    [Public Papers of the Presidents of the United States: George H. W. Bush (1991, Book I)]
    [April 30, 1991]
    [Pages 445-446]
    [From the U.S. Government Publishing Office www.gpo.gov]

    Remarks on Fast Track Authority Extension and an Exchange With Reporters
    April 30, 1991

        The President. Let me just thank the leaders for coming down here
    today to discuss the extension of Fast Track. And, as you all know, Fast
    Track means the ability to negotiate trade agreements. The export side
    of our economy has fueled our economic growth in recent years, and we
    need this Fast Track authority to negotiate trade agreements that will
    open markets, keep our exports strong, and create jobs and, frankly,
    sustain our leadership in the world economy. And I appreciate it.
        I know some are undecided. I know many are strongly committed here.
    But I appreciate your coming down because this is priority and we are
    going all out. I'm grateful to the majority leader who is not with us
    today, but he's down in Mexico--I know last night, discussing this and
    whether--how it comes out, I don't know. But I think that kind of
    inquiry is very, very helpful. And I just want to thank you all for your
    interest and hope that we can convince those--perhaps mostly out here
    today that this is the right thing for the United States. And I'm
    convinced it is, and I also think it's good for our neighbors to the
    south that I'm determined not to neglect, say nothing of Europe.
        In any event, why, I appreciate your coming.

    Interest Rates

        Q. Will lowering the discount rate encourage lower interest rates
    worldwide, Mr. President?
        The President. Lowering the discount rate--and the Fed just
    announced a half-point reduction to 5.5 percent from 6 percent, and this
    is good. This will stimulate our economy. I think it will help worldwide
    as well. It is very good news, and I think it will be well-received in
    this country. And I hope that it will have a strong effect inter-

    [[Page 446]]

    nationally. We are the largest economy in the world. And if ours is
    robust and growing, that benefits everybody else, in my view.
        Q. Do you hope banks follow suit, Mr. President, and follow the
    prime rate?
        The President. Well, I'll leave that to the markets. I won't go into
    all that, but I think clearly--and traditionally that has happened, and
    I certainly expect it to happen.
        Q. What about the Germans, sir?
        The President. There are problems, and people have different
    problems in their countries. Some are much more concerned about
    inflation than other countries--but this is a very strong leadership
    role by the Fed now that will be helpful, I think, around the world--and
    certainly be helpful to our economy that needs a kick now, needs a
    boost.

                        Note: The President spoke at 10:03 a.m. in the
                            Cabinet Room at the White House, prior to a
                            meeting with the bipartisan leadership of the
                            House of Representatives. In his remarks, he
                            referred to Richard A. Gephardt, House majority
                            leader. A tape was not available for
                            verification of the content of these remarks.