On April 11, 2000, U.S. Senator Daniel Patrick Moynihan (D-NY) led a bipartisan group of 24 senators, including Senator Charles E. Schumer (D-NY), in introducing the Teaching Hospital Preservation Act of 2000 (S.2394). The same day, Congressman Charles B. Rangel (D-NY) introduced identical legislation in the House of Representatives (H.R.4239). Senator Moynihan estimates that the Act, the enactment of which is GNYHA's top legislative priority for this Congressional session, would protect the nation's teaching hospitals from a further $2 billion in Medicare cuts over the next five years by preventing further reductions in the Medicare indirect medical education (IME) adjustment that were mandated by the Balanced Budget Act of 1997 (BBA). Under the BBA, as amended by the Balanced Budget Refinement Act of 1999, the IME adjustment is scheduled to be reduced from 6.5% for every 10% increment in the ratio of interns and residents to beds to 6.25% on October 1, 2000, and to 5.5% on October 1, 2001. GNYHA estimates that the Moynihan/Rangel legislation, if enacted, would prevent a further $550 million in Medicare cuts to teaching hospitals in New York State over the next five years. Upon introducing the legislation, Senator Moynihan said, "Teaching hospitals are national treasures . . . Yet, today they find themselves in a precarious financial situation as market forces reshape the health care delivery system in the United States . . . The teaching hospitals that we know and depend on today . . . may not be able to . . . survive . . . This bill would protect our nation's teaching hospitals and ensure that the United States will continue to be in the forefront of developing new cures, new medical technology, and training of the world's finest medical professionals." GNYHA is extremely grateful to Senator Moynihan and Congressman Rangel for their continued leadership.