[Congressional Record Volume 150, Number 21 (Wednesday, February 25, 2004)]
[Extensions of Remarks]
[Page E229]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                           EXPORT-IMPORT BANK

                                 ______
                                 

                           HON. BARNEY FRANK

                            of massachusetts

                    in the house of representatives

                      Wednesday, February 25, 2004

  Mr. FRANK of Massachusetts. Mr. Speaker, during my service as a 
Member of Congress, I have from time to time worked with the Export-
Import Bank on matters particularly important to significant employers 
within my district. In an ideal world, there would be no subsidies of 
any sort for exports. But in the real world which we inhabit, Americans 
seeking business elsewhere often confront heavy subsidies from other 
countries, and without an instrumentality like the Export-Import Bank, 
these American enterprises would be at an unfair disadvantage. The 
Export-Import Bank's existence enables many American companies to 
compete on even terms, with good results both for the companies that 
provide goods and services and those that benefit from them. For 
example, several years ago I was proud to work with the Export-Import 
Bank to make it possible for the Raytheon Corporation to receive a 
major contract in Brazil, which allowed Raytheon to use its technical 
skills for environmental purposes. Without Export-Import Bank aid, the 
Raytheon effort would have been unsuccessful, not through any fault of 
their own, but because of heavy subsidies from the national governments 
of competitors.
  Most recently, I was glad to join several of my Massachusetts and New 
Hampshire colleagues in urging the Export-Import Bank to show support 
in a meaningful way for the Malden Mills Company, whose owner, Aaron 
Feuerstein, has justly drawn widespread praise for his combination of 
economic wisdom and social responsibility. I was pleased that the 
Export-Import Bank did respond in ways that were very important in this 
situation, and I am pleased that we have this entity in place to 
provide this kind of essential assistance to American companies who 
would otherwise be facing unfairness.

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