[Congressional Record Volume 147, Number 73 (Thursday, May 24, 2001)]
[Extensions of Remarks]
[Page E922]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                       TRIBUTE TO JAMES A. HARMON

                                 ______
                                 

                          HON. SONNY CALLAHAN

                               of alabama

                    in the house of representatives

                         Thursday, May 24, 2001

  Mr. CALLAHAN. Mr. Speaker, I would like to take a moment to recognize 
the departure of James A. Harmon as Chairman of the Export-Import Bank 
of the United States and thank him for a job well-done.
  I had the pleasure of working closely with Chairman Harmon on a 
number of Ex-Im Bank issues during my time as Chairman of the 
Appropriations Committee's Subcommittee on Foreign Operations. I know 
firsthand what a strong advocate he has been for the agency and its 
important mission of supporting U.S. jobs through exports. From making 
Ex-Im Bank financing available in new foreign markets, to making the 
Bank more customer friendly, Chairman Harmon has done much to make Ex-
Im Bank a more effective tool to support U.S. exports and U.S. jobs.
  Chairman Harmon brought to Ex-Im Bank nearly 40 years of private 
sector experience in investment banking. This gave him an acute 
appreciation of global capital markets and the challenges U.S. 
exporters face in obtaining financing to transact business in emerging 
market economies. He put this experience to work at Ex-Im Bank, 
developing innovative financing structures, implementing marketing 
programs to better reach out to small businesses and other exporters 
that cannot access private sources of financing, and streamlining 
transaction processing.
  At the same time, Chairman Harmon has been a responsible steward of 
taxpayer dollars. He has managed the Bank's portfolio and resources in 
a responsible manner, including through some difficult times in the 
global economy. When the Asian economies went into a tailspin early in 
Chairman Harmon's tenure, Ex-Im Bank was put to the test. He ably 
steered the Bank through this crisis, keeping losses on its Asian 
portfolio to a minimum by restructuring problem credits and 
aggressively pursuing claim recoveries. The Bank was also able to play 
a constructive role during this crisis by extending new financing to 
creditworthy Asian businesses that helped restart stalled U.S. export 
trade with the region. Ex-Im Bank emerged from the crisis having stood 
by U.S. exporters and prudently managed its assets.
  As Ex-Im Bank moves into the 21st Century, it faces new challenges 
from both competitor export credit agencies and from new emerging 
markets. Chairman Harmon has put the Bank on firm footing to face these 
challenges and continue its important mission.
  Once again, I'd like to thank Chairman Harmon for his four years of 
service to Ex-Im Bank and wish him well in his future pursuits.

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