Political Quotes

“Mr. Chairman, first of all, and this has been said several times but let us say it one more time, this Exchange Stabilization Fund was created by this Congress, by an appropriation by this Congress in 1934. And our Nation, our Treasury, our taxpayer, that is taxpayer money, that is money that belongs to the citizens of the United States. It is not the Treasury's money. It is not the Congress's money. It is not the President's money. It is the people's money. And presently it is $38 billion. What this amendment says to this money which we can oversee, it says that we will not loan more than $250 million of this money at any one time to a foreign country. It does not place any limitations on us using this fund for currency transactions. In fact, we had a currency transaction 2 weeks ago by the Treasury. This fund is a fund to strengthen the U.S. dollar. And what did we use this fund for 2 weeks ago? We used it to drive down the U.S. dollar and drive up the yen to enable Japan to be able to export cheaper to the United States. That is what we used it for 2 weeks ago. We used it to help the Japanese economy and to help people that compete against our businesses.”