A Competitiveness Strategy for America: Hearing Before the Committee on Banking, Housing, and Urban Affairs, Joint Economic Committee' United States ... Council Second Annual Report to the Presi - Tapa blanda

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Excerpt from A Competitiveness Strategy for America: Hearing Before the Committee on Banking, Housing, and Urban Affairs, Joint Economic Committee' United States Senate, One Hundred Third Congress on the Competitiveness Policy Council Second Annual Report to the President and the Congress, Analyzing a Compr

The committees met at 10:05 a.m., in room SD-538 of the Dirksen Senate Office Building, Senator Donald W. Riegle, Jr. (chairman of the Banking Committee) and Senator Jeff Bingaman of the Joint Economic Committee, presiding.

Opening Statement Of Chairman Donald W. Riegle, Jr.

The Chairman. The committee will come to order. Let me welcome all those in attendance this morning, and very particularly, our witnesses who are here today.

Today, the Senate Banking Committee and the Joint Economic Committee are cohosting a hearing at which the Competitiveness Policy Council is releasing in a formal way its second report to the President and to the Congress.

I think as is generally known, the Competitiveness Policy Council was created by Congress in the Omnibus Trade and Competitiveness Act of 1988, in a provision authored by Senator Jeff Bingaman, who will cochair today's hearing.

The Council was created to be a bipartisan forum, where representatives of business, Government, labor and public interest groups could meet to really sort through the issues of U.S. competitiveness, get to the problems we are facing in that area, and devise recommended solutions.

I want to say before going on to some of their findings today that they've done excellent work and we appreciate very much the leadership they are giving to the country in really bringing these matters into tight focus and laying out not just a summary of serious problems, but also recommended solutions to deal with those problems.

In the first report that the Council made, they called upon the United States to develop a comprehensive competitiveness strategy to reverse our country's economic decline. They said at the time that the United States:

Will not be able to maintain a leading role, nor perhaps to be in a position to influence world events substantially, if we continue to slide economically.

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