James A. Leach: “I rise in support of H.R. 1094, a bill to broaden the range of discount window loans which may be used as collateral for…”

“I rise in support of H.R. 1094, a bill to broaden the range of discount window loans which may be used as collateral for Federal Reserve notes. I would like to point out at the outset this is not a new approach for this House. Virtually the same proposal was incorporated into the bankruptcy reform bill, H.R. 833, which passed this body on May 5, but which has not yet cleared the other body. The bill enjoys the strong support of the Federal Reserve, as reflected in correspondence with Federal Reserve Chairman Alan Greenspan to the last Congress, and again in testimony by the member of the Federal's Board of Governors, Edward Kelly, at a hearing held by the committee in April. The bill also enjoins strong bipartisan support on the Committee on Banking and Financial Services. The original sponsors of the bill include the ranking minority member of the full committee, the gentleman from New York (Mr. LaFalce), as well as the Chairman of the Subcommittee on Domestic and Monetary Policy, the gentleman from Alabama (Mr. Bachus), the ranking member, the gentlewoman from California (Ms. Waters), and I understand it has the support of my good friend, the gentleman from Minnesota (Mr. Vento).”