Kent Conrad: “I thank the Chair. Let me indicate as a member of the Finance Committee that we had hearings on the Schwab nomination.…”

“I thank the Chair. Let me indicate as a member of the Finance Committee that we had hearings on the Schwab nomination. Let me stipulate that she is well qualified for the position. She is a lovely person, well educated and well trained. With all that said, after her testimony before the Finance Committee, I decided reluctantly that I would oppose her nomination. I want to share very briefly with the Members why I made that judgment. When Ms. Schwab came before the Finance Committee, I put up a chart showing what has happened to the trade deficit of the United States. The trade deficit soared to over $700 billion last year. I had another chart that showed what has happened to the trade deficit with Mexico since the NAFTA agreement. Before the NAFTA agreement, we had a trade surplus with Mexico of several billion dollars. Now we have a massive trade deficit with Mexico. I asked Ms. Schwab: Is this a successful trade policy? Her answer was: Yes. I told her: If this is a success, I would hate to see a failure. Because this trade policy is proving to be a disaster for the financial health of the United States. We are spending $700 billion a year more in purchases than we are in sales. A country cannot do that for very long. Then I asked her about agricultural trade policy.…”