Doug Bereuter: “I want to say definitively that now, when we have a 201 determination or a final order under Title VII, no American…”

“I want to say definitively that now, when we have a 201 determination or a final order under Title VII, no American exporters may export products to those sectors abroad that are in violation of those two parts of our trade law. That is a major advance offered by the gentleman from Pennsylvania (Mr. Toomey). There was no retreat from that; in fact, in conference it was actually strengthened. We traded a very important procedure for a report; a very big advance. Another point here: Ten percent of the resources of the Export-Import Bank do not go to small business, as suggested; 18 percent. Over 90 percent of all the tax credits are for small business, and we are pushing them to go even much further by the mandate here. I do not like American exports of jobs, jobs going abroad; but this legislation actually keeps American exporters producing products here, products, manufactured goods and services, and helps our exporters compete, sometimes against subsidized tax credits transactions, by other foreign export credit agencies. Yet, only 2 percent of all of the loans ever go into default. The Export-Import Bank has a net return of resources year after year after year to the U.S. Treasury. Why? Because we charge risk-based insurance and fees. So the idea of this being a large corporate giveaway or a huge subsidy is just not the case.”