[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.