Congressman Denver Riggleman Delivers Facebook Live Address on the Export-Import Bank and the Week in Congress
WASHINGTON D.C. - Congressman Denver Riggleman gave a Facebook Live address this morning to speak about the Export-Import Bank and other issues in Congress this week.
"Export-Import bank, which is going to be called the EFA, has been around since 1934. It supports many jobs and commerce abroad." Said Congressman Riggleman. "Even though I am against this type of subsidy sometimes, this is actually returning money to the treasury, and we can help businesses in the 5th District.”
You can watch Congressman Riggleman's address here, and a full transcript can be found below.
Hey, good morning, 5th District.
There has been a lot going on this week, so we wanted to talk to you about some things that I have been working on in Financial Services Committee, but I know you are probably interested in what is happening at the border and what is happening with appropriations there.
Yesterday, I voted against a bill that was untenable and had a lot of poison pill amendments in that bill. We do know that the Senate has passed a bill yesterday for border appropriations. We are waiting right now to compare and contrast between the Senate bill between the House bill. We are waiting to see what conference says about it because the right way it should work is there should be a conference between the Senate and the House bill to see what the compare and contrast is and what we can vote on. As soon as we hear that and as soon as we do our compare and contrast because the bill dropped, we are going to make sure that gets back to you in the 5th District and talk about where we are. Again, I no voted yesterday because that bill was untenable. Hopefully, the bipartisan bill that comes out of the Senate, we can find some type of in the middle agreement or common-sense agreement for the border. I am hoping that we can come to that type of conclusion.
I have been working with some exciting things though on Financial Services Committee this week. Even though it fell apart yesterday based on partisanship within the committee, there is something going forward. Just like the USMCA, which we need to bring to a vote, I want to talk about the Export-Import Bank, which is going to be called the Export Finance Agency. I have some notes here and I am going to refer to the notes as we go along but I’ll tell you what I am doing, why we need this now. I have always had trepidation about anytime the government is involved in business but looking what is happening with the other export credit agencies like China, Russia, others that are not actually complying with OECD rules, there comes a time where we need to use American economic might through transparency and empowering small business to get ahead. Export-Import bank, which is going to be called the EFA, has been around since 1934. It supports many jobs and commerce abroad. I know some have talked about big companies utilizing this more than small companies, but if you look at big companies, that have a lot of small business vendors.
I have owned a small business company, you can have one big vendor have 1,800 small businesses that are actually supporting these types of jobs. So I know the real the real numbers and what has helped with American economy. Even though I am against this type of subsidy sometimes, you know using tax payer money, this is actually returning money to the treasury, and we can help businesses in the 5th District. The bank is up for reauthorization in September. We are currently debating legislation actually to implement some needed reforms. There is a provision in the bill I authored about China. As you know China steals intellectual property. They ignore human rights and they do undermine the hard work of honest Americans. China, last year in official funds of 36 billion dollars, used to build infrastructure, sometimes directly against us and other countries, and if anybody knows about economic spheres of influence, that is what we are trying to combat in a way that is, again, transparent to the American taxpayer and American businesses.
It is always something when you are a small business owner. But I have also been on the DOD service side and the manufacturing side and I find it interesting sometimes that there is always this conflict between private/public partnership or funding of banks. If you talked to me about the EXIM bank four or five years ago, I would automatically sort of cringe from it based on the fact that is taxpayer subsidized. But the more you learn and the more you learn about what is happening with us, which I believe is $70-80 billion being funded against us sometimes on infrastructure projects overseas. When you combine all these other EXIM banks from other countries, how do we use American might, transparency, small business transparency, and enable technology companies to compete? That could be infrastructure. It could be artificial intelligence and machine learning. It could be actually wireless infrastructure or anything of that nature. We have massive companies that have been doing very well. I am hoping that we can come to some kind of agreement, but again, my goal, since it is going to be reauthorized and we do not control the House, is to make sure that we have transparency, that we fight the Chinese threat, not only overseas but also in country and in the 5th District, but also make sure there is transparency in everything we do because that is the only thing that is going to make me happy, the American taxpayer happy, and my constituents.
So, a lot going on this week between the border, between the EXIM bank, Export Finance Agency now, and what we are doing. But I wanted to explain to you some of my thought processes as we go through, especially based on my experience in the Chinese space, the Department of Defense, big data, and also in building companies. I think it does help the 5th District that we can understand these issues. So again, please reach out to my office if you have questions about Export Finance Agency, if any questions about the border. We are trying our best to come to a bipartisan agreement. We just hope that this agreement does not have the number of poison pills that we saw on it yesterday. Thank you all! I will continue to be transparent and talk to you every day and I appreciate the fact that you support me and I am your 5th District Congressman. Again, I think it is Thursday, I sort of lose track of days up here sometimes, but try to have a great weekend coming up and best to your family and God bless.