John Danforth: “Let me just address one comment to the Senator from Rhode Island. One, new programs that would be created by this…”

“Let me just address one comment to the Senator from Rhode Island. One, new programs that would be created by this legislation would make the Federal Government into a venture capitalist. There is a program, which is a brand new program, that would create a fund of $50 million for 1995, and an additional $50 million for 1996, that would turn our Government into a venture capitalist operation. The legislation provides if we invest well, we might be able to make money. So let us say that we decided in the venture capital operation to invest in, let us say, Bullfrog Gold Mines and we struck it rich and made a fortune. I suppose it is conceivable that, if the governmental venture capitalists do strike it rich, we will fix the problem of the budget deficit. So maybe there is good news in some of this. I will have to see it to believe it. I am not confident we will do a good job as venture capitalists, but it is in the legislation. It is believed that this is an appropriate role for the taxpayers' money to get into the venture capitalist business. If you are a venture capitalist, sometimes you win money and sometimes you lose money.”