Bruce F. Vento: “I rise in support of this 4-year reauthorization and the tied aid program that is also being reauthorized in this…”

“I rise in support of this 4-year reauthorization and the tied aid program that is also being reauthorized in this measure. Mr. Chairman, this measure is necessary because so often in the markets in which we are exporting in an increasingly global marketplace, the nature of the risks and the structure of the economies in these nations does not permit our companies, our entities that want to sell a product, a quality American product, to in fact be purchased; often there is not the financial structure. As an example of that, look at the newly independent nations, the newly emerging nations that formerly comprised the Soviet Union. It is a very good point in fact that the committee report outlines. Here the banking and finance structure in these nations does not facilitate the extension of credit. So in order to facilitate the sale, many nations, our competition, in fact, provide for a more integrated type of credit structure to provide the sale of those products at the end of the day. This credit that we extend here in fact attempts to do that.”