Date: 1982-12-01
Speaker: ST GERMAIN (democrat)
Chamber: H

Mr. Speaker. with the Nations economy in shambles. economic issuesparticularly those directly related to jobsare certain to dominate the efforts of the 98th Congress. While the adoption of formal agendas must await the organization of the committee in the new Congress. it is my intention to push hard for a full utilization of the considerable jurisdiction of the Banking. Finance. and Urban Affairs Committee on economic issues. A high priority. in my mind. will be for the committee and its various subcommittees to fully explore their areas of jurisdiction to determine what jobproducing proposals might be feasible in the new Congress. Clearly. the committees jurisdiction in the area of housing and community development contains many possibilities in a laborintensive sector of the economy. The committees broad economic stabilization jurisdiction offers other areas which should be explored to help stimulate the economy. as well as the coinmittees jurisdiction in international and trade areas. Certainly. the Federal Reserves monetary and interest rate policies have a heavy bearing on jobsand the economy generallyand I hope that the committee will make a strong effort to bring those policies in line with national economic goals. I think the committees efforts in this area must be ongoing and must go beyond the limited nature of the 6month reports now required of the Federal Reserve. In the 97th Congress. we have done a good job of deregulating much of the financial industry and providing a more rational balance between the various segments of that industry. Financial institutions have been given new powers. new freedoms. and new challenges. None of these mean much. however. unless the benefits flow to the recipients of financial servicesconsumers. jobproducing industries. and communities. We need to watch closely to see how well this newly unshackled industry meets the credit needs of this economy and how well it performs as a partner in the economic recovery efforts. If interest rates go downas we fervently hopethis important economic benefit must be passed on to the consumer and the economy and not left to fatten reserves and build unconscionably large profits. During the 98th Congress. I hope the committees will place an emphasis on some key areas: First. development of creative new proposals to maximize the jobproducing potential of the committees various jurisdictions. Second. strong efforts to analyze the causes of unemployment and underutilization of the Nations productivq capacity and to offer longterm remedies for these economic maladies. Third. renewed efforts to assure a proper flow of credit and financial services at reasonable cost to all sectors of the economy and assurances that the Federal Reserve understands its responsibilities to national econoinIc goals. and Fourth. strong oversight to assure that the agencies and departments under the committees jurisdiction are carrying out their responsibilities and programs in the most efficient and effective manner possible. I would hope that no agency under this committees jurisdiction would escape a thorough examination during the next 2 years. Clearly. Mr. Speaker. this is not intended as an outline of the commitLees entire workload during the 98th Congress. There are a number of legislative musts. investigations. and other issues which will be developed and discussed in the coming weeks and months. But. I am convinced that the Banking. Finance and Urban Affairs Committee must remain close to the issues that directly bear on the economy and efforts to repair the damage that has devastated so many Individuals and businesses in recent months.e