and a brighter 
future.

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