Speech #920055266

I feel that the $5 million authorization is too great a restriction on our efforts to encourage industrial expansion in the many rural and urban communities of America which are in need of assistance. President Nixon. in his recent message to Congress on rural community development. stated: For the sake of balanced growth. therefore. but even more for the sake of the farmer and all his neighbors in rural Americafirst class citizens who deserve to live in first class communitiesI am proposing that the federal government rethink Americas rural development needs and rededicate itself to providing the resources and the creative leadership those needs demand. Increasing the level of taxexempt industrial revenue bonds would be an effective means of generating employment and raising income levels in rural areas. and would help to retard the emigration rate from these areas. My own district in Illinois. which has been hardhit by unemployment. and cities and towns all across America faced with this same problem. would benefit greatly from an expanded industrial development effort such as this bill would allow. Mr.