Wendy Sherman said "I wish to address those who call OPIC corporate welfare. We should remember who creates the risk in the first place. When the terrorists take the plane, they do not shoot the Norwegians first. They go after Americans because we play a prominent role in the world. And when rogue countries think of nationalizing assets, they do so because of American foreign policy and they threaten American assets first. We have an opportunity to insure our companies from risks that we as a government create. There are those who say that OPIC is the next S&L mess. This amendment is an opportunity to make that a self-fulfilling prophecy. If we cut the administrative costs, if we cut the safeguards, if we cut those who are watching to make sure that sound loans and guarantees are made, then we can sit back and laugh as mistakes are made, and sit back and say, ``We told you they would make mistakes.''" @ PoliticalQuotes.com

On the recordJuly 30, 1997

I wish to address those who call OPIC corporate welfare. We should remember who creates the risk in the first place. When the terrorists take the plane, they do not shoot the Norwegians first. They go after Americans because we play a prominent role in the world. And when rogue countries think of nationalizing assets, they do so because of American foreign policy and they threaten American assets first. We have an opportunity to insure our companies from risks that we as a government create. There are those who say that OPIC is the next S&L mess. This amendment is an opportunity to make that a self-fulfilling prophecy. If we cut the administrative costs, if we cut the safeguards, if we cut those who are watching to make sure that sound loans and guarantees are made, then we can sit back and laugh as mistakes are made, and sit back and say, ``We told you they would make mistakes.''

Said by

Wendy Sherman

Democratic · District of Columbia

Source

govinfo.gov

Editor's note · Context

Discussing the implications of OPIC and its role in protecting American companies.

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