Corporate Welfare. A measure proposed by Representative Ron Paul (R-TX) would prohibit federal funding of three corporate export subsidy programs: The Export-Import Bank, the Overseas Private Investment Corporation, and the Trade and Development Agency.
The Export-Import Bank alone has approximately $6 billion in outstanding subsidies sunk into Communist China, and Rep. Paul noted that "67 percent of all the funding of the Export-Import Bank goes to, not a large number of companies, [but] to five companies…. We give them the money. But where do the goods go? Do the goods go to the American taxpayers? No. They get all of the liabilities. The subsidies help the Chinese."
Hypocritically, several representatives who had supported Normal Trade Relations (MFN) for China (Vote #26) on the basis of "free trade" opposed the Paul amendment. To that opposition, Paul exclaimed, "please do not call it free trade anymore. Call it managed trade. Call it subsidized trade. Call it special interest trade."
Rep. Paul’s proposal, an amendment to H.R. 2606, was rejected by the House on August 3, 1999 by a vote of 58-360 (Roll Call 361). We have assigned pluses to the yeas.
