Tom Harkin: “this amendment does not set monetary policy. It is a nonbinding sense of the Congress. William Gaston from the…”

“this amendment does not set monetary policy. It is a nonbinding sense of the Congress. William Gaston from the Congressional Research Service writes in a CRS report that, ``Congress has enacted nonbinding language to express its monetary policy preferences to the Fed.'' The last time this Senate debated a sense-of-the-Senate resolution to ask the Fed to lower interest rates was December 18, 1982. Again, I will read--it did not say it should seriously consider, it said, ``It is declared that it is the sense of the Congress that they should continue to take such actions as are necessary.'' That is what it said in 1982. It didn't say they should ``seriously consider,'' but they should ``take such actions.'' That is what this amendment says. It says they should reduce interest rates. The Business Roundtable said, ``The President and Congress should encourage the Federal Reserve to lower U.S. interest rates. . .'' not to seriously consider it.”