Political Quotes

“I really want to commend the gentleman from Nebraska (Mr. Bereuter) for crafting a very good bill, making Export-Import Bank more accountable to taxpayers. Specifically, I thank the gentleman from Nebraska for working with me to be sure Export-Import Bank does not reward foreign industries and companies that are in violation with U.S. trade law with money from the pockets of U.S. taxpayers. As most of us appreciate, the domestic steel industry has simply been devastated by a global steel overcapacity. Since 1997, at least, perhaps further back, the domestic steel industry has been overwhelmed by a flood of imports. Foreign governments subsidize their steel production. That creates overcapacity, which in turn leads to a glut of steel on the international markets. That, of course, depresses prices; and the result has been devastating. Nobody disputes that this has happened. Our own Commerce Department and the ITC have confirmed this, and the result has been that over 33 American steel companies have been forced into bankruptcy since 1997. Bethlehem Steel, headquartered in my district, filed Chapter 11 last year and joined that long list of companies devastated by this phenomenon.”