Bill Archer: “I certainly have sympathy for the plight of the oil and gas industry, and I am concerned about the plight of the steel…”

“I certainly have sympathy for the plight of the oil and gas industry, and I am concerned about the plight of the steel industry also. But I was taught early in life that the end never justifies the means, and this means is one of the most inappropriate efforts that I have seen in the 28 rac{1}{2} years that I have been in the House of Representatives. It opens its way to boondoggles, because there is no restriction for a steel company with a loan to a bank. The bank is concerned about the steel company's capabilities to shift that off to the responsibility of the taxpayers. There is no protection against the president of one of these industries making a personal loan to that industry and then applying for the government to take that president personally off the hook. No protection at all against that in this bill. I associate myself with the eloquent remarks of the gentleman from New York. I could not say them better than he did. But I would add that it also sends the worst of signals to our trading partners.”