[Congressional Record Volume 148, Number 75 (Monday, June 10, 2002)]
[Extensions of Remarks]
[Page E1007]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




CONFERENCE REPORT ON S. 1372, EXPORT-IMPORT BANK REAUTHORIZATION ACT OF 
                                  2002

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                               speech of

                            HON. BART STUPAK

                              of michigan

                    in the house of representatives

                        Wednesday, June 5, 2002

  Mr. STUPAK. Madam Speaker, I could not support this legislation that 
supports an organization that has acted directly against the interests 
of our domestic steel industry. Last year the Ex-Im Bank agreed to 
guarantee an $18 million loan to the Benxi Iron and Steel Company in 
China that allowed it to increase its steelmaking capacity. This 
decision, in the face of mounting bankruptcies of U.S. steel companies, 
was unbelievable. While our domestic steel companies were struggling 
for funds to keep themselves alive, the Ex-Im bank was promising funds 
overseas to Chinese steel.
  There has been some talk that this conference report includes 
provisions to prevent such future lapses. I do not think that these 
provisions are sufficient. Furthermore, the conference committee 
actually took out a provision that would have required the Ex-Im Bank 
to reevaluate the Benxi loan guarantee. I cannot understand why this 
was done in the face of the ongoing crisis in the steel industry, and 
the clear impropriety of the Benxi decision.
  I will not vote for this organization that has not stood with our 
domestic steel industry. I oppose this re-authorization--the Ex-Im Bank 
has shown through its actions that it does not merit our support until 
it can act responsibly and in our domestic interests.

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