Armstrong Bond Boschwitz Burns Chafee Coats Cochran Cohen D'Amato Danforth Dole Domenici (handwritten illegible signature; highlighted) Durenberger Garn (handwritten: Ann Woodland; highlighted) Gorton (handwritten: Keb Hunt; highlighted) Gramm (handwritten illegible signature; highlighted) Grassley (handwritten illegible signature; highlighted) Hatch Hatfield (handwritten: L. Kannier; highlighted) Heinz (handwritten: J. Hamland; highlighted) Helms Humphrey Jeffords Kassebaum Kasten Lott Lugar Mack (handwritten illegible signature; highlighted) McCain McClure McConnell Murkowski Nickles Packwood Pressler Roth Rudman Simpson Specter Stevens Symms Thurmond Wallop (handwritten illegible signature; highlighted) Warner Wilson (Printed by the Secretary for the Minority) GPO: 1990 25-776 (m) BOB DOLE KANSAS United States Senate OFFICE OF THE REPUBLICAN LEADER WASHINGTON, DC 20510-7020 handwritten: Ks, bread for the world, 20 billion, 50, 6 UNITED STATES SENATE OFFICE OF THE REPUBLICAN LEADER WASHINGTON, D. C. BOB DOLE KANSAS February 6, 1990 Dear Alan: I want to thank you again for taking time out of your busy schedule to meet with me and the other Republican Senators. We certainly appreciated your thoughtful comments on the RTC Oversight Board, the Social Security Trust Fund, and the general outlook for the national economy. Since my colleagues and I find these informal sessions to be very helpful, I hope you would not mind if we sent you another breakfast invitation. Sincerely, (signature) BOB DOLE The Honorable Alan Greenspan Chairman Board of Governors of the Federal Reserve System Constitution Avenue and 20th Street, N.W. Washington, D.C. 20551 February 6, 1990 8:30 a.m. - S-230 Breakfast Meeting with Alan Greenspan 16 Alan Greenspan - fruit cup, french toast, bacon 1 Dole - oatmeal , fruit cup, skim milk 2.Domenici - fruit cup, french toast, bacon, coffee 3 Gramm - fruit cup, french toast, bacon, coffee 4 Simpson - will not eat 5 Garn - fruit plate, orange juice, muffin 6 Chafee - tent. yes (handwritten: - fruit cup, french toast, bacon) 7 Hatfield - fruit cup, cream of wheat with syrup 8 Gorton - fruit cup, oatmeal, orange juice, english muffin 9 Mack - banana, corn flakes with milk, 2% milk 10 Grassley - no breakfast - just coffee 11 Wallop - fruit cup, french toast, bacon, coffee (all crossed out; handwritten: coffee) 12 Heinz - fruit cup, oatmeal, coffee (all crossed out; handwritten: large glass grapefruit juice) 13 Don Winn, Office of Congressional Affairs, Federal Reserve Board fruit cup, french toast, bacon 14 Dennis Shea - fruit cup, french toast, bacon is 15 Sheila Burke - fruit cup, french toast, bacon extra biscuits and bran muffins handwritten notes: Hatfield Chafee Gorton Domenici Wallop Heinz Winn Shea Burke Dole Greenspan Garn Gramm Mack Simpson Grassley February 6, 1990 8:30 a.m. - S-230 Breakfast Meeting with Alan Greenspan (check mark) Dole (check mark) Domenici - will be late Gramm (check mark) Simpson - will be late (check mark) Garn (check mark) Chafee (check mark) Hatfield (check mark) Gorton (check mark) Mack (check mark) Grassley - will be late (handwritten: still coming) Wallop - will be late (handwritten: still coming) Heinz - will be late (check mark) Don Winn, Office of Congressional Affairs, FRB (check mark) February 6, 1990 8:30 a.m. - S-230 Breakfast Meeting with Alan Greenspan Dole Domenici - will be late Gramm Simpson - will be late Garn Chafee Hatfield Gorton Mack Grassley - will be late Wallop - will be late Heinz - will be late Don Winn, Office of Congressional Affairs, FRB FEBRUARY 5, 1990 TO: SENATOR DOLE FROM: DAN STANLEY SUBJECT: BUDGET HEARINGS -- CHENEY/POWELL The Budget Committee began their round of hearings on the defense budget submission. Secretary Cheney and General Powell began with the same opening statements they provided the SASC last week. Major points as follows: -- Sasser stated that the "Peace Dividend" is more than "peace", that it is an opportunity to get spending back in "balance. " There will be a price paid for correcting inertia (changing the direction of defense spending) . -- Sasser contrasted the increases in B-2, MX, SDI with the proposed cuts in Medicaide, highway funding, housing, veterans pensions, etc. -- Sasser agreed that we need to be flexible, therefore we shouldn't commit ourselves to these new programs (B-2, ATF, C-17, etc). Further, he wanted to know why Cheney proposed all these programs before he completed his study to determine which ones we need -- due in March. -- Sasser indicated that the committee could be looking at $10 to $12 billion more in cuts. He wanted to know if Cheney had a another list of program terminations to cover such reductions. Cheney said, "No, this is our list". -- Domenici pushed for caution and stated that should additional cuts be made the savings should be applied towards the deficit. (He directed the latter to Senator Gramm) . -- Cheney complained that he tried to kill systems last year and Congress put them back in. He would try again this year. This could be a very long legislative year. If the SASC waits for Cheney's strategy study (due in May-June) before they due mark ups (and then debate them), the appropriators don't feel like they can do the job before October. They feel like a "lame duck" session is a possibility. entire page handwritten: Hatfield Chafee Gorton Domenici Wallop Heinz Winn Shea Burke Dole Greenspan Garn Gramm Mack Simpson Grassley February 5, 1990 TO: SENATOR DOLE FROM: DENNIS SHEA SUBJECT: BREAKFAST MEETING WITH ALAN GREENSPAN The following is some background information for your breakfast meeting with Alan Greenspan, Chairman of the Federal Reserve Board. Greenspan will be accompanied by Donald Winn, the Fed's Congressional Liaison. Composition of the Federal Reserve Board Other members of the Fed are Manuel Johnson (Vice-Chairman) , Wayne Angell, Edward Kelley (just re-nominated by the President) , John LaWare, and Martha Seger. President Bush has also nominated David Mullins, who was largely responsible for crafting FIRREA, to fill the seat formerly held by Robert Heller. As Chairman of the Fed, Greenspan is a member of the RTC Oversight Board. Recent Testimony Greenspan recently testified before the House Ways and Means Committee and the Joint Economic Committee. The following are brief summaries of the testimony. House Ways and Means Committee (January 25) -- Pointed out the enormous increase in foreign investment in the U.S, but emphasized that such foreign investment was not dangerous. Emphasized the need to increase the national savings rate. Joint Economic Committee (January 30) -- Provided a general overview of the economy. Remarked that GNP rose only 1/2 percent at an annual rate in the fourth quarter of 1989. Emphasized the weakness in the auto industry and in related industries such as metals and machine tools. Stated, however, that the slow growth in GNP was "nothing more than a temporary hesitation in the continuing expansion of the economy." Senators' Concerns Most Senators have not articulated any specific concerns that they would like to raise with Greenspan. I have been informed, however, that Senator Domenici is particularly concerned about the recent volatility of the stock and bond markets. I am sure that Sen. Heinz shares this concern, since he is ranking member of the Subcommittee on Securities. -2- Sen. Garn may raise the following issues with Greenspan: 1) the 2 empty seats on the RTC Oversight Board; 2) the lack of buyers for properties owned by thrifts under RTC custody; and 3) the FDIC's restrictions on the amount of purchase-mortgage-servicing-rights that a thrift may purchase (this issue was raised in a recent letter to you from Paul Laxalt). Possible Questions 1. Commercial Banking and Eastern Europe. Do you expect the large U.S. commercial banks to take an aggressive approach to lending opportunities in Eastern Europe? If not, what conditions must first exist before these lending opportunities are explored? 2. Leveraged Buyouts and Junk Bonds -- During last year's Finance Committee hearings on leveraged buyouts, you testified that a substantial increase in LBO debt was not a major concern, since most LBO companies are in "mature and non-cyclical industries." In light of the apparent collapse of the junk bond market, most vivdly demonstrated by the Campeau fiasco, do you still believe that corporate debt is at acceptable levels? 3. RTC Working Capital. I know that you are a member of the RTC Oversight Board. How much additional working capital does the RTC need and will this additional funding be on-budget or off-budget? February 6, 1990 8:30 a.m. - S-230 Breakfast Meeting with Alan Greenspan Dole Domenici - will be late Gramm Simpson - will be late Garn Chafee Hatfield Gorton Mack Grassley - will be late Wallop - will be late Heinz (handwritten: - large glass of grapefruit juice) Don Winn, Office of Congressional Affairs, FRB February 6, 1990 8:30 a.m. - S-230 Breakfast Meeting with Alan Greenspan Dole Domenici - will be 10 minutes late Gramm - will be on time Simpson - has a conflict - will be late Garn - will be on time Chafee - tent. yes Hatfield - will be on time Gorton - no answer yet (crossed out, handwritten: o.t.) Mack - no answer yet (crossed out; handwritten: banana, corn flakes, 2% milk) Grassley - yes Wallop - yes Heinz - yes - on time (handwritten: - oatmeal - fruit cup) Cochran - conflict Packwood - no Roth - not sure D'Amato - no answer yet handwritten arrow drawn from Gorton: oatmeal, fruit cup, english muffin, o.t. large handwritten note at bottom of page: Don Winn Cong 2 February 6, 1990 8:30 a.m. - S-230 Breakfast Meeting with Alan Greenspan 1. Dole - ortsmane 2. Domenici - will be 10 minutes late - egge bacon 3. Gramm what to eat? anything agge bacon +the. 3 Simpson - not sure may have a conflict - late no breakfast the. 4 Garn fruit plate, suffering juice late Chafee - will call back podleible 6 Hatfield - Cream of wheat with syrup and fruit Gorton - will call back still checking Mack - will call back 7 Grassley - will call back 15 min late, no breakfast- Coffee 8 Wallop - will call back late - 10 minutod D'amato Cochran - conflict Packwood - no Roth - not sure 8. Heinz - not sure (crossed out) handwritten at bottom of page: muffins and biscuits Gramm 11 30 P. feevs minutes personal 10 minutes George White on Monday Joe Stewart BREAKFAST MEETING WITH ALAN GREENSPAN TUESDAY, NOVEMBER 21, 1989 8:30 A.M. - S-230 Dole Gramm Garn Chafee Cochran Heinz Roth - has not decided as of yet D'Amato - if we are in session probably Simpson - if we are in session Domenici - has his own fundraiser Packwood - no Wallop - has not decided as of yet handwritten at bottom of page: Mack - wcb 5274 (Wendy; Lindy crossed out) if in session Hatfield - w.c.b. ? Grassley - wcb, ok (illegible) - if in session, Vicki, ok Feb. 6th @ 8:30 to 9:30 Domenici - late Gramm, Phil - November 3, 1989 TO: SENATOR DOLE FROM: JOYCE RE: BREAKFAST MEETING Suggested Senators to invite to the breakfast on Tuesday, November 21 at 8:30 a.m. with Alan Greenspan: (all mostly handwritten) NO Domenici - wcb - FR NO Packwood - w.c.b. (check mark) Gramm - w.c.b. OK - Susan Hatfield wcb (crossed out) NO - Oregon ? Roth - w.c.b. Rudman crossed out (check mark) Garn - w.c.b. - yes (check mark) Chaffee - OK wcb ann (check mark) Cochran - w.c.b. - yes Y Simpson if in town Wallop - w.c.b. Y Heinz - OK tent. D'Amato - UJA NY - NOT SURE possible BREAKFAST MEETING WITH ALAN GREENSPAN TUESDAY, NOVEMBER 21, 1989 8:30 A.M. - S-230 1 Dole 2 Gramm 3 Garn 4 Chafee 5 Cochran 6 Heinz 7 Gorton - yes if in session (handwritten) Roth - has not decided as of yet D'Amato - if we are in session probably Simpson - if we are in session 8. Grassley - yes (handwritten) Domenici - has his own fundraiser Packwood - no Wallop - has not decided as of yet Mack - if in session (handwritten) Hatfield - not sure (handwritten handwritten at bottom of page: Dennis Sheila Burke November 1, 1989 MEMORANDUM FOR SENATOR DOLE FROM: JOYCE 1. Senator Warner called this morning to see if you and Mrs. Dole and two other people would like to go to the Redskin vs Dallas game this Sunday evening at 8:00 p.m. at RFK. Senator Warner shares a box with Jack Kent Cook. Senator Warner will not be going and there is also a private parking place. 2. JoAnne called...Can you put her in contact with the appropriate person so that she can have MGM deliver the tape to Nana Primakov of Rain Man to the hotel in California since the Soviet Delegation will be there? (illegible handwritten note) 3. I checked with Alan Greenspan's office this morning and the earliest he can do a breakfast meeting is Tuesday, November 21, 1989 at 8:30 a.m. Do you want me to schedule or wait until January/February? I also checked with Betty and you are available on the 21st Schedule on November 21, 1989 (check mark) Schedule in January/February handwritten notes on page: 452-3201 Mrs. Marlardy Catherine Don Wynn Packwood Domenici Gramm Hatfield Roth Rudman Garn entire page handwritten: education secretary Nancy Kennedy Ag end of Feb. beginning of March 11 00 @ spore Porter McClure Darn & one other BOB DOLE KANSAS United States Senate OFFICE OF THE REPUBLICAN LEADER WASHINGTON, DC 20510-7020 handwritten at top of page: Feb 6, 8:30 a.m. S-230 (entire page handwritten) Domenici Y - late 10 minute Gramm Y - yes (anything to eat) Simpson - w.c.b. NOT SURE Garn Y - fruit muffin juice Packwood - ck on Mon. no Chafee - wcb --> Hatfield Y - wcb - cream of wheat, syr & fruit Cochran - NO Roth - w.c.b.? Gorton - wcb Mack - w.c.b. Grassley 3744 Wallop