Ron Paul
2001 Ron Paul Chapter 61

Export-Import Bank

24 July 2001

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2001 Ron Paul 61:1
Mr. PAUL. Mr. Chairman, I move to strike the requisite number of words.

(Mr. PAUL asked and was given permission to revise and extend his remarks.)

2001 Ron Paul 61:2
Mr. PAUL. Mr. Chairman, I rise in strong support of this amendment. This is a token amount of money being cut from the Export-Import Bank. The President asked for a $120 million cut. This is only $18 million. There was $120 million added over the present request. This is not a project that is a favorite of the President, and he has referred to this as a form of corporate welfare.

2001 Ron Paul 61:3
This is just a small effort to rein in the power of the special interests, the powerful special interests. It has been mentioned that jobs could be lost. In the debate, there has been emphasis on jobs, and the truth is that it may happen. Jobs could be lost. But what Members fail to realize is that the jobs lost are special interest jobs. If my colleagues take that same funding, and we never talk about what would happen to that $75 billion line of credit of the Export- Import Bank if it were allowed to remain in the economy. Other jobs would be created, so my colleagues cannot argue half of the case. We have to look at the whole picture. Special interest jobs would be lost. True market jobs would be increased.

2001 Ron Paul 61:4
Mr. Chairman, last week we had a vote on trade with China. I supported that vote. I believe in free trade and low tariffs. I believe in the right of people to spend their money where they please, and I believe it is best for countries to be trading with each other. But the very same people today arguing for these corporate subsidies claim they are for free trade. If my colleagues are for free trade, they should not be for corporate subsidies. They are not one and the same. They are different.

2001 Ron Paul 61:5
Free trade means there are low tariffs, but we do not subsidize any special interests. To me it is rather amazing, the paragraph that we are dealing with is called Subsidy Authorization. There is no pretension anymore. We just advertise, this as a subsidies. When did we get into the business of subsidies? A long time ago, unfortunately. I do not think that the Congress should be in the business of subsidies.

2001 Ron Paul 61:6
Mr. Chairman, this amendment has something to do with campaign finance reform. I am in favor of some reforms, that is, less control. People have the right to spend their own money the way they want; and when we have the problem of big corporations coming here and lobbying us, that is a secondary problem.

2001 Ron Paul 61:7
If my colleagues look at the corporations that get the biggest subsidies from the Export-Import Bank, they really lobby us.

2001 Ron Paul 61:8
Mr. Chairman, what I say is let us have some real campaign finance reform and let us get rid of the subsidies and the motivation for these huge corporations to come here and influence our vote. That is what the problem is. We do not need to get the money out of politics, we need to get the money out of Washington and out of the business of subsidizing special interests. That is where our problem is.

2001 Ron Paul 61:9
Last week we voted to trade with China, and I said I supported that. But anybody who voted against that bill because they do not like what is happening in China should vote for this amendment and also my amendment that is likely to come up.

2001 Ron Paul 61:10
China gets $6.2 billion, the largest subsidy to any country in the world from the Export-Import Banks. China gets it. So why do we first want to trade with China, then subsidize them as well, and then complain? I would suggest that those who claim they believe in free trade, they need to support this amendment because we are getting into the interference and manipulation of trade, the subsidy to big corporations.

2001 Ron Paul 61:11
Those who do not like China should vote for this because there is a suggestion that the Export-Import Bank serves the interest of China. So to me it should be an easy vote. The only problem with this amendment is that it is so small. It does not really address the big subject on whether or not the Congress should be in this business. Obviously they should not be. Where do you find the authorization to give subsidy appropriations in the Constitution? It is not there.

2001 Ron Paul 61:12
This is a charade. This is fiction when it comes to looking at constitutional law.

2001 Ron Paul 61:13
I would strongly urge a yes vote on this amendment and do not support this effort to benefit the big companies and hurt the little guys. The little guys are the ones who lose this line of credit and push their interest rates up.

2001 Ron Paul 61:14
Who gets the risk under this situation? The taxpayer. There is a lot of insurance in the Export-Import Bank. The risk goes to the taxpayer, but the profits go to the corporations. What is fair about that? The big corporation cannot lose. So why would the banks not loan to the big special interest corporations?

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