Tom Harkin: “tomorrow I will be laying down a Sense of the Congress amendment calling on the Federal Reserve to lower interest rates…”

“tomorrow I will be laying down a Sense of the Congress amendment calling on the Federal Reserve to lower interest rates as a preemptive strike against a recession in 1999. This is a very crucial issue coming at this point in time. I am going to take some time to speak about it and lay out why it is necessary for us, I believe, to take this kind of action and to express ourselves. The amendment I will be offering on behalf of myself and Senators Dorgan, Conrad, Wellstone, Kerrey, and Bryan will urge the Federal Open Market Committee to promptly reduce short-term interest rates as a preemptive strike against a recession in 1999. One week from today, the Federal Open Market Committee will meet to vote on interest rate policy. That is why it is crucial that the Senate send a clear message to the Fed: ``Lower interest rates now.'' Mr. President, if we want to significantly decrease the number of bankruptcies in this country, one of the best ways to accomplish this important goal is to reduce the risk of people losing their jobs. With the chance of deflation and a recession rising, we need to lower interest rates.”