The Chairman of the Federal Reserve Board. for instance. testified this morning before the committee that both the gentleman from Vermont and I sit on. that it is working maximally. This Member believes it has probably moved from a 60- to 70percent likelihood of success to an 80- to 90percent likelihood of success. 0] 1600 Indeed. from an American perspective. the embarrassment could be that we will be making a great deal of money on the loans and loan commitments we have made. with our lending charges being almost twice the cost of borrowing from the Federal Treasury. Here. let me stress. not only. if the program works. will we be making money. but we will be avoiding socially diversive consequences in the country of Mexico. which could have precipitated massive flows of illegal immigrants which would have been costly to the United States taxpayer and to our own system of governance. The irony is that this amendment. as it is brought before this body. disallows the United States of America from using the Exchange Stabilization Fund to defend the dollar. The irony also is that we might be precluded from actually receiving a profit on the risk we have taken with the Mexican initiative.
Keywords matched
illegal immigrants