[Congressional Record Volume 147, Number 167 (Wednesday, December 5, 2001)]
[House]
[Page H8848]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




              GRANT TRADE PROMOTION AUTHORITY TO PRESIDENT

  (Mr. OXLEY asked and was given permission to address the House for 1 
minute and to revise and extend his remarks.)
  Mr. OXLEY. Mr. Speaker, I rise this morning to speak on granting 
Trade Promotion Authority to the President. Free trade is good for our 
overall economy; but as chairman of the Committee on Financial 
Services, I would like to focus this morning on how important trade is 
to our country's vital financial services sector.
  Ambassador Zoellick gave a compelling presentation to our committee 
just recently on the advantages of trade and services. Note, for 
example, that our financial services trade surplus was $8.88 billion 
last year. That is a surplus. Financial services exports have seen an 
overall net increase of 273 percent over the last 10 years.
  Clearly, we want to encourage continued growth in this vital 
industry. In my home State of Ohio, Columbus has had the distinction of 
being one of the fastest growing cities in the country, partly because 
of its emergence as a financial services center. But U.S. exports of 
financial services also help to promote the development of capital 
markets, open economies and democracy across the world.
  When the President does not have Trade Promotion Authority, other 
countries are reluctant to enter into new agreements with the United 
States, so it is more difficult to get the kind of trade agreements 
that open up new markets for our financial services companies; and 
ultimately, that threatens U.S. preeminence in the international 
financial world.
  We cannot afford to lose that standing. It is just one reason why 
this Congress needs to approve TPA tomorrow.

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