[Congressional Record (Bound Edition), Volume 145 (1999), Part 15]
[Extensions of Remarks]
[Page 21764]
[From the U.S. Government Publishing Office, www.gpo.gov]



 EXPLANATORY STATEMENT ON H.R. 2756, ``FAIR COMPETITION IN TAX-EXEMPT 
                        FINANCING ACT OF 1999''

                                 ______
                                 

                           HON. RALPH M. HALL

                                of texas

                    in the house of representatives

                     Wednesday, September 15, 1999

  Mr. HALL of Texas. Mr. Speaker, in August I introduced H.R. 2756, the 
``Fair Competition in Tax-Exempt Financing Act of 1999'', which has 
been referred to the Ways and Means Committee. As a general proposition 
I believe that governments should be cautious in their use of tax-
exempt financing, particularly when it is used to provide services that 
can be obtained through the private sector.
  Since I introduced the bill, I have learned that it may raise 
significant issues that could affect the tax-exempt bonds of municipal 
electric systems. It was certainly not my intent to do anything that 
would affect the ongoing debate on the private use restrictions on 
these tax-exempt bonds.
  As the Ranking Minority Member of the Energy and Power Subcommittee 
of the Commerce Committee, which has electric restructuring legislation 
pending before it, I believe it is prudent that I remain neutral on 
this issue. In fact I have encouraged the investor-owned utilities and 
public power systems to reach an agreement on private use and offer it 
to the Congress as a solution to this important restructuring issue.
  Mr. Speaker, in order to make my intentions completely clear, were I 
permitted to withdraw the bill, I would do so. However, the custom in 
the House is not to permit bills to be withdrawn. As a result of the 
information I have received and the concerns that have been expressed 
since the introduction of the bill, I have decided not to seek further 
action on this legislation.

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