[Congressional Record Volume 145, Number 112 (Tuesday, August 3, 1999)]
[Extensions of Remarks]
[Page E1728]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




      FOREIGN OPERATIONS, EXPORT FINANCING, AND RELATED PROGRAMS 
                        APPROPRIATIONS ACT, 2000

                                 ______
                                 

                               speech of

                          HON. NORMAN D. DICKS

                             of washington

                    in the house of representatives

                         Monday, August 2, 1999

       The House in Committee of the Whole House on the State of 
     the Union had under consideration the bill (H.R. 2606) making 
     appropriations for foreign operations, export financing, and 
     related programs for the fiscal year ending September 30, 
     2000, and for other purposes:

  Mr. DICKS. Mr. Chairman, the United States is the world's largest 
trader. Our exports directly support almost 12 million U.S. jobs and 
have accounted for 30 percent of the U.S. economic growth over the past 
decade. With 94 percent of the world's population and the fastest-
growing markets all located overseas, there is no question that U.S. 
exports are key to our nation's economic success and future.
  Competition for these growing markets is fierce, and competitive 
financing is often the critical element to winning sales for U.S. goods 
and services. It is therefore crucial to our nation's interest to 
preserve and strengthen U.S. export finance and the Export-Import Bank 
to provide the foundation and means for expanding overseas trade.
  In FY 1998, the Bank supported $13 billion in exports that otherwise 
may not have been sold. These sales have sustained tens of thousands of 
well-paying jobs here in the United States. Furthermore, the Bank is 
working to help U.S. exporters maintain a foothold in countries like 
South Korea and Brazil, which are suffering difficulties yet still 
offer important opportunities for exporters.
  The Ex-Im Bank is also an important source of assistance to small 
businesses to sell their products overseas. Each year, the Bank 
services about 2,000 new small business transactions, and is involved 
in more than 10,000 small business transactions.
  Although the overall funding for the Bank was reduced by $1 million, 
the Committee did approve a crucial $5 million increase in the Bank's 
Administrative budget that will enable the Bank to modernize their 
computer systems and to insert personnel into key markets to help 
American businesses sell overseas. This modernization is absolutely 
necessary at this time to ensure that the Bank is Y2K compliant. New 
systems and personnel will also help the bank reduce turn-around time 
on decisions for both small and large U.S. exporters.
  The gentleman's amendment would prohibit the Bank, as well and the 
Overseas Private Investment Corporation and the Trade Development 
Agency, from entering into any new obligations. This extremely 
dangerous amendment plays right into the hands of our European and 
Asian competitors, who will not cease to subsidize and finance the 
deals that their companies make simply because we will have chosen to 
do so; rather, this amendment will make it even more difficult for 
American exporters to compete in the combative worldwide marketplace, 
cutting U.S. jobs in the process.
  This amendment may save a few dollars, but I assure my colleagues 
that the costs in lost exports and lost jobs far outweigh any savings 
we may incur. I urge my colleagues to fight to preserve American jobs 
and vote against this amendment.

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