[Congressional Record Volume 144, Number 147 (Thursday, October 15, 1998)]
[Senate]
[Page S12639]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                 EXPORT-IMPORT BANK AND THE ENVIRONMENT

  Mr. D'AMATO. Mr. President, I understand that my good friend and 
colleague from Alaska, Senator Murkowski, chairman of the Senate Energy 
and Natural Resources Committee, has recently introduced legislation 
which would amend the Export-Import Bank Act of 1945 to assure that the 
United States is consistent with other G-7 countries in evaluating 
environmental concerns whenever the Bank undertakes project financing. 
I understand the Senator's concerns. However, I feel that this issue 
would be much better addressed with a full hearing. Adding this 
provision onto the Omnibus Appropriations bill without fully discussing 
it and analyzing its implications with a hearing, may not be prudent.
  Mr. MURKOWSKI. Mr. President, my good friend from New York, the 
chairman of the Senate Committee on Banking, Housing, and Urban 
Affairs, Senator D'Amato, is correct. I have introduced a bill, S. 
2537, to amend the Export-Import Bank's environmental provisions. The 
bill does two things. First, it directs the Ex-Im Bank to negotiate a 
multi-lateral agreement with the export financing agencies of all G-7 
countries to address environmentally sensitive development overseas. 
Second, until such agreement is reached, my legislation would ensure 
that U.S. companies have access to Ex-Im Bank financing of overseas 
projects where other G-7 countries are providing or have indicated an 
intent to provide financing to the project in question without 
conditioning such assistance on environmental policies or procedures. 
The net effect of this law is to impose unilateral sanctions on U.S. 
companies in the name of the environment.
  I had intended to discuss this legislation as part of Senate action 
on trade issues, because the issue here is trade and competition. This 
year, however, trade legislation may only be adopted as part of the 
omnibus spending bill, or not at all.
  Mr. D'AMATO. Clearly, my friend has raised a valid concern. 
Certainly, no member in the Senate is in favor of needlessly denying 
the necessary financing to a U.S. company, and allowing them to compete 
internationally, especially in light of the disproportionate levels of 
financing, and in some cases subsidization provided by many foreign 
governments to their domestic businesses. I share the Senator's 
concerns that the Bank not give any other country an unfair advantage 
when it comes to competing for jobs abroad. However, I am also 
concerned that this issue has not been addressed properly by the Senate 
Banking Committee, the committee of jurisdiction with regard to this 
issue. When ever the Bank considers financing projects abroad, there 
certainly should be consideration given to the effects on the 
environment. And additionally, the U.S. should continue to participate 
in negotiations with the rest of the international community which seek 
to establish some set of standards for all countries.
  Mr. MURKOWSKI. Mr. President, I understand the concerns of the 
Senator form New York about this legislation, particularly because he 
is chairman of the committee with jurisdiction over the Export-Import 
Bank. And I agree that this matter is so important that it deserves the 
attention of the full Committee on Banking, Housing and Urban Affairs. 
Is the Senator saying that when the Senate reconvenes for the 106th 
session, the Chairman will schedule a hearing on my legislation at the 
earliest possible convenience?
  Mr. D'AMATO. Mr. President, that is precisely what I am suggesting, 
and I appreciate the cooperation of the Senator from Alaska and his 
understanding on this matter.
  Mr. MURKOWSKI. I thank my good friend from New York. As a result of 
his commitment on hearings. I will not attempt to include my Ex-Im 
legislation in the omnibus spending bill. I will look forward to 
working with the Chairman next year to address this important issue.

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