[Congressional Record Volume 144, Number 95 (Thursday, July 16, 1998)]
[Extensions of Remarks]
[Pages E1317-E1318]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]


                TROPICAL FOREST CONSERVATION ACT OF 1998

                                 ______
                                 

                               speech of

                            HON. KEVIN BRADY

                                of texas

                    in the house of representatives

                        Wednesday, July 15, 1998

  Mr. BRADY of Texas. Mr. Speaker, while I appreciate the efforts of 
the gentleman from

[[Page E1318]]

Ohio, Mr. Portman, and his desire to protect tropical rainforests 
worldwide, I wish to again go on record in strong opposition to H.R. 
2870, the Tropical Forest Conservation Act.
  As you know, I voiced my opposition to this when it passed the House 
International Relations Committee by voice vote, and voted ``no'' again 
when the House approved it by a vote of 356-61 on March 19, 1998.
  Mr. Speaker, my concerns are simple. Foremost is the cost of this 
legislation. Specifically, the bill wastes more than $300 million in 
existing resources over three years to facilitate ``debt-for-nature'' 
swaps with foreign countries.
  This measure in effect forgives U.S. debts which are unlikely to be 
repaid fully by less developed countries. In exchange, these countries 
promise to protect their tropical forests. Common sense tells us a 
country that claims to lack the financial resources to repay its debts 
is unlikely to have the financial resources to restore and preserve 
their rain forests. More importantly, why should America pay another 
sovereign nation to do what is clearly their responsibility and in 
their own best interest? This ``pay me or I'll shoot myself'' scheme 
makes little sense.
  As a businessman who survived the Texas recession in the 1980's and 
watched our local banks address the difficulty of non-performing loans, 
my other concern is a basic one: Is this the best and highest return 
for American loans financed by the hard-earned tax dollars of working 
families who struggle to make ends meet each month? The answer is no.
  Loans made in good faith by United States taxpayers should be repaid 
in full, or in unique situations worked out for the highest and best 
return for the dollar. H.R. 2870, while well intentioned, is ``feel 
good'' legislation that leaves American taxpayers holding an empty bag 
and, I predict, will do little to preserve the world's rain forests.

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