[Congressional Record (Bound Edition), Volume 147 (2001), Part 12]
[Extensions of Remarks]
[Page 17316]
[From the U.S. Government Publishing Office, www.gpo.gov]



             INTRODUCTION OF THE VICTORY BONDS ACT OF 2001

                                 ______
                                 

                          HON. JOHN J. LaFALCE

                              of new york

                    in the house of representatives

                     Wednesday, September 19, 2001

  Mr. LaFALCE. Mr. Speaker, I am today introducing legislation that 
will provide Americans in every part of the Nation with an opportunity 
to contribute directly to our Nation's response to last week's tragic 
events. The ``Victory Bonds Act of 2001'' directs the United States 
Treasury to issue special bonds to help finance the Federal 
government's recovery and anti-terrorism efforts.
  The American people have responded to last week's murderous attacks 
on the World Trade Center and the Pentagon with great courage, 
generosity, and determination. Thousands of volunteers have joined in 
the rescue efforts in New York City and tens of thousands more have 
donated blood and contributed money and supplies to aid both the 
rescuers and victims. These efforts represent the true spirit and 
finest traditions of our American republic.
  Americans in my district and across the country have called Federal 
offices asking how they can also assist in relief and rebuilding 
efforts and how they can show support for possible military operations 
against terrorism. The legislation I am introducing responds to these 
requests by directing the Treasury Department to offer special 
``Victory Bonds'' to fund recovery operations, victim relief and 
military operations responding to the terrorist attacks. By purchasing 
these special U.S. bonds, patriotic citizens will make a direct 
contribution that helps heal and rebuild our Nation and expresses a 
common determination to resist all future terrorist attacks on American 
soil.
  The ``Victory Bonds Act of 2001'' also directs the Treasury to place 
the proceeds of the bond sales into a separate Treasury fund that would 
be earmarked for recovery and anti-terrorism expenses. Americans who 
purchase the bonds should have assurance that they are contributing 
directly to Federal relief for terrorist victims and specific programs 
to combat terrorism. The bill is similar in this approach to 
legislation introduced in the Senate by Sen. Tim Johnson (D-SD).
  The issuance of special bonds in times of national emergency is one 
of our country's proudest traditions that dates back to the American 
Revolution. The war bond effort during World War II generated more than 
$200 billion as patriotic Americans sought to contribute to our 
Nation's struggle against international fascism. A similar outpouring 
of public support will be needed in what could be a long and arduous 
effort to defeat international terrorism.
  Just as special war bonds enabled our parents and grandparents to 
contribute to our military victory in World War II, purchases of 
Victory Bonds will give millions of Americans a vital and continuing 
role in our new struggle against terrorism. The bonds will help 
mobilize and direct public resources for emergency spending while 
signifying that all Americans stand together in their resolve to root 
out terrorism once and for all.
  I urge prompt consideration of this important and timely legislation.

                          ____________________