Marcy Kaptur: “I have watched this Import-Export Bank for years, and the idea when it was set up in 1934 was to promote U.S. exports. I…”

“I have watched this Import-Export Bank for years, and the idea when it was set up in 1934 was to promote U.S. exports. I have even been questioning the name Export-Import Bank because it seems to me it has been much more successful at increasing imports into this country, displacing our manufacturing base year after year after year, than promoting exports. Look back to the loan that was made in the 1970s in Brazil to mine ore and help to create a Latin American steel industry that has contributed to the global steel overcapacity that her now swamped this Nation's industry. Not only is something fundamentally wrong with the way this organization functions but with our trade policy in general. America's trade deficits have never been larger. Why should we approve a bill for an organization for 5 more years that has helped to spawn our competitors? They are not creating export markets for us. They are creating export platforms where steel and electronics and apparel and aerospace products are U-turned back into this country displacing U.S. jobs. We should reject the reauthorization of the Export-Import Bank. I urge my colleagues to vote ``no'' on its final reauthorization today.”