[Congressional Record Volume 142, Number 124 (Wednesday, September 11, 1996)]
[House]
[Page H10181]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




  OPIC BILL WILL DOUBLE SUBSIDIZED INSURANCE TO FORTUNE 500 COMPANIES

  (Ms. NORTON asked and was given permission to address the House for 1 
minute and to revise and extend her remarks.)
  Ms. NORTON. Mr. Speaker, Members should vote ``no'' on the OPIC bill 
before us today unless we want to double subsidized insurance and loans 
for the Fortune 500. That is what the OPIC bill does.
  OPIC is touted as a Government subsidized entity that acts like a 
private corporation. Nonsense. If it is a corporation, why does it pay 
no taxes? That is a subsidy right off the top. Why does it declare no 
dividends? Why does two-thirds of its income come from Treasury 
securities?
  Contrary to what we were told yesterday, the AFL-CIO does not support 
this bill. It has no position. Why? Because some unions support it and 
some do not.
  The standard should be not are some jobs made, but are more jobs made 
than are in fact destroyed. Look at the OPIC Fortune 500, just 4 of 
them: Ford, 160,000 Americans laid off; Exxon, 83,000 Americans laid 
off; AT&T, 127,000 Americans laid off; GE, 85,000 Americans laid off.
  Until they bring in jobs to match Americans laid off, we must vote 
against more subsidies for OPIC.

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