Statement of Administration Policy: H.R. 2032 - The Public Securities Act of 1985

(Revision)
(House)
(Dingell (D) Michigan and 36 others)

The Administration strongly opposes H.R. 2032 because it would result- in excessive and overlapping regulation of the Treasury securities market and thus add to the cost of financing the public debt. H.R. 2032 is overly broad in scope and inappropriately places authority to regulate U.S. government securities in a newly established board which would conflict with the Treasury Department's oversight of the government securities market, and its plan to propose legislation to amend the public debt statutes in this area.

As the Treasury Secretary indicated in his letter to Congress, if H.R. 2032 were to reach the President's desk, disapproval would be recommended.