Bob Menendez: “I join my colleague the gentleman from New Jersey (Mr. Andrews) in saying that I am against corporate welfare, but this…”

“I join my colleague the gentleman from New Jersey (Mr. Andrews) in saying that I am against corporate welfare, but this, the subject of his amendment, is not about corporate welfare. It is hard to understand how anyone can object to a program that returns money to the U.S. Treasury while at the same time furthering our foreign policy goals and helping to increase foreign investments and exports overseas. Last year, OPIC earned a profit of $139 million. And in fiscal year 2000, OPIC will contribute an estimated $204 million in net negative budget authority. In fact, OPIC has had a positive net income for every year of operation with reserves now totaling $3.3 billion. All that we do through the appropriation process is to allow OPIC to spend money that it has already earned to cover its administrative costs. We do not save money for the taxpayers by cutting OPIC's appropriations. In fact, quite to the contrary. By supporting this amendment, we will forfeit an estimated over $200 million in net budget authority for the next fiscal year.”