On the recordOctober 27, 2015
In the ideologically perfect world of Ayn Rand novels, there is no Ex-Im Bank for the United States or any other country. In the real world, Germany has an export credit agency. China has one. Canada has one. They are all much bigger than ours. When I gave 100 speeches for George McGovern, they accused us of favoring unilateral military disarmament. Now, we see some who are in favor of unilateral economic disarmament. Our products face tough competition, and sometimes the order goes to whomever has the best financing. Ninety percent of Ex-Im Bank's loans go to small business and the other 10 percent help Big Business buy from American suppliers. Two hundred and fifty Members of this Congress support Ex-Im Bank, with particular courage among the 40-something Republicans who signed the discharge petition. As co-chair of the CPA Caucus, let me tell you, the Ex-Im Bank makes a substantial profit under generally accepted accounting principles. That is why they have been able to transfer $7 billion to the Treasury. Ronald Reagan said: The Export-Import Bank contributes in a significant way to our Nation's export sales.
