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2 August 1999
Mr. ANDREWS. Mr. Chairman, I yield 2 minutes to the gentleman from Texas (Mr. PAUL).
(Mr. PAUL asked and was given permission to revise and extend his remarks.)
1999 Ron Paul 83:1
Mr. PAUL. Mr. Chairman, I thank the gentleman for yielding me the time. Mr. Chairman, I rise in strong support for this amendment. If it were true that this agency is profitable, we would not be here. They would be making profit, and OPIC would not need to come here every year.
1999 Ron Paul 83:2
They are asking for $55 million. Where does the profit come from? It was stated earlier very clearly; from the interest they earn. They have a portfolio of $3 billion of U.S. securities.
1999 Ron Paul 83:3
But these did not reduce the national debt. That is part of the national debt. We pay interest on that $3 billion. And this agency gets $194 million from it, four times the amount of the requested appropriation.
1999 Ron Paul 83:4
No wonder on paper it looks profitable. And they say, well, the private companies will not insure some of these projects. That means it is probably risky. Why should the taxpayer assume the risk? Why should these corporations be protected with this corporate welfare?
1999 Ron Paul 83:5
This is the reason why jobs are exported at a cost to the American taxpayer. It is bad economics. And it is a lot of twisting of the facts if we call this agency profitable at the same time they are getting $194 million that we barely talk about.
1999 Ron Paul 83:6
How many other agencies of government get interest like this? This is almost a government unto itself, the fact that it has that much financing without even a direct appropriation because it is paid out of the interest budget.
1999 Ron Paul 83:7
This is indeed a very important amendment. I believe that we should definitely vote for this. If we care at all about the taxpayer of this country, we should expose what is happening with corporate welfare.
1999 Ron Paul 83:8
The little people are not coming to us today begging us to vote against this amendment. It is the corporations, the giant corporations, not our small
1999 Ron Paul 83:1 Mr. Chairman, I thank the gentleman for yielding me the time. Here, Ron Paul thanks The Honorable Robert E. Andrews of New Jersey.