Sam Gejdenson: “Mr. Chairman, the manager's amendment has a number of serious defects, and it would take more time than remains in this…”

“Mr. Chairman, the manager's amendment has a number of serious defects, and it would take more time than remains in this debate to address all of them. Mr. Chairman, I simply want to address what is referred to as the Hoke amendment, which would end OPIC. OPIC, which is an organization, is not the one associated with oil control but the one that helps American companies take advantage of opportunities overseas. OMB has found that the transfer of OPIC reserves would be substantially affecting our budget situation. There is an $2.4 billion outlay that would be at risk. There is $146 million in income from the reserves that are presently used in the 150 activities. The Federal budget would also lose future cash flows from insurance premiums of $40 billion a year. What would that do, Mr. Chairman? What it would do is endanger what has been $40 billion of American exports. Not only does OPIC make money for the American taxpayer, but it helps produce thousands of jobs here in the United States. It seems to me unbelievable that someone would want to cripple an agency that produces revenue for the taxpayers and produces jobs for Americans and business opportunity for American companies. In 1994 alone, Mr. Chairman, OPIC supported investments in projects that will result in over $5.5 billion in the first 5 years of the projects' operation, and will generate approximately 18,000 American jobs.”