[Congressional Record Volume 158, Number 69 (Tuesday, May 15, 2012)]
[Senate]
[Pages S3155-S3158]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
EXPORT-IMPORT BANK REAUTHORIZATION ACT OF 2012--Continued
The PRESIDING OFFICER. The Senator from Washington is recognized.
Ms. CANTWELL. Mr. President, we yield back all time.
The PRESIDING OFFICER. All time is yielded back.
Under the previous order, the question is on agreeing to amendment
No. 2100.
Mr. LEE. Mr. President, I ask for the yeas and nays.
The PRESIDING OFFICER. Is there a sufficient second?
There is a sufficient second.
The clerk will call the roll.
The assistant bill clerk called the roll.
Mr. DURBIN. I announce that the Senator from West Virginia (Mr.
Rockefeller) is necessarily absent.
Mr. KYL. The following Senator is necessarily absent: the Senator
from Illinois (Mr. Kirk).
The PRESIDING OFFICER (Mr. Franken). Are there any other Senators in
the Chamber desiring to vote?
The result was announced--yeas 12, nays 86, as follows:
[Rollcall Vote No. 91 Leg.]
YEAS--12
Cornyn
Crapo
DeMint
Grassley
Hatch
Kyl
Lee
McCain
Paul
Risch
Rubio
Vitter
NAYS--86
Akaka
Alexander
Ayotte
Barrasso
Baucus
Begich
Bennet
Bingaman
Blumenthal
Blunt
Boozman
Boxer
Brown (MA)
Brown (OH)
Burr
Cantwell
Cardin
Carper
Casey
Chambliss
Coats
Coburn
Cochran
Collins
Conrad
Coons
Corker
Durbin
Enzi
Feinstein
Franken
Gillibrand
Graham
Hagan
Harkin
Heller
Hoeven
Hutchison
Inhofe
Inouye
Isakson
Johanns
Johnson (SD)
Johnson (WI)
Kerry
Klobuchar
Kohl
Landrieu
Lautenberg
Leahy
Levin
Lieberman
Lugar
Manchin
McCaskill
McConnell
Menendez
Merkley
Mikulski
Moran
Murkowski
Murray
Nelson (NE)
Nelson (FL)
Portman
Pryor
Reed
Reid
Roberts
Sanders
Schumer
Sessions
Shaheen
Shelby
Snowe
Stabenow
Tester
Thune
Toomey
Udall (CO)
Udall (NM)
Warner
Webb
Whitehouse
Wicker
Wyden
NOT VOTING--2
Kirk
Rockefeller
The PRESIDING OFFICER. Under the previous order requiring 60 votes
for the adoption of this amendment, the amendment is rejected.
Amendment No. 2101
The PRESIDING OFFICER. Under the previous order, there will be 2
minutes of debate, equally divided, prior to a vote in relation to
amendment No. 2101 to be offered by the Senator from Kentucky, Mr.
Paul.
Mr. PAUL. Mr. President, I call up amendment No. 2101.
The PRESIDING OFFICER. The clerk will report.
[[Page S3156]]
The bill clerk read as follows:
The Senator from Kentucky [Mr. Paul] proposes an amendment
numbered 2101.
Mr. PAUL. Mr. President, I ask unanimous consent that reading of the
amendment be dispensed with.
The PRESIDING OFFICER. Without objection, it is so ordered.
The amendment is as follows:
(Purpose: To prohibit the Export-Import Bank of the United States from
providing financing to a person or for a project in a country the
government or central bank of which holds debt instruments of the
United States)
At the appropriate place, insert the following:
SEC. __. PROHIBITION ON FINANCING BY THE EXPORT-IMPORT BANK
OF THE UNITED STATES FOR PERSONS OR PROJECTS IN
COUNTRIES THAT HOLD DEBT INSTRUMENTS OF THE
UNITED STATES.
(a) In General.--Notwithstanding any provision of the
Export-Import Bank Act of 1945 (12 U.S.C. 635 et seq.), the
Export-Import Bank of the United States may not provide any
guarantee, insurance, or extension of credit (or participate
in the extension of credit) to a person or with respect to a
project in a country the government or central bank of which
holds debt instruments of the United States.
(b) Debt Instruments of the United States Defined.--In this
section, the term ``debt instruments of the United States''
means bills, notes, and bonds issued or guaranteed by the
United States or by an entity of the United States
Government.
Mr. PAUL. Mr. President, first, we borrow billions of dollars from
China, India, and Saudi Arabia. Then we loan it back to them again.
Republicans rightly complain that we are sending taxpayer money to
the President's major donors at Solyndra and BrightSource. Now
Republicans need to be consistent and say we are not going to send Ex-
Im loans to even bigger companies that are even more profitable. If it
is wrong for the government to choose winners and send our money to
corporations, we should say it is wrong and we should vote against
this.
Does anybody remember the President threatening to increase taxes on
corporate jets? Ex-Im Banks are now going to increase the loans for
corporate jets tenfold.
My amendment will stop this charade. My amendment will stop sending
taxpayer dollars overseas to countries from whom we already are
borrowing money. It makes no sense, and the time is now to stop it.
The PRESIDING OFFICER. The Senator's time has expired.
The Senator from Washington.
Ms. CANTWELL. Mr. President, this amendment is simply another attempt
to gut the Export-Import Bank financing that U.S. manufacturers use to
increase the sales of their products around the globe.
The amendment would prohibit U.S. exporters from using the financing
for any country that owns U.S. debt. So basically we are saying we are
going to prohibit U.S. manufacturers, who make good products, from
hoping to sell those to places such as China and others just because of
the amount of U.S. debt.
This is about job creation in America for a program that actually
generates money to our Treasury and helps us pay down the deficit. We
should be helping all U.S. manufacturers sell all around the globe and
create jobs at home.
I urge my colleagues to oppose the Paul amendment.
Mr. PAUL. Mr. President, I ask for the yeas and nays.
The PRESIDING OFFICER. Is there a sufficient second?
There appears to be a sufficient second.
The question is on agreeing to the amendment.
The clerk will call the roll.
The bill clerk called the roll.
Mr. DURBIN. I announce that the Senator from West Virginia (Mr.
Rockefeller) is necessarily absent.
Mr. KYL. The following Senator is necessarily absent: the Senator
from Illinois (Mr. Kirk).
The PRESIDING OFFICER. Are there any other Senators in the Chamber
desiring to vote?
The result was announced--yeas 9, nays 89, as follows:
[Rollcall Vote No. 92 Leg.]
YEAS--9
Coburn
DeMint
Hatch
Lee
Moran
Paul
Risch
Rubio
Vitter
NAYS--89
Akaka
Alexander
Ayotte
Barrasso
Baucus
Begich
Bennet
Bingaman
Blumenthal
Blunt
Boozman
Boxer
Brown (MA)
Brown (OH)
Burr
Cantwell
Cardin
Carper
Casey
Chambliss
Coats
Cochran
Collins
Conrad
Coons
Corker
Cornyn
Crapo
Durbin
Enzi
Feinstein
Franken
Gillibrand
Graham
Grassley
Hagan
Harkin
Heller
Hoeven
Hutchison
Inhofe
Inouye
Isakson
Johanns
Johnson (SD)
Johnson (WI)
Kerry
Klobuchar
Kohl
Kyl
Landrieu
Lautenberg
Leahy
Levin
Lieberman
Lugar
Manchin
McCain
McCaskill
McConnell
Menendez
Merkley
Mikulski
Murkowski
Murray
Nelson (NE)
Nelson (FL)
Portman
Pryor
Reed
Reid
Roberts
Sanders
Schumer
Sessions
Shaheen
Shelby
Snowe
Stabenow
Tester
Thune
Toomey
Udall (CO)
Udall (NM)
Warner
Webb
Whitehouse
Wicker
Wyden
NOT VOTING--2
Kirk
Rockefeller
The PRESIDING OFFICER. Under the previous order requiring 60 votes
for the adoption of this amendment, the amendment is rejected.
Amendment No. 2102
Under the previous order, there will be 2 minutes of debate equally
divided prior to the vote in relation to amendment No. 2102 offered by
the Senator from Tennessee, Mr. Corker.
Mr. CORKER. Mr. President, the most important thing this amendment
does is establish capital in the Ex-Im Bank. Right now the way the Ex-
Im Bank is set up, there is over $1 billion worth of capital against
$140 billion in loans. That is a leverage ratio of 140 to 1.
This body spent a tremendous amount of time in a bipartisan way to
make sure the financial institutions of our country had proper capital
ratios. This amendment establishes a 10-percent capital reserve for the
Ex-Im Bank. By their definition these loans are more risky than the
private sector would make, and that is why the sponsors are trying to
extend the Ex-Im Bank.
As a responsible body, the very least we can do is to cause them to
have the appropriate capital reserved against the loans they are making
which are more risky by definition than the private sector loans.
I hope this will receive a strong bipartisan vote. My guess is the
House will take this almost in unanimous consent.
The PRESIDING OFFICER. The Senator from Washington.
Ms. CANTWELL. Mr. President, this amendment would force the Ex-Im
Bank financing to increase its reserves by nearly 400 percent to
maintain that 10-percent ratio. Basically we already have a board that
audits third-party accountants, OMB, and a bank inspector general
reviewing this. This amendment basically would take away from money
that actually goes to the Treasury.
This Ex-Im Bank has generated $3.7 billion for taxpayers since 2005.
My colleague would rather have that put aside as opposed to helping us
pay down the deficit. It has a reserve ratio that has worked for
decades, worked successfully, and I like the fact that it helps us pay
down the deficit.
I urge my colleagues to vote no on the Corker amendment.
The PRESIDING OFFICER. The question is on agreeing to amendment No.
2102.
Mr. CORKER. Mr. President, I ask for the yeas and nays.
The PRESIDING OFFICER. Is there a sufficient second?
There appears to be a sufficient second.
The clerk will call the roll.
The assistant legislative clerk called the roll.
Mr. DURBIN. I announce that the Senator from West Virginia (Mr.
Rockefeller) is necessarily absent.
Mr. KYL. The following Senator is necessarily absent: the Senator
from Illinois (Mr. Kirk).
The PRESIDING OFFICER. Are there any other Senators in the Chamber
desiring to vote?
The result was announced--yeas 36, nays 62, as follows:
[Rollcall Vote No. 93 Leg.]
YEAS--36
Alexander
Ayotte
Barrasso
Boozman
Burr
Chambliss
[[Page S3157]]
Coats
Coburn
Cochran
Collins
Corker
Cornyn
Crapo
DeMint
Enzi
Grassley
Hutchison
Inhofe
Isakson
Johnson (WI)
Kyl
Lee
McCain
McConnell
Moran
Murkowski
Paul
Risch
Rubio
Sessions
Shelby
Snowe
Thune
Toomey
Vitter
Wicker
NAYS--62
Akaka
Baucus
Begich
Bennet
Bingaman
Blumenthal
Blunt
Boxer
Brown (MA)
Brown (OH)
Cantwell
Cardin
Carper
Casey
Conrad
Coons
Durbin
Feinstein
Franken
Gillibrand
Graham
Hagan
Harkin
Hatch
Heller
Hoeven
Inouye
Johanns
Johnson (SD)
Kerry
Klobuchar
Kohl
Landrieu
Lautenberg
Leahy
Levin
Lieberman
Lugar
Manchin
McCaskill
Menendez
Merkley
Mikulski
Murray
Nelson (NE)
Nelson (FL)
Portman
Pryor
Reed
Reid
Roberts
Sanders
Schumer
Shaheen
Stabenow
Tester
Udall (CO)
Udall (NM)
Warner
Webb
Whitehouse
Wyden
NOT VOTING--2
Kirk
Rockefeller
The PRESIDING OFFICER. Under the previous order requiring 60 votes
for the adoption of this amendment, the amendment is rejected.
Amendment No. 2103
Under the previous order, there will be 2 minutes of debate equally
divided prior to a vote in relation to amendment No. 2103, offered by
the Senator from Louisiana, Mr. Vitter.
The Senator from Louisiana.
Mr. VITTER. Mr. President, this amendment is very simple. It simply
says that if we are going to have the U.S. taxpayer, through the Ex-Im
Bank, finance and guarantee and loan money to traditional energy
projects around the world, maybe we should have the same policy and the
same help for U.S. projects producing U.S. energy here at home. That
is, pure and simple, what it is all about. This is not a theoretical
concern. A year ago President Obama traveled to Brazil to praise the
development of their offshore industry, to give them U.S. taxpayer help
through the Ex-Im Bank. But policies in this country were doing exactly
the opposite--hurting U.S. activity to produce U.S. energy, to produce
U.S. jobs.
If you want to create that reasonable, fair playing field to promote
U.S. jobs here at home too, please support this amendment.
The PRESIDING OFFICER. The Senator from Colorado.
Mr. UDALL of Colorado. Mr. President, the Senator from Louisiana has
the right intentions, but this amendment would truly be a vote against
U.S. jobs and manufacturing. It would wrongly target renewable energy
manufacturing, and it would threaten millions of dollars in the export
of U.S.-made products at a time when we should be seeking to expand
these markets overseas.
If you look particularly at the wind industry, it is already
suffering because we have not had the courage, frankly, to extend the
production tax credit for wind, and it has bipartisan support; that is,
the extension of the wind production tax credit. So we have to pass
that production tax credit immediately. But in the meantime, let's not
create a double whammy and pass the Vitter amendment because that would
damage our opportunity to export renewable energy projects and
services. Without question, that sector is expanding dramatically. It
is the source of a lot of jobs in my State and I think in every State
in the Nation.
Let's expand our markets. Let's export. Let's not limit that
possibility. The Vitter amendment would do just that, so I urge all of
you to vote against the Vitter amendment.
The PRESIDING OFFICER. The Senator's time has expired.
The question is on agreeing to amendment No. 2103.
Mr. THUNE. I ask for the yeas and nays.
The PRESIDING OFFICER. Is there a sufficient second?
There appears to be a sufficient second.
The clerk will call the roll.
The bill clerk called the roll.
Mr. DURBIN. I announce that the Senator from West Virginia (Mr.
Rockefeller) is necessarily absent.
Mr. KYL. The following Senator is necessarily absent: the Senator
from Illinois (Mr. Kirk).
The PRESIDING OFFICER (Mrs. Shaheen). Are there any other Senators in
the Chamber desiring to vote?
The result was announced--yeas 37, nays 61, as follows:
[Rollcall Vote No. 94 Leg.]
YEAS--37
Alexander
Ayotte
Barrasso
Boozman
Burr
Chambliss
Coats
Coburn
Cochran
Corker
Cornyn
Crapo
DeMint
Enzi
Grassley
Hatch
Hoeven
Hutchison
Inhofe
Isakson
Johanns
Johnson (WI)
Kyl
Lee
McCain
McConnell
Murkowski
Paul
Risch
Rubio
Sessions
Shelby
Snowe
Thune
Toomey
Vitter
Wicker
NAYS--61
Akaka
Baucus
Begich
Bennet
Bingaman
Blumenthal
Blunt
Boxer
Brown (MA)
Brown (OH)
Cantwell
Cardin
Carper
Casey
Collins
Conrad
Coons
Durbin
Feinstein
Franken
Gillibrand
Graham
Hagan
Harkin
Heller
Inouye
Johnson (SD)
Kerry
Klobuchar
Kohl
Landrieu
Lautenberg
Leahy
Levin
Lieberman
Lugar
Manchin
McCaskill
Menendez
Merkley
Mikulski
Moran
Murray
Nelson (NE)
Nelson (FL)
Portman
Pryor
Reed
Reid
Roberts
Sanders
Schumer
Shaheen
Stabenow
Tester
Udall (CO)
Udall (NM)
Warner
Webb
Whitehouse
Wyden
NOT VOTING--2
Kirk
Rockefeller
The PRESIDING OFFICER. Under the previous order requiring 60 votes
for the adoption of this amendment, the amendment is rejected.
Amendment No. 2104
Under the previous order, there will be 2 minutes of debate equally
divided prior to a vote in relation to amendment No. 2104, offered by
the Senator from Pennsylvania, Mr. Toomey.
Mr. TOOMEY. Madam President, there are two things we know about
reauthorizing the Ex-Im Bank. We know our taxpayers are subject to a
risk for which they are not fairly compensated in the sense that Ex-Im
necessarily systematically underprices the risk. That is precisely why
a borrower goes to them.
We also know it is unfair to a domestic competitor that cannot obtain
the financing at the same rate that a foreign company can. We are told
we should do this anyway because everyone else does it, because all of
our competitors around the world subsidize their exports.
So I would suggest the logical conclusion is we should work to phase
out export subsidies all around the world. That is what this amendment
does. It reauthorizes Ex-Im. It lifts the limit of the borrowing cap.
But it makes it contingent on the administration beginning a process of
negotiating a phaseout of export subsidies. It makes the second
increase in the lending cap contingent on an actual agreement that
will, over time, get us all out of the business of risking taxpayer
dollars in export subsidies.
I think this is a sensible way. It will allow an adjustment to take
place for those who are dependent on this bank, but it will get
taxpayers off the hook in time.
So I urge support.
The PRESIDING OFFICER. The Senator from Washington.
Ms. CANTWELL. Madam President, I think this is a nonsensical
provision. It says the bank can only make loans--can make more loans if
there is an international agreement to terminate the bank.
I know in Pennsylvania, Wallquest finished 2010 with export sales
over $17 million, a 61-percent increase because it obtained Ex-Im
financing. During the first 2 years, its workforce grew from 80 to 150.
Now I know that may not be a big story, but it is the story of the Ex-
Im Bank.
So capping it and saying we are not going to give any more money for
more loans until we negotiate an end to the bank, I think, is the wrong
way to go. I urge my colleagues to defeat the Toomey amendment.
The PRESIDING OFFICER. The question is on agreeing to the Toomey
amendment.
Mr. TOOMEY. Madam President, I ask for the yeas and nays.
The PRESIDING OFFICER. Is there a sufficient second? There is a
sufficient second.
The clerk will call the roll.
The assistant legislative clerk called the roll.
[[Page S3158]]
Mr. DURBIN. I announce that the Senator from West Virginia (Mr.
Rockefeller) is necessarily absent.
Mr. KYL. The following Senator is necessarily absent: the Senator
from Illinois (Mr. Kirk).
The PRESIDING OFFICER. Are there any other Senators in the Chamber
desiring to vote?
The result was announced--yeas 35, nays 63, as follows:
[Rollcall Vote No. 95 Leg.]
YEAS--35
Alexander
Ayotte
Barrasso
Boozman
Burr
Chambliss
Coats
Coburn
Corker
Cornyn
Crapo
DeMint
Enzi
Grassley
Hatch
Hutchison
Inhofe
Isakson
Johnson (WI)
Kyl
Lee
McCain
McConnell
Moran
Paul
Portman
Risch
Rubio
Sessions
Shelby
Snowe
Thune
Toomey
Vitter
Wicker
NAYS--63
Akaka
Baucus
Begich
Bennet
Bingaman
Blumenthal
Blunt
Boxer
Brown (MA)
Brown (OH)
Cantwell
Cardin
Carper
Casey
Cochran
Collins
Conrad
Coons
Durbin
Feinstein
Franken
Gillibrand
Graham
Hagan
Harkin
Heller
Hoeven
Inouye
Johanns
Johnson (SD)
Kerry
Klobuchar
Kohl
Landrieu
Lautenberg
Leahy
Levin
Lieberman
Lugar
Manchin
McCaskill
Menendez
Merkley
Mikulski
Murkowski
Murray
Nelson (NE)
Nelson (FL)
Pryor
Reed
Reid
Roberts
Sanders
Schumer
Shaheen
Stabenow
Tester
Udall (CO)
Udall (NM)
Warner
Webb
Whitehouse
Wyden
NOT VOTING--2
Kirk
Rockefeller
The PRESIDING OFFICER. Under the previous order requiring 60 votes
for the adoption of this amendment, the amendment is rejected.
Under the previous order, there will be 2 minutes of debate equally
divided prior to a vote on passage of the bill before us.
The Senator from South Dakota.
Mr. JOHNSON of South Dakota. Madam President, I urge all Senators to
support final passage of the Export-Import Bank Reauthorization Act.
Passing this bill today will make sure American exporters will not be
put at a disadvantage to their foreign competitors, that nearly 300,000
American jobs will not be put at risk, and that the Ex-Im Bank will
continue to return hundreds of millions of dollars to the Treasury.
I want to thank many of my colleagues for their leadership on this
issue, including Ranking Member Shelby, Senator Warner, Senator
Cantwell, and Majority Leader Reid.
I would also like to take this opportunity to recognize my staff for
their hard work and important contributions to building bipartisan
support for the reauthorization of the Ex-Im Bank.
In particular, I want to say a special thanks to Patrick Grant, Colin
McGinnis, Adam Healy, Lev Bagramian, and Charles Yi, who did
exceptional work in the Banking Committee to help us get to this point
today.
I am also pleased this bill, which passed out of the Banking
Committee with unanimous bipartisan support, served as the framework
for the House bill before us today. Once again, I strongly urge a
``yes'' vote on this important jobs legislation.
I yield the floor.
The PRESIDING OFFICER. Is there further debate?
If not, the question is on third reading of the bill.
The bill was ordered to a third reading and was read the third time.
The PRESIDING OFFICER. The question is, Shall the bill pass?
Mr. KERRY. I ask for the yeas and nays.
The PRESIDING OFFICER. Is there a sufficient second?
There is a sufficient second.
The clerk will call the roll.
The bill clerk called the roll.
Mr. DURBIN. I announce that the Senator from West Virginia (Mr.
Rockefeller) is necessarily absent.
Mr. KYL. The following Senator is necessarily absent: the Senator
from Illinois (Mr. Kirk).
The PRESIDING OFFICER. Are there any other Senators in the Chamber
desiring to vote?
The result was announced--yeas 78, nays 20, as follows:
[Rollcall Vote No. 96 Leg.]
YEAS--78
Akaka
Alexander
Ayotte
Baucus
Begich
Bennet
Bingaman
Blumenthal
Blunt
Boozman
Boxer
Brown (MA)
Brown (OH)
Burr
Cantwell
Cardin
Carper
Casey
Chambliss
Coats
Coburn
Cochran
Collins
Conrad
Coons
Durbin
Feinstein
Franken
Gillibrand
Graham
Hagan
Harkin
Heller
Hoeven
Hutchison
Inouye
Isakson
Johanns
Johnson (SD)
Kerry
Klobuchar
Kohl
Landrieu
Lautenberg
Leahy
Levin
Lieberman
Lugar
Manchin
McCaskill
Menendez
Merkley
Mikulski
Moran
Murkowski
Murray
Nelson (NE)
Nelson (FL)
Portman
Pryor
Reed
Reid
Roberts
Schumer
Sessions
Shaheen
Shelby
Snowe
Stabenow
Tester
Thune
Udall (CO)
Udall (NM)
Warner
Webb
Whitehouse
Wicker
Wyden
NAYS--20
Barrasso
Corker
Cornyn
Crapo
DeMint
Enzi
Grassley
Hatch
Inhofe
Johnson (WI)
Kyl
Lee
McCain
McConnell
Paul
Risch
Rubio
Sanders
Toomey
Vitter
NOT VOTING--2
Kirk
Rockefeller
The PRESIDING OFFICER. The 60-vote threshold having been achieved,
the bill is passed.
The majority leader is recognized.
____________________