Ed Royce: “Mr. Chairman, the Royce-Andrews-Kasich amendment cuts the operating expenses of the Overseas Private Investment…”

“Mr. Chairman, the Royce-Andrews-Kasich amendment cuts the operating expenses of the Overseas Private Investment Corporation. It puts it to a level that is more in keeping with the level of business this House has authorized for OPIC. Specifically, this amendment reduces the administrative appropriations by $11.2 million, from $32 million to $20.8 million. This amendment is supported by a diverse coalition of 12 organizations, organizations who come at it from differing perspectives but groups united by the view that the U.S. Government should not be in the business of insuring American corporations to invest abroad and making loans to American corporations to encourage them to invest abroad. Now, there are many in this body who would like to see OPIC closed. That is the position of the 12 groups. Many of us fundamentally question why the American taxpayer should be supporting a government agency that makes loans and issues risk insurance when these services are available privately. And despite what OPIC and its supporters say, there are companies that would do this business. Maybe not at the rates that OPIC offers, but that is the point. OPIC is a business subsidy. So let me ask my colleagues, many of whom have worked hard to give to the private sector what government services can better be done by the private sector, let me ask them to ask themselves why should OPIC be an exception to this rule?”