Peter Visclosky

Mr. VISCLOSKY

Mr. VISCLOSKY. Mr. Speaker, my thoughts and prayers go out to those who have lost loved ones and family members in this evil and barbaric act. We as a Nation cannot tolerate these kinds of attacks on American citizens. Today we must first pledge our unwavering support for those involved in the search and rescue missions underway in Washington, D.C. and New York City. Law enforcement officers, firefighters, doctors, nurses, rescue workers have committed thousands of selfless acts to help those injured. Secondly, we must persevere in the fight against the enemies of freedom and democracy, as we have in the past. It took the United States over 4 years to win the Second World War, and more than 40 years to win the Cold War. All Americans must now display the same patience and strong resolve in the war against terrorism. We have a moral obligation to seek out these craven individuals, wherever they may hide, to destroy them and their organizations so they may no longer kill, maim or injure innocent people in the future. America and its people are good and just. Our democracy is strong, and the good we do will prevail in the end. We live in a free and civilized society. Our resolve tonight and tomorrow and forever must be to permanently establish these values across the globe.

Mr. VISCLOSKY

Mr. VISCLOSKY. I yield to the gentleman from Washington.

Mr. VISCLOSKY. I yield to the gentleman from West Virginia.

Mr. VISCLOSKY. Mr. Chairman, will the gentleman yield?

Mr. VISCLOSKY. Mr. Chairman, I have to reclaim my time. I would simply respond to the gentleman that we want to drive home the point, because it is not a coincidence that the Ex-Im Bank found religion on Monday of last week. The fact is, and it is not a coincidence, that today and yesterday and last year the Ex-Im Bank, under their policy handbook and under the law, were prohibited from making a loan like that. It is a fact that the Secretary of Commerce wrote to the Ex-Im Bank and said, ``Do not make this loan. You have 280 million excess tons. You have lost 23,000 jobs in this country. You have 18 companies in bankruptcy, and another one went over the cliff last Monday.'' They do not listen. The only thing they are going to understand is this entire House today voting to cut the recommendation that is contained in this bill, which I again would emphasize would leave the Ex-Im Bank at $100 million more than the President of the United States asked for in his budget request. I would implore my colleagues to vote for the Mollohan-Visclosky amendment.

Mr. VISCLOSKY. I yield to the gentleman from Washington.

Mr. VISCLOSKY. I yield to the gentleman from West Virginia.

Mr. VISCLOSKY. I would simply ask the question that, with the bill that we have today, is it not true that the subsidies that are going to be able to be provided with the Ex-Im Bank, even though we have an amendment to cut $18 million, is going to be increased substantially? Additionally, I would ask the Member, is it not true that the Ex-Im Bank is required by law to assess whether its loans and guarantees are likely to cause substantial, direct injury to U.S. industry today? I trust the gentleman's intention. I believe what he says. The law today says they are not supposed to do what they did last year. We need to drive home that point, and someone at the Ex-Im Bank ought to know what it is like to lose a job.

Mr. VISCLOSKY. Mr. Chairman, to follow up on the point of the gentleman from West Virginia (Mr. Mollohan), the word ``cut'' has been used here a lot. I used it myself. Mr. Chairman, we are over the President's request; but my understanding is that the dollars appropriated, and the way it will be budgeted will provide for about 12 to $12.5 billion worth of subsidies.

Mr. VISCLOSKY. Mr. Chairman, I offer an amendment.

Mr. VISCLOSKY. Mr. Chairman, what does the amendment that I and the gentleman from West Virginia (Mr. Mollohan) are offering do today? Our amendment will cut $3 million from the Ex-Im Bank's administrative expenses and $15 million for the Bank's subsidy appropriations. I would, first of all, point out to all of my colleagues that the remaining subsidies and dollars in this bill for the Ex-Im Bank would still be $100 million more than the President of the United States requested in his budget this year. So even given the cut that the gentleman from West Virginia (Mr. Mollohan) and I seek, we will be over the President's request by $100 million. It is my understanding that with the change in how we will score for loan subsidies, that the range estimated to be provided under this bill will be between $12 and $12.5 billion compared to about $10.5 this year. Why are we offering this amendment? We are offering this amendment because last year, over the objections of the administration and many Members of this House, the Ex-Im Bank approved an $18 million loan guarantee to Benxi Iron and Steel in China. This loan increases Benxi's hot roll steel capacity by 11.5 million metric tons at a time when the world capacity is in excess of 280 million tons. Benxi Steel is currently involved in an antidumping case before the International Trade Commission because the Department of Commerce has already found that Benxi has dumped steel, and their margin of dumping on hot roll carbon steel dumping is 67.44 percent. This is also the highest margin found by the Commerce Department of six Chinese companies currently being investigated. The American Iron and Steel Institute in April of last year wrote to the Ex-Im Bank and explained that China is increasing its government subsidies to steel in preparation for that country's entry into the WTO. What is the consequence of this loan guarantee? This is a bad loan, and it has put American citizens out of work. Since 1998, 23,000 steel workers have lost their jobs. We now have 19 steel companies that are in bankruptcy, interestingly enough, one of whom declared bankruptcy last Monday when the Ex-Im Bank said they should revise some of their rules as to how these loan guarantees are made. Within those companies, 42,556 Americans are now in jeopardy. Over 21 percent of all the steel capacity in the United States today is in bankruptcy; and, again, I emphasize there is already a 280-million ton excess capacity on the world market; and the Ex-Im Bank completely ignored that. The industry has done everything possible to help itself. They have modernized. They have invested billions of dollars. They have closed 30 million tons of steel in the United States of America. Hot roll products today sell for less than they did 20 years ago. Where are these employees and these bankrupt companies? They are in States like New York, Georgia, Connecticut, Alabama, Missouri, South Carolina, Minnesota, Arizona, Ohio, Indiana, Illinois, Pennsylvania, Michigan, Tennessee, Georgia, West Virginia, Texas, Utah, and now the State of California. I find it interesting that Monday of last week, the week when people assumed this amendment would be debated in the House of Representatives, the President of the Ex-Im Bank proposed that they would sharpen their criteria in consideration of loans such as this. The President of the Bank said that they should apply to all products where there could be conceivable oversupply with the potential of harming domestic industry. What a terrific coincidence. The gentleman from West Virginia (Mr. Mollohan) and I and others are offering an amendment today. Last Monday, the Ex-Im Bank found religion. The fact is, under their rules and under their policy handbook, they do not have to change the rules. The rules say they never should have made that loan guarantee in the first place, and they ignored their own handbook.

Mr. VISCLOSKY. Mr. Chairman, I demand a recorded vote.

Mr. VISCLOSKY. Mr. Chairman, will the gentleman yield?

Mr. VISCLOSKY

Mr. VISCLOSKY. Mr. Speaker, it is my honor to congratulate an individual who found his spiritual calling, and was able to overcome many obstacles to help his community and to make life better for the citizens of Indiana's First Congressional District. Reverend Thomas C. McKinley of Gary, Indiana will be honored this Friday, July 20, 2001, at the Twentieth Century Missionary Baptist Church for earning his diploma of academic achievement from the State of Indiana. Thomas C. McKinley came from a humble background and endured a troubled youth. However, his life was changed forever at the age of 17, when McKinley acknowledged his calling to the ministry. On October 15, 1980, he was ordained by the Indiana Christian Bible College. For the past ten years, Reverend McKinley has served as the spiritual shepherd for the Twentieth Century Missionary Baptist Church, located at 700 West 11th Avenue in Gary, Indiana. Reverend McKinley has proven himself to be a selfless example to his congregation. He has been invaluable to the members of his community as both a teacher and evangelist, and particularly through his teaching ministry for stewardship. While a wonderful pastor, Reverend McKinley's leadership skills do not end with the spiritual realm; he has served as President of the Baptist Ministers' Conference of Gary, and as Treasurer of the Gary Police Chaplain Department. While Reverend McKinley has selflessly served his community in Gary, his service to humanity has known no boundaries. In 1999, he spent a month in Honduras, completing two pilgrimages aiding hurricane victims with food, clothing, and medicine. Not only did he donate his own time and resources, he also organized other churches back home to assist many other Hondurans in need. His desire to help those overseas also led Reverend McKinley to serve as a missionary in Haiti. Although Reverend McKinley gives much of his time to others, he is still a devoted family man. Nothing is more important to him than his supportive and beloved wife, Camellia, and his three daughters, Charletta, Charlotte, and Sabrina, and his son Russell. Mr. Speaker, I ask that you and my distinguished colleagues join me in congratulating Reverend Thomas C. McKinley for his commendable efforts towards improving himself, his family, his community, and the world. Reverend McKinley is to be admired for the wonderful example he has set for our community as a pastor, a father, and an involved citizen.

Mr. VISCLOSKY

Mr. VISCLOSKY. Mr. Chairman, I thank the gentleman very much for yielding time to me. I also want to thank the gentleman from Virginia (Mr. Wolf) and the gentleman from New York (Mr. Serrano) for the fine work they have done on this bill. I do plan to support it. I rise now to indicate my concern over a provision mentioned by my colleague, the gentleman from West Virginia, a few minutes ago about the rescission of $10 million from the $145 million Steel Loan Guarantee Program. The problems that the steel industry faces are manyfold, but one is the complete collapse of the ability to get financing, as well as the number of companies now that find themselves in bankruptcy in the United States of America. Since December 31, 1997, we have now had 18 companies declare bankruptcy, and one of the concerns that the industry faces is securing financing. We have a loan guarantee program in place. It took a period of time to get up and running with it. There were initially some problems as far as the bureaucracy contained therein, and the problem continues to persist as far as securing the guarantees for private investment firms to loan the industry money. Today those guarantees are at 85 percent. Given the fact that 21 percent of all steel capacity in the United States of America today is in bankruptcy, I think the provision in this bill sends a very negative and very bad signal to those financial institutions as far as reduction in the monies that will be available for those guarantees for the fiscal year. We are not only talking about tonnage in bankruptcy, we are not only talking about companies in bankruptcy, we are talking about people. The fact is, we have 42,556 Americans working for those 18 companies, some of which may not make it without this loan guarantee program. We have to couple that with the 23,000 people who, over the last 2\1/2\ years, have also lost their jobs in this industry. I am concerned that this program has a rescission attached to it. I would hope that it can be rectified in conference with the Senate at some future date.

Mr. VISCLOSKY

Mr. VISCLOSKY. Mr. Chairman, will the gentleman yield?

Mr. VISCLOSKY. Mr. Chairman, I appreciate the gentleman yielding. On behalf of all the steelworkers I represent, I am also happy to accept the gentleman's amendment.

Mr. VISCLOSKY. Mr. Chairman, will the gentleman yield?

Mr. VISCLOSKY. I yield to the gentleman from Alabama.

Mr. VISCLOSKY. Mr. Chairman, reserving the right to object, my understanding is that will still limit the universe to those amendments announced by the chairman, with the same time limits. It will not open it up to any new amendments.

Mr. VISCLOSKY. Mr. Chairman, I appreciate the gentleman yielding, and I also rise in opposition to the amendment. I appreciate the gentlewoman's concern, but I would also voice the opinion that it is very premature, because this is, after all, about Yucca Mountain, and the site has not been decided upon. The chairman mentioned 6, 7 years. It might be longer than that, and the gentlewoman also suggested that while language in the report that talks about the State of Nevada transportation problem, we should be concerned about other States. I would just read a sentence or two from the committee report from page 119. This is our language: ``The Department should use available funds in fiscal year 2002 to initiate the selection of transportation routes in Nevada and other States in cooperation with the States and to begin planning for construction of a rail line to the repository site.'' So again, reluctantly, I also am very opposed to the gentlewoman's amendment.

Mr. VISCLOSKY. Mr. Chairman, I would also be happy to join with the Chair and announce my acceptance of the amendment from my distinguished classmate of the State of Ohio.

Mr. VISCLOSKY. Mr. Chairman, will the gentleman yield?

Mr. VISCLOSKY

Mr. VISCLOSKY. Mr. Chairman, reserving the right to object, I would just want to know who would control the time on each side.

Mr. VISCLOSKY. We would be happy to continue to work closely with the gentlewoman.