Sen. Phil Gramm, chairman of the Senate Committee on Banking, Housing and Urban Affairs, has joined Senator Conrad Burns, Senate Majority Leader Trent Lott and eight other senators as original co-sponsors of S. 2097, to be known as "Launching Our Communities' Access to Local Television Act," or the LOCAL TV Act, of 2000.

The legislation provides federal loan guarantees to ensure that local television service is available in rural and remote areas of the United States.

"This legislation tries to balance our commitment to see that every American has the technical capacity to get their local television stations and the recognition that this will embody new technology and require the taking of risks," Gramm said. "At the same time, the legislation contains provisions to minimize the risk to taxpayers.

"We want to guarantee good loans that generate good service," Gramm said.

The introduction of the legislation follows two Banking Committee hearings on rural television service and loan guarantees. The committee has jurisdiction over financial aid to commerce and industry, which includes federal loan guarantees.

In addition to Burns, Gramm and Lott, other original co-sponsors are Senators Mike Crapo, Tim Hutchinson, Wayne Allard, Jim Bunning, Olympia Snowe, Charles Grassley, Ted Stevens and Susan Collins.

Click here for text of the legislation and summaries of its provisions