In lieu of an abstract, here is a brief excerpt of the content:

Chapter 30 z IN THE HEAT OF BATTLE heconferencebetweentheHouseandSenateontheFY1999Emergency Supplemental Appropriations Bill began on Tuesday, May 11, and various items were disposed of. On Wednesday, May 12, we met again in conference and worked long into the evening. The steel loan guarantee and the oil and gas loan guarantee provisions turned out to be the most controversial items in conference, and the chairman of the conference, Representative Bill Young of Florida, continued to delay discussions on these two items until the very last. The tug of war on the two items began somewhere in the neighborhood of 11 pm, and continued for an hour and a half or two hours. The newspapers had carried stories that the Speaker of the House and the majority leader of the Senate had written a joint letter on May 11 to the two chairmen of the House and Senate conferees—Representative Bill Young and Senator Ted Stevens, respectively—urging that the “new loan program,” among other things, be dropped from the bill. Various arguments were made against the steel loan guarantee by the House Republican conferees. House Democratic conferees did not say much, but listened. Representative Alan Mollohan, of course, was very supportive, as was Representative John Murtha of Pennsylvania. The senior member of the House Democratic conferees, Representative Dave Obey, was philosophically opposed to the loan guarantees but said little. I had personally gone to Obey’s office several days prior to the conference and had asked for his support. Our discussion was frank but amiable, and I understood his objections. I came T 716 chapter 30 away realizing that Mr. Obey would not be supportive in conference, but I also felt that my visit had been helpful and that he would continue to consider the matter and was sympathetic toward my concerns. He and I had known each other for many years, and we were on very good terms with one another. While Senator Stevens and others made the case for the steel loan guarantee program, I listened to the arguments on both sides, and said but little. I felt it best not to wade into the action too deeply until such time as it became necessary. Finally, at around midnight, I addressed the conference. Although I spoke without notes, my press assistant, Tom Gavin, was excellent in taking notes and proved to be almost as good as an experienced shorthand reporter. My statement was as follows. “A lot has been said about the steel loan guarantee item in this bill. But if any item is entitled to be called an emergency, it is this item. Last year, the United States imported 41.5 million tons of steel,some of it legally and some of it illegally. As a result of this deluge—which constituted an 83 percent increase over the past eight years, 83 percent!—ten thousand jobs were lost! Some steel companies have gone into bankruptcy. At Weirton Steel, in my home state, over seven hundred people have been laid off. Weirton Steel is not the only steel company in crisis. I have a list, from the U.S. Department of Commerce, of at least thirteen others that could benefit from this program. We’ve been bighearted with other industries in this country in the past. We did this for Lockheed. We authorized the New York City and the Chrysler loan guarantees. We’ve done this for Conrail. We’ve done this for foreign governments. Why, then, can’t we provide loan guarantees for some of our own steel companies? We need the steel industry if we are to remain a superpower.” I continued: “This loan guarantee would be run by a governing board—the secretaries of commerce, treasury, and labor—who would make the regulations, procedures, and rules. They would decide on the interest rates. With that board, the taxpayers would be protected and the steel industry would benefit. “I respect the leadership in both houses. But I am offended when I am told that we can’t have this provision in this bill, and when I hear it said that the conference report will not be taken up if the steel loan guarantee is in it. I have the greatest respect for our own Senate leader, but I have told him I’d have to fight. I have to represent the people who sent me here. Something has to be done. Congress did this for Chrysler, Lockheed, and New York City—and it worked! It...

Share