Bill Clinton: “1993 November 1, 1993 I am pleased to sign into law H.R. 3123, the ``Rural Electrification Loan Restructuring Act of…”

“1993 November 1, 1993 I am pleased to sign into law H.R. 3123, the ``Rural Electrification Loan Restructuring Act of 1993.'' This Act modifies the Rural Electrification Administration (REA) direct loan programs for rural electric and telephone cooperatives. It represents the culmination of many months of long, hard work by the Congress and the Administration in our commitment to revitalize the infrastructure of rural America. Earlier this year in my State of the Union Address, I announced my intent to reform the REA. H.R. 3123 does just that. It represents an important first step towards reforming the REA loan programs and is a good example of the Government doing more with less. This legislation will enhance our ability to provide affordable electric and telephone services in rural areas and to ensure access to the emerging telecommunications technologies that are essential for the economic strength of rural areas and the Nation as a whole. It also allows the REA for the first time to make loans for energy conservation purposes. This Act makes much needed program adjustments to minimize budget expenditures and save over $100 million in 1994 alone. Despite this reduction in Federal assistance, rural electric and telephone consumer bills should not change substantially. By using means tests to target Federal funds and raising the maximum interest rate, H.R. 3123 allows the REA to use scarce resources more effectively.…”