[Congressional Record (Bound Edition), Volume 161 (2015), Part 8]
[Senate]
[Pages 11717-11718]
[From the U.S. Government Publishing Office, www.gpo.gov]




                           EXPORT-IMPORT BANK

  Ms. HEITKAMP. Finally, Mr. President, I would just like to give a 
little update on what has been happening since we have basically 
allowed the charter of the Ex-Im Bank to expire. Just as we predicted, 
that unilateral disarmament in our trade financing opportunities would 
open the door for opportunities in other countries. We are seeing more 
and more this delay in basically having a fully functioning Ex-Im Bank 
is already costing jobs and opportunities in our State.
  So I want to reinforce that, not by just my words but talk about what 
is being said about the U.S. Export-Import Bank being shut down as what 
is good for China and bad for our competitiveness. Today, the Business 
Standard printed an interview with the head of the Export-Import Bank 
of India, who said that with U.S. Ex-Im Bank closing down, we would now 
have more markets because Indian products are going to compete with 
U.S. products, and now that competition will go away.
  In a recent Reuters article, the chief risk analyst of the China 
Export-Import Bank said that the end of the American Export-Import Bank 
would help China be more competitive. He said, ``With respect to 
competition in

[[Page 11718]]

strategy and policies between the U.S. and China, this is a good 
thing'' for China.
  Another recent article said China's central bank is injecting $32 
billion into the China Development Bank and $30 billion into the 
Export-Import Bank of China. We are seeing very similar growth in the 
Export-Import Bank of India.
  So I would suggest, if we truly want to remain a global competitor, 
if we truly want to access an international market where we have--in 
fact, 95 percent of all consumers live outside our country. If we don't 
have access to those markets and if we are not competing on a level 
playing field, it is going to cost American business, including 
American small business, opportunities--opportunities for exports, 
opportunities for profitability. But equally important, it is going to 
cost American jobs. So sooner rather than later we expect we will have 
a vote on reauthorizing the Ex-Im Bank.
  I know we continue to see challenges to having that vote. We continue 
to see challenges to this institution. But I will tell you that many 
small businesses in my State are contacting us, wondering why in the 
world we would do this. Why in the world would we shut down the Ex-Im 
Bank that is a critical part of that trade infrastructure? So why in 
the world, indeed. Why would we ever make this decision? It is a 
decision that needs to be reversed. We need to get the Ex-Im Bank fully 
functioning and back in business.
  So we are going to be doing everything we can in this next month and 
into future months, if we expect that we are going to eliminate the 
possibility of unilateral disarmament in trade financing.
  I yield the floor.
  I suggest the absence of a quorum.
  The PRESIDING OFFICER. The clerk will call the roll.
  The legislative clerk proceeded to call the roll.
  Mr. McCONNELL. Mr. President, I ask unanimous consent that the order 
for the quorum call be rescinded.
  The PRESIDING OFFICER (Mr. Sullivan). Without objection, it is so 
ordered.

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