On the recordNovember 4, 2015
I have heard a number of times tonight that the Bank doesn't cost anything. But if you take a look at the Congressional Budget Office analysis and if you use fair value accounting, it costs $2 billion over 10 years. And there will be an amendment later on talking about that. I think people forget about the $3 billion taxpayer bailout that Export-Import asked for in 1987. Finally, Fannie Mae and Freddie Mac were fine until they weren't, and they left the taxpayers with a $150 billion tab. I am looking 10 years down the road, Mr. Chairman, looking at the debt that this country continues to accrue and thinking about the obligations that we have to meet in 2025 for our seniors, for our veterans. I want to make sure that we are not going to have a bailout at that time of this institution. All this amendment does is says, who bears the risk of loss, the taxpayer or the entities that made the profit. It is phased in over time. Small businesses are protected. I reserve the balance of my time.
