On the recordJuly 23, 2007
it's a privilege and honor for me to be closely associated again with the effort to reauthorize the Overseas Private Investment Corporation. Along with now Senator Bob Menendez, former OPIC President George Munoz, and me--the 3Ms--we were able to rescue OPIC from oblivion with a resounding vote of confidence of 357 to 71 to reauthorize OPIC in 1999. OPIC represents the best of both worlds--the agency doesn't cost the U.S. taxpayer any money and it creates jobs and aids in economic development both here and abroad as evidenced by the Congressional findings section in this bill. I also want to commend Mr. Sherman for working with the minority in a bipartisan way in order to produce a bill that can receive overwhelming support. The bill before us today wouldn't be the one I would have written from scratch. However, I am pleased that as the bill has moved through the legislation process, the majority has been sensitive to the concern as to the practical effects of certain provisions in order to insure that OPIC can remain open for business in various markets. I also appreciate the willingness of the majority to continue to keep the lines of communication open. I also want to commend Mr. Sherman for including my suggestion in Section 17 to make sure that OPIC will always continue to have sufficient staff and resources to support small businesses.
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