October 20, 2000

The Honorable Phil Gramm

Chairman

Committee on Banking, Housing, and Urban Affairs

United States Senate

Washington, D.C. 20510

Dear Mr. Chairman:

The Department of the Treasury is pleased that H.R. 4096, the "Bureau of Engraving and Printing Security Printing Amendments Act of 2000," was passed by the House of Representatives and has been presented to the Senate for consideration. I respectfully urge that the legislation receive prompt consideration by the Senate.

The bill would authorize Treasury's Bureau of Engraving and Printing (BEP) to print, on a fully reimbursable basis, securities and other documents for States and their political subdivisions and foreign governments. Any production on behalf of a foreign government would be subject to a determination by the Secretary of State that it is consistent with the foreign policy of the United States.

Enactment of the legislation would permit the BEP to test, without cost to U.S. taxpayers, new technologies and techniques and apply such experience as the Bureau develops and produces future generations of U.S. currency. The legislation will also permit the United States to assist developing nations with the establishment of stable currency systems and to produce security products to facilitate international commerce.

Your favorable consideration of the bill would be very much appreciated.

Sincerely,

/s/

Lawrence H. Summers