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LaFalce proposes war bonds following terrorist attacks

WASHINGTON-Financial Services Committee Ranking Member John LaFalce (D-N.Y.) announced that he is preparing legislation aimed at raising funds needed to respond to the terrorist attacks, which shook New York City and rattled the Pentagon two weeks ago. The legislation authorizes bonds to be issued to aid in recovery operations, humanitarian...

By Staff Writer | Updated on September 25, 2001

WASHINGTON-Financial Services Committee Ranking Member John LaFalce (D-N.Y.) announced that he is preparing legislation aimed at raising funds needed to respond to the terrorist attacks, which shook New York City and rattled the Pentagon two weeks ago. The legislation authorizes bonds to be issued to aid in recovery operations, humanitarian relief to victims, and military efforts against terrorism. LaFalce also said that his legislation will direct the U.S. Treasury to issue new “Unity War Bonds” to respond to the current emergency. Additionally, it will earmark funds within Treasury’s accounts for specific recovery, relief, and anti-terrorism expenses. The legislation will mirror Senator Tim Johnson’s (D-S.D.) bill in response to the terrorist attack. LaFalce pointed out that U.S. bonds during World War II generated more than $200 billion in revenues. “Americans are already standing in lines ready to donate blood, clothes, food for the relief effort in New York and Washington,” LaFalce’s statement said. “By purchasing `Unity Bonds’ they can provide much needed resources to the efforts underway and, at the same time, send the message to those who commit or condone these terrible acts, that in times of trouble Americans stand together.”

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