U.S. Rep. Ron Paul | Overseas Private Investment Corporation |
Overseas Private Investment Corporation
State Of The Republic
28 January 1998 1998 Ron Paul 2:98
The special areas of the budget that are of specific benefit to corporate America are literally too numerous to count, but there are some special programs benefiting corporations that usually prompt unconditional support from both parties. The military industrial complex is clearly recognized for its influence in Washington. This same group has a vested interest in our foreign policy that encourages policing the world, Nation building, and foreign social engineering. Big contracts are given to friendly corporations in places like Haiti, Bosnia and the Persian Gulf region. Corporations benefiting from these programs are unable to deal objectively with foreign policy issues, and it is not unusual for these same corporate leaders to lobby for troop deployments in worldwide military intervention. The U.S. remains the world’s top arms manufacturer and our foreign policy permits the exports to world customers subsidized through the Export-Import Bank. Foreign aid, Overseas Private Investment Corporation, Export-Import Bank, IMF, World Bank, development banks are all used to continue bailouts of Third World countries heavily invested in by our corporations and banks. Corporations can get special tax treatment that only the powerful and influential can achieve. For instance, pseudo-free trade legislation like NAFTA and GATT and the recent Fast Track legislation shows how much big business influences both congressional leaders and the administration.
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Birth Defects Prevention Act
10 March 1998 1998 Ron Paul 24:3
As a Congressman, I have repeatedly come to the house floor to denounce the further expansion of the federal government into areas ranging from “toilet-tank-size mandates” to “public housing pet size;” areas, that is, where no enumerated power exists and the tenth amendment reserves to state governments and private citizens the exclusive jurisdiction over such matters. My visits to the floor have not gone uncontested — proponents of an enlarged federal government and more government spending have justified their pet spending and expansionist projects by distorting the meaning of the “necessary and proper” and “common defense and general welfare” clauses to encompass the constitutionally illegitimate activities they advocate. Even the Export-Import Bank and Overseas Private Investment Corporation during Foreign Operations Appropriations debate were constitutionally “justified” by the express power to “coin money and regulate the value thereof”? In other words, where money exists, credit exists — where credit exists, loans exist — where loans exist, defaulters exist — and from this, the federal government has a duty to bail-out (at taxpayer expense) politically connected corporations who make bad loans in political-risk-laden venues?
Overseas Private Investment Corporation
Export-Import Bank, Overseas Private Investment Corp. and Trade And Development Agency
2 August 1999 1999 Ron Paul 86:1
Mr. PAUL. Mr. Chairman, I offer an amendment. The CHAIRMAN. The Clerk will designate the amendment. The text of the amendment is as follows: Amendment offered by Mr. PAUL: Page 116, after line 5, insert the following: LIMITATION ON FUNDS FOR EXPORT-IMPORT BANK OF THE UNITED STATES, OVERSEAS PRIVATE INVESTMENT CORPORATION, AND THE TRADE AND DEVELOPMENT AGENCY SEC. . None of the funds made available pursuant to this Act for the Export-Import Bank of the United States, the Overseas Private Investment Corporation, or the Trade and Development Agency, may be used to enter into any new obligation, guarantee, or agreement on or after the date of the enactment of this Act. The CHAIRMAN. Pursuant to the order of the House of Thursday, July 29, 1999, the gentleman from Texas (Mr. PAUL) and the gentleman from Alabama (Mr. CALLAHAN) each will control 5 minutes. The gentleman from Texas (Mr. PAUL) is recognized for 5 minutes. (Mr. PAUL asked and was given permission to revise and extend his remarks.)
Overseas Private Investment Corporation
WHAT IS FREE TRADE?
May 2, 2000 2000 Ron Paul 29:16
If our American companies and our American workers have to compete, the last thing they should ever be required to do is pay some of their tax money to the Government, to send subsidies to their competitors; and that is what is happening. They are forced to subsidize their competitors on foreign aid. They support their competitors overseas at the World Bank. They subsidize their competitors in the Export/Import Bank, the Overseas Private Investment Corporation.
Overseas Private Investment Corporation
FSC Repeal And Extra-Territorial Income Exclusion Act Of 2000
September 12, 2000 2000 Ron Paul 73:22
* The one thing for certain is this process is not free trade; this is international managed trade by an international governmental body. The odds of coming up with fair trade or free trade under WTO are zero. Unfortunately, even in the language most commonly used in the Congress in promoting ‘free trade’ it usually involves not only international government managed trade but subsidies as well, such as those obtained through the Import/Export Bank and the Overseas Private Investment Corporation and various other methods such as the Foreign Aid and our military budget.
Overseas Private Investment Corporation
FSC Repeal and Extraterritorial Income Exclusion Act of 2000
14 November 2000 2000 Ron Paul 94:19
The one group of Americans that seem to get little attention are those importers whose businesses depend on imports and thus get hit by huge tariffs. When 100 to 200 percent tariffs are placed on an imported product, this virtually puts these corporations out of business. The one thing for certain is this process is not free trade; this is international managed trade by an international governmental body. The odds of coming up with fair trade or free trade under WTO are zero. Unfortunately, even in the language most commonly used in the Congress in promoting “free trade” it usually involves not only international government managed trade but subsidies as well, such as those obtained through the Import/Export Bank and the Overseas Private Investment Corporation and various other methods such as the Foreign Aid and our military budget.
Overseas Private Investment Corporation
Statement before the House Capital Markets Subcommittee
Monday, February 4, 2002 2002 Ron Paul 3:9
Enron similarly benefited from another federal boondoggle, the Overseas Private Investment Corporation. OPIC operates much like the Ex-Im Bank, providing taxpayer-funded loan guarantees for overseas projects, often in countries with shaky governments and economies. An OPIC spokesman claims the organization paid more than one billion dollars for 12 projects involving Enron, dollars that now may never be repaid. Once again, corporate welfare benefits certain interests at the expense of taxpayers. The point is that Enron was intimately involved with the federal government. While most of my colleagues are busy devising ways to “save” investors with more government, we should be viewing the Enron mess as an argument for less government. It is precisely because government is so big and so thoroughly involved in every aspect of business that Enron felt the need to seek influence through campaign money. It is precisely because corporate welfare is so extensive that Enron cozied up to DC-based politicians of both parties. It’s a game every big corporation plays in our heavily regulated economy, because they must when the government, rather than the marketplace, distributes the spoils.
Overseas Private Investment Corporation
Corporate and Auditing Accountability, Responsibility, And Transparency Act of 2002 (CARTA)
24 April 2002 2002 Ron Paul 24:12
Of course, while the supporters of increased regulation claim Enron as a failure of “ravenous capitalism,” the truth is Enron was a phenomenon of the mixed economy, rather than the operations of the free market. Enron provides a perfect example of the dangers of corporate subsidies. The company was (and is) one of the biggest beneficiaries of Export- Import (Ex-Im) Bank and Overseas Private Investment Corporation (OPIC) subsidies. These programs make risky loans to foreign governments and businesses for projects involving American companies. While they purport to help developing nations, Ex-Im and OPIC are in truth nothing more than naked subsidies for certain politically-favored American corporations, particularly corporations like Enron that lobby hard and give huge amounts of cash to both political parties. Rather than finding ways to exploit the Enron mess to expand Federal power, perhaps Congress should stop aiding corporations like Enron that pick the taxpayer’s pockets through Ex-Im and OPIC.
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The Price Of War
5 September 2002 2002 Ron Paul 83:50
A noninterventionist foreign policy would not condone subsidies to our corporations through programs like the Export-Import Bank and the Overseas Private Investment Corporation. These programs guarantee against losses while the risk takers want our military to protect their investments from political threats. This current flawed policy removes the tough decisions of when to invest in foreign countries and diminishes the pressure on those particular countries to clean up their political acts in order to entice foreign capital to move into their country. Today’s foreign policy encourages bad investments. Ironically this is all done in the name of free trade and capitalism, but it does more to export jobs and businesses than promote free trade. Yet when it fails, capitalism and freedom are blamed.
Overseas Private Investment Corporation
The Shrimp Importation Financing Fairness Act
October 8, 2002 2002 Ron Paul 97:7
Adding insult to injury the federal government is forcing American shrimpers to subsidize their competitors! In the last three years, the United States Government has provided more than $1,800,000,000 in financing and insurance for these foreign countries through the Overseas Private Investment Corporation (OPIC). Furthermore, the U.S. current exposure relative to these countries through the Export-Import Bank totals some $14,800,000,000. Thus, the United States taxpayer is providing a total subsidy of $16,500,000,000 to the home countries of the leading foreign competitors of American shrimpers! Of course, the American taxpayer could be forced to shovel more money to these countries through the International Monetary Fund (IMF).
Overseas Private Investment Corporation
Shrimp Importation Financing Fairness Act
7 January 2003 2003 Ron Paul 3:7
Adding insult to injury, the federal government is forcing American shrimpers to subsidize their competitors! Since 1999, the United States Government has provided more than $1,800,000,000 in financing and insurance for these foreign countries through the Overseas Private Investment Corporation (OPIC). Furthermore, according to the latest available figures, the U.S. current exposure relative to these countries through the Export- Import Bank totals some $14,800,000,000. Thus, the United States taxpayer is providing a subsidy of at least $16,500,000,000 to the home countries of the leading foreign competitors of American shrimpers! Of course, the American taxpayer could be forced to shovel more money to these countries through the International Monetary Fund (IMF).
Overseas Private Investment Corporation
Stop Subsidizing Foreign Shrimpers
July 25, 2003 2003 Ron Paul 92:4
Adding insult to injury the federal government is forcing American shrimpers to subsidize their competitors! From 1999-2002, the United States government provided approximately $2,172,220,000 in financing and insurance for these foreign countries through the Overseas Private Investment Corporation (OPIC). Furthermore, the United States’ current exposure relative to these countries through the Export-Import Bank totals approximately $14,800,000,000. Thus, the United States taxpayer is providing a subsidy of at least $16,972,220,000 to the home countries of the leading foreign competitors of American shrimpers!
Overseas Private Investment Corporation
Introduction Of The Steel Financing Fairness Act
10 September 2003 2003 Ron Paul 97:1
Mr. PAUL. Mr. Speaker, I rise to introduce the Steel Financing Fairness Act. This bill helps our Nation’s beleaguered steel industry by stopping the Government from forcing American steel workers to subsidize their foreign competitors. Specifically, the bill prohibits the Overseas Private Investment Corporation (OPIC) and the Export-Import Bank (EXIMBANK) from providing any assistance to countries that subsidize their steel industries. The Steel Financing Fairness Act also instructs the Secretary of the Treasury to reduce America’s contribution to the International Monetary Fund (IMF) by a prorated share of the IMF’s assistance to countries that subsidize their steel industries.
Overseas Private Investment Corporation
Introduction Of The Steel Financing Fairness Act
15 June 2006 2006 Ron Paul 44:1
Mr. PAUL. Mr. Speaker, I rise to introduce the Steel Financing Fairness Act. This bill helps our Nation’s beleaguered steel industry by stopping the government from forcing American steel workers to subsidize their foreign competitors. Specifically, the bill prohibits the Overseas Private Investment Corporation (OPIC) and the Export-Import Bank (EXIMBANK) from providing any assistance to countries that subsidize their steel industries. The Steel Financing Fairness Act also instructs the Secretary of the Treasury to reduce America’s contribution to the International Monetary Fund (IMF) by a prorated share of the IMF’s assistance to countries that subsidize their steel industries.
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CONGRESS MUST ACT TO HELP SHRIMPERS
19 June 2008 2008 Ron Paul 36:4
The problems shrimpers face are compounded by foreign competitors who are taking advantage of the government-created vulnerabilities in the American shrimp industry. Adding insult to injury, the federal government is forcing American shrimpers to subsidize their competitors through international agencies such as the Overseas Private Investment Corporation, the Export-Import Bank, and the International Monetary Fund! In fact, United States taxpayers have provided over $16,500,000,000 to the home countries of the leading foreign competitors of American shrimpers since 1999.
Overseas Private Investment Corporation
Legalized theft
09 August 1999 Texas Straight Talk 09 August 1999 verse 9 ... Cached
But under our current system, that same businessman can make his move with the knowledge that the taxpayers of the United States will bail him out. This bailout comes from several different mechanisms, like the Export-Import Bank and the Overseas Private Investment Corporation. This absurdity that passes for policy is made all the more disgusting when one recognizes that working families, struggling to make ends meet, are being held liable for business decisions that the wealthiest of private investors would likely not cover.
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Floor Votes Reviewed
06 December 1999 Texas Straight Talk 06 December 1999 verse 8 ... Cached
My final amendment voted upon this year involved ending the further funding of agencies such as the Export-Import Bank and the Overseas Private Investment Corporation, or "OPIC." These agencies take our hard earned tax dollars and send them, in the form of grants and subsidized loans, to companies doing business in other nations. This massive corporate welfare scheme is often portrayed as having some benefit to US citizens, but let's face it - only the very wealthy and very influential corporate and Wall Street interests truly benefit from such financial shenanigans.
Overseas Private Investment Corporation
Enron: Under-Regulated or Over-Subsidized?
28 January 2002 Texas Straight Talk 28 January 2002 verse 7 ... Cached
Enron similarly benefitted from another federal boondoggle, the Overseas Private Investment Corporation. OPIC operates much like the Ex-Im Bank, providing taxpayer-funded loan guarantees for overseas projects, often in countries with shaky governments and economies. An OPIC spokesman claims the organization paid more than one billion dollars for 12 projects involving Enron, dollars that now may never be repaid. Once again, corporate welfare benefits certain interests at the expense of taxpayers.
Texas Straight Talk from 20 December 1996 to 23 June 2008 (573 editions) are included in this Concordance. Texas Straight Talk after 23 June 2008 is in blog form on Rep. Paul’s Congressional website and is not included in this Concordance.
Remember, not everything in the concordance is Ron Paul’s words. Some things he quoted, and he added some newspaper and magazine articles to the Congressional Record. Check the original speech to see.