New York City Financing Legislation Statement on Action by the Senate Banking Committee.

Today's action by the Senate Banking Committee represents an historic juncture along New York City's path to economic recovery and financing self-sufficiency. When we first proposed guarantees last winter, the prevailing view was that such legislation could never be enacted. Today's vote reflects national support for the city and the commitment of the Banking Committee to approve a responsible and permanent solution to the city's problem.

I understand that the committee will consider further amendments tonight. We are following continuing developments closely, and I would hope that the committee would not add conditions of a sort that would be inconsistent with our objective of a workable and responsible financing plan.