WASHINGTON - The House Ways and Means Committee must schedule a vote as soon as possible on a bill that would modify the tax code to permit 12 Federal Home Loan Banks to issue letters of credit to tax-exempt bonds, members of the House Financial Services Committee urged this week.

In a letter addressed to Ways and Means chairman Rep. Charles Rangel, D-N.Y., and ranking member Rep. Jim McCrery, R-La., the committee members argued that the current struggles in the subprime mortgage market and the resulting rating downgrades of bond insurers, should make prompt consideration of the bill a high priority.

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