The U.S. Federal Reserve reportedly has an arrangement with the Bank of Japan to provide emergency loans to Japanese banks operating overseas in exchange for U.S. Treasury securities. The collateralized loans would be extended on short notice for banks facing emergency liquidity needs. The purpose of the arrangement is to forestall the possible sale by Japanese banks of large amounts of U.S. Government securities (thereby raising U.S. interest rates) and to boost confidence in Japan's financial system. The loans would not risk U.S. taxpayers' funds. The Chairmen of both House and Senate Banking Committees have made statements about the arrangement, thus making it a matter oflegislative interest.

In a world in which economic and trade performance are fast gaining acceptance as important components of national power and well being, Congress has become increasingly interested in the comparative success of U.S. business in the vast, rapidly growing Asia-Pacific region. For the most part, Congress has tended to view Japan as the main competitor of the United States in Asian markets and the standard against which U.S. success is measured. The stakes for the United States are considerable. Exclusive of Japan, the Asia-Pacific region accounted for $ 92 billion in U.S. exports in 1993 and $ 138 billion in imports, or about 20 percent of total U.S. exports and 24 percent of U.S. global imports. A number of projections indicate that Asia will account for the largest share of world trade growth in the next decade. Japan's growing economic presence has been accompanied by a relative increase in its political influence vis-a-vis that of the United States, a factor of considerable long term significance for U.S. interests, and it would appear the availability of alternative Asian markets has strengthened Japan's resistance to U.S. trade demands.

Interview with General Robert E. Galer, a Marine Corps veteran (VMF-224) and recipient of the Medal of Honor, concerning his experiences concerning the Japanese attack at Pearl Harbor on December 7, 1941; the Guadalcanal Campaign as commander of VMF-224; and as head of the 584 Radar units during the campaigns for the Philippines, Iwo Jima, and Okinawa. Navy ROTC at the University of Washington, 1931-35; pilot training at Sand Point, Pensacola, and Quantico, 1935-38; assignment to amphibian squadron on Saint Thomas, Virgin Islands, 1938-40, and his minor role in the "destroyers-for-bases" deal with Great Britain, 1940; assignment as commander of VMF-224, 1942; description of the Grumman Wildcat fighter plane; assignment to Henderson Field, Guadalcanal, 1942; episodes involving aerial combat against the Japanese; aerial combat tactics; living conditions at Henderson Field; shot down for the first time on September 12, 1942; shot down for a second time on October 2, 1942; personnel problems with dysentery and malaria; reassignment to COMAIRPAC, November, 1943; Command and Staff College, 1943; awarded the Congressional Medal of Honor for twenty-nine consecutive days of combat and eleven-and-one-half kills; meeting President Franklin D. Roosevelt in the Oval Office; development of the 584 Radar for close-air support; Iwo Jima, …