Mike Pence: “Mr. Speaker, we all understand that from time to time the Overseas Private Investment Corporation has been the subject…”

“Mr. Speaker, we all understand that from time to time the Overseas Private Investment Corporation has been the subject of controversy. On the other hand, it is accurate to say that it is significant that every President since 1971 has believed that OPIC is an important tool for advancing international development in U.S. foreign policy by stimulating private capital investment. In recent years, OPIC appears to have better focused its resources and efforts, bringing economic development to underserved markets in Central America, Africa, Afghanistan, and now in Iraq. OPIC has also reached out to U.S. small businesses and minority- and women-owned enterprises. For example, more than 80 percent of all OPIC projects approved in fiscal year 2006 involved U.S. small- and medium-sized enterprises. OPIC has also sought to enhance transparency and fight corruption, thereby leveling the playing field for U.S. businesses as they compete in international markets.”