Peter Visclosky: “Our amendment will cut $3 million from the Ex-Im Bank's administrative expenses and $15 million for the Bank's subsidy…”

“Our amendment will cut $3 million from the Ex-Im Bank's administrative expenses and $15 million for the Bank's subsidy appropriations. I would, first of all, point out to all of my colleagues that the remaining subsidies and dollars in this bill for the Ex-Im Bank would still be $100 million more than the President of the United States requested in his budget this year. So even given the cut that the gentleman from West Virginia (Mr. Mollohan) and I seek, we will be over the President's request by $100 million. It is my understanding that with the change in how we will score for loan subsidies, that the range estimated to be provided under this bill will be between $12 and $12.5 billion compared to about $10.5 this year. Why are we offering this amendment? We are offering this amendment because last year, over the objections of the administration and many Members of this House, the Ex-Im Bank approved an $18 million loan guarantee to Benxi Iron and Steel in China.”