DATE=9/21/1999
TYPE=CORRESPONDENT REPORT
TITLE=CONGRESS-RUSSIA (L ONLY)
NUMBER=2-254153
BYLINE=PAULA WOLFSON
DATELINE=CAPITOL HILL
CONTENT=
VOICED AT:
INTRO: The Clinton Administration's new Treasury
Secretary says the United States will continue to help
Russia, despite allegations of corruption and misuse
of U-S funds. As V-O-A's Paula Wolfson reports,
Laurence Summers says Americans must not turn away.
TEXT: Secretary Summers says there are deep problems
in Russia, but they should be put in perspective.
/// SUMMERS ACT ///
If not all our goals - or Russia's goals - have
been fulfilled, it is certainly equally true
that not all the fears for Russia that were
common a decade ago have materialized.
///END ACT///
Mr. Summers was the first witness as the House of
Representatives opened its inquiry into possible links
between Russian organized crime figures and American
banks.
He told the House Banking committee stronger action
will be taken to combat the practice of money
"laundering" - where questionable funds are passed
through legitimate bank accounts.
///SUMMERS ACT///
The current allegations involving money
laundering through major American financial
institutions only re-enforce our realization
that widespread corruption in Russia can pose a
significant danger to our interests.
///END ACT///
Secretary Summers spoke at a hearing notable for its
lack of rancor - a rarity in this politically charged
session of Congress. Banking Committee Chairman James
Leach set the tone early on.
///LEACH ACT///
This is a hearing designed to help Russia and
the Russian people. It is not a hearing
designed to embarrass anyone.
///END ACT///
(OPT) The Iowa Republican reinforced his message by
making a brief statement in slow, halting Russian.
//2ND LEACH ACT///
(In Russian...fades...full Russian tape is available
at end of actuality feed)
One by one, committee members addressed the problem.
Not one called for a cut off of assistance. But all
agreed with the top Democrat on the panel, New York
Congressman John LaFalce.
///LAFALCE ACT///
I know that the ultimate payoffs from our
continued engagement with Russia are far, far
greater than the risks. But it is time to ask
some tough questions, and to get answers that we
need to make our policy of engagement work much
better.
///END ACT//
(OPT) There was a great deal of frustration in the
hearing room, as lawmakers grappled with how best to
deal with the situation. Alabama Republican Spencer
Bachus (BACK'-US) said what Russia really needs is a
great leader - - one, perhaps, of Biblical
proportions.
///BATCHES ACT///
What Russia needs is a Moses. They are coming
from Communism to Democracy. They need
leadership.
///END ACT (END OPT)///
The Banking Committee hearings will continue Wednesday
with planned testimony from a member of the Russian
parliament (the Duma) and executives of several major
American banks. (Signed)
NEB/PW/KL
21-Sep-1999 13:44 PM EDT (21-Sep-1999 1744 UTC)
NNNN
Source: Voice of America
.
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