GOOD MORNING
I WOULD LIKE TO EXTEND A WELCOME TO YOU MR. HARMON, AND TO YOU MS. CLEGG. CONGRATULATIONS ON YOUR NOMINATIONS. I APPRECIATED OUR CHANCE TO GET ACQUAINTED THE OTHER DAY.
AS A FORMER BUSINESSMAN WHO HAS DONE EXTENSIVE WORK ABROAD, I APPRECIATE THE IMPORTANT WORK THE EXIM BANK IS ENGAGED IN. EXPORTS ARE INCREASINGLY IMPORTANT TO OUR ECONOMY.
LET ME PROVIDE YOU WITH SOME STATISTICS. U.S. EXPORTS ACCOUNT FOR 12.3% OF U.S. GDP. THESE EXPORTS SUPPORT OVER 11 MILLION U.S. JOBS AND HAVE BEEN RESPONSIBLE FOR ONE THIRD OF U.S. ECONOMIC GROWTH DURING THE 1990s. ACCORDING TO RECENT STUDIES, EXPORT RELATED JOBS PAY 13% MORE ON AVERAGE, GROW FASTER AND ARE MORE STABLE. WITH 94% OF THE WORLD'S POPULATION LOCATED OVERSEAS AND THE U.S. ECONOMY AT A MATURE LEVEL OF GROWTH, THERE IS NO QUESTION THAT GROWING EXPORTS ARE CRITICAL TO THE FUTURE ECONOMIC WELFARE OF THE U.S. THESE STATISTICS ARE IMPORTANT FOR US AS LEGISLATORS TO UNDERSTAND. THEY REENFORCE THAT THE U.S. IS ENGAGED IN A GLOBAL ECONOMY.
NOW, THERE ARE MANY IMPORTANT ISSUES FOR US TO DISCUSS HERE TODAY. I HAVE ALWAYS MAINTAINED THAT WE MUST TAKE A HARD LOOK AT EACH GOVERNMENT PROGRAM. WHAT WORKED 20 YEARS AGO MAY NOT WORK TODAY. WE NEED TO BE SURE THAT ALL PROGRAMS ARE UP TO DATE AND ACTUALLY NECESSARY. THIS SAID, IT IS CRITICAL THAT PROGRAMS THAT SUPPORT U.S. EXPORTS AND PROMOTE U.S. COMPETITIVENESS ABROAD WITH AS LITTLE INTERFERENCE IN THE PRIVATE MARKETS AS POSSIBLE.
I LOOK FORWARD TO HEARING FROM OUR NOMINEES TODAY.
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