Economic Compact Between New York and New Jersey Statement on Signing H.R. 4943 Into Law.

H.R. 4943 grants approval to the interstate compact between New York and New Jersey, providing for increased economic and industrial development in the New York City and northern New Jersey metropolitan region. While this bill is only a small part of the Port Authority's bold program, I take great personal pleasure in signing it.

Congressman Peter Rodino and the other Members of Congress from these two great States deserve considerable credit for expediting the passage of this legislation. I also extend my congratulations to Governors Carey and Byrne, Mayor Koch, and Alan Sagner and Peter Goldmark of the Port Authority of New York and New Jersey.

As I have emphasized throughout the past 3 years, the most effective remedy for the problems of our older urban centers-and of the Northeast in general—is to restore the private economic base of our inner cities. The steps taken in this direction by the Port Authority serve as a fine example of what government can do to retain existing businesses and jobs and to attract new private-sector development and employment.