[Congressional Record Volume 147, Number 72 (Wednesday, May 23, 2001)]
[Senate]
[Page S5536]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




     DEPARTURE OF JAMES A. HARMON FROM THE U.S. EXPORT-IMPORT BANK

 Mrs. CLINTON. Mr. President, I would like to recognize the 
accomplishments of James A. Harmon, the outgoing Chairman of the 
Export-Import Bank of the United States. When Chairman Harmon steps 
down from this position on May 25, he will have served Ex-Im Bank for 4 
years, one of the longest terms as Chairman in the Bank's history.
  Chairman Harmon came to Ex-Im Bank in 1997 after a distinguished 38-
year career as an investment banker in New York. He brought his wealth 
of private sector experience to Washington and immediately set about 
the task of enhancing Ex-Im Bank's ability to achieve its important 
mission, supporting U.S. jobs through exports.
  One of the early challenges he had to face was the global financial 
crisis that hit Asia and other emerging markets in 1997-98. Recognizing 
the important role Ex-Im Bank could play in this crisis, Chairman 
Harmon directed the Bank to extend much needed credit to many of the 
impacted Asian nations to keep trade flowing between this region and 
the United States. Perhaps the most dramatic example was in South 
Korea, where Ex-Im Bank provided $1 billion of short-term export credit 
insurance for South Korean banks that allowed South Korean businesses 
to purchase urgently needed raw materials and equipment from the United 
States. Ex-Im Bank supported more than 2,400 transactions in South 
Korea during this crucial period, compared to less than 60 the prior 
year. Ex-Im Bank also worked to shore up the struggling Asian markets 
by coordinating assistance for the region from the other major export 
credit agencies. Ex-Im Bank's aggressive response to the Asian 
financial crisis helped stabilize these economies and keep U.S. goods 
and services flowing to the region until commercial financing was once 
again available.
  Under Chairman Harmon's leadership, Ex-Im Bank forged into new 
markets in an effort to increase opportunities for U.S. exporters. I am 
particularly pleased to cite the Bank's expanded involvement in Africa. 
During Chairman Harmon's tenure, Ex-Im Bank unveiled new programs for 
facilitating U.S. exports to sub-Saharan Africa and expanded the number 
of countries in this region for which financing support is available. 
Notably, Chairman Harmon demonstrated his personal commitment to sub-
Saharan Africa by traveling to the region three times, becoming the 
first Ex-Im Bank Chairman to visit southern Africa. The results of 
these efforts have been dramatic. Ex-Im Bank support for transactions 
in sub-Saharan Africa rose from $50 million in 1998 to nearly $1 
billion in 2000. I know from my own visits to sub-Saharan Africa the 
vital importance of increased U.S. trade with the region and I commend 
Chairman Harmon for his efforts.
  Ex-Im Bank also enhanced its presence in Russia and the New 
Independent States, developing innovative financing structures that 
allowed U.S. exporters to capitalize on the vast opportunities of this 
market. In June 2000, Ex-Im Bank launched a Southeast Europe Initiative 
to develop U.S. trade opportunities in Albania, Bosnia-Herzegovina, 
Bulgaria, Croatia, Macedonia and Romania, an initiative that can help 
foster the development of these emerging market economies as well as 
benefit U.S. exporters.
  While working to support exports to new markets abroad, Chairman 
Harmon also pushed Ex-Im Bank to reach out to new groups of exporters 
here at home. During Chairman Harmon's tenure, Ex-Im Bank implemented 
program changes and marketing efforts aimed at expanding its support 
for women- and minority-owned businesses, two groups that have 
traditionally had difficulty accessing export financing. Chairman 
Harmon also made environmental exports a top priority, recognizing both 
the potential export opportunities for U.S. producers of environmental 
goods and services and the importance of promoting environmentally 
sound development. At the same time, Chairman Harmon championed the 
need for greater environmental responsibility in export financing, 
urging his G-7 and other major export credit agency counterparts to 
adopt uniform, meaningful environmental standards for the projects they 
finance.
  Jim Harmon has worked tirelessly at Ex-Im Bank to create high-paying 
export-related jobs here at home by expanding opportunities for U.S. 
exporters abroad. I am pleased to welcome him back to New York after 
four years of distinguished service to Ex-Im Bank and the 
Nation.

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