Export-Import Bank. The final version (conference report) of S. 1372 would reauthorize the Export-Import bank through fiscal 2006, and would allow it to provide up to $100 billion (a $25 billion increase) in international trade assistance at any one time. In recent years the bank has been used to build up China at the expense of American jobs. For example, the New York Times on September 1st reported that "Export-Import policies in recent years have had the perverse effect of sending American jobs, rather than goods and services, overseas. There was, for example, the case of a Chinese steel mill, the Benxi Iron and Steel Group, that received an $18 million Export-Import backed loan in December 2000 to buy American-made equipment only to be found a year later to be dumping steel into American markets…. In that year, steel companies in the United States laid off 30,000 workers and more than 20 of the companies filed for bankruptcy." The Times went on to state: "By far the biggest user of the bank’s financing is Boeing, which last year received $2.5 billion in loan guarantees, more than one-quarter of the bank’s $9.2 billion in transaction volume. This aid helped win aircraft sales for Boeing to China…. In the last two years, the bank has provided $791.5 million in aid to help Boeing sell planes to Chinese airlines in deals that often require some parts of the planes to be built in China."
The House adopted the conference report on S. 1372 on June 5, 2002 by a vote of 344 to 78 (Roll Call 210). We have assigned pluses to the nays.
