Transcripts For CSPAN3 U.S. 20240627 : vimarsana.com

Changes from 2016 and 2020. They went forward in the courts and prevailed, mostly, up to the fifth Circuit Court of appeals. They prevailed significantly so here, too, it is worth level setting so it is highly unusual and i think we can see how highly unusual it is like this Court Unanimously saying these individuals dont have standing. It is a case that deals with what we could call form shopping or judicial shopping. You can finish watching this online at cspan. Org. We leave this to take your life to the house financial subcommittee hearing on u. S. Cooperation with china and the role of the Export Import Bank. You are watching live coverage on cspan three. With that, lets go to the gentleman from texas, who is the Small Business Committee Chairman recognized for five minutes. Mr. Chair and madam chair, thank you for being here today. Compared to other export credit agencies and International Financial institutions, the bank intends to move forward more slowly when approving deals. The process can take over six months and in some cases over a year. Other countries like china are approving deals more quickly which allows them to undercut western export credit agencies. I understand the importance of taking the time to vet deals, but i am concerned that the u. S. Would be overlooked if our approval process is known to be slower, which puts us at a competitive disadvantage. What is xm doing to improve deal timelines and ensure the bank remains competitive with its counterparts. Yes, congressman. One of the things weve been able to definitely do one of the things we realizes that our internal controls, which are very critical for any financial institution, we have been working to understand where we are in our processes and to move them quicker. We have also hired big four to help us revamp our internal control procedures so we can stand up and we are also standing up an independent new ethics division. We know our deals may take a little longer but we want to make sure we are continuing to do the Work Congress asked us to do in protecting the taxpayers and that is why Due Diligence may take a little longer but were doing what we can to move things faster. That is important. It seems the approval process has become even slower for fossil fuel related projects. We cannot allow foreign adversaries like china to gain a competitive advantage over the United States because the administration is restricting projects based on politics so madam chair, do deals in certain sectors take longer and if so, which sectors and why . As he said, congressman, i want to speak specifically to that. We believe we have a very serious role to play, especially in that industry, and to support as you know, we support all industries and workers in accordance with the statutory, regulatory and policy requirements but one of the things is that we review each deal on its merits. We stay in close contact with all parties involved and we are working through a lot of these deals, major project finance deals and they have often times, some very serious security concerns and with that, a lot of our underwriters do not have the clearances, but we are being very clear about those that do, to make them understand that we are taking the responsibility to look at all of these deals closer, and make sure we dont have any perceived delays. With maybe based on certain related projects that may not fit this administration . Could you provide the committee with a list of deals that have taken more than a year to consider . We can work with your staff and the committee on that, yes. Okay, if you would do that, that would be great. Chinas Road Initiative has expanded its influence globally through Infrastructure Investments raising security concerns for the United States. The belt Road Initiative has been criticized for creating debt dependencies. As the u. S. Seeks to counter chinas influence, we face the challenge of competing effectively without adopting a similar authoritarian or state driven practices. How does the Export Import Bank mitigate these risks and consider alternatives to chinas program . Thank you so much for the question because we believe we are working very aggressively to institute our program. We also from the board, modernized our content policy as it relates to 5g and other exports and also we believe using tools like make more in america to help build and keep manufacturing here in the United States is one of the big areas that is going to be transformative to help us compete with the prc. Has the number of vacancies in key positions entered exim banks . We have been working very aggressively with a new chief Human Capital officer and chief management officer to fill all of our vacancies and we have been moving very aggressively on those. I yield my time back. With that, we go to the gentleman from pennsylvania recognized for five minutes. Thank you very much, chair lewis. It is of course crucial to understand the importance of the Export Import Banks role in financing Global Projects in an aggressive manner. Exim is an aggressive tool to help American Companies. Your approval of significant fossil fuel projects in indonesia and bahrain indicates exims capacity. However, we need a commitment to remain project neutral especially concerning the 18 billion projects in mozambique and new guinea, allegations of delays. Secondly, the authorization, exims approach to congress, fiscal responsibility is critical so we must examine measures to enhance fiscal prudence. Lastly, less xm exim is to support American Companies effectively without encroaching on private sector business, so given president bidens recent ban on l and g exports, can you commit to being project neutral for 2l and be projects in mozambique and new guinea . As it relates, no decision has been made yet with respect to the amendment. Only approved financing for this project. We now as it relates to lngs project, for all of our deals xm conducts Due Diligence. There are so many individuals we have to continue to conduct Due Diligence with him because of all the political issues surrounding projects we work closely with interagency partners. One of the things, as you know, when the committee instituted a Nondiscrimination Policy we understand we write to our standard of reasonable insurance repayment as well as we work extremely hard to support all industries and to make sure that we uphold in all of our underwriting the policy requirements. Thank you. My guess is, though, you must be a little frustrated that to approve deal approval timeline so the bank remains competitive against belt road and such line absolutely. There are some projects that have been no fault of exims from a delay perspective. There are others that have security concerns and we would really love to have an opportunity to come speak with you or any member of the committee to discuss where we are in any of those projects. Okay, so reauthorization for exim is going to come up next congress, so your lending leverage, taxpayer dollars, fiscal responsibility is critical. How much is currently obligated . About 34 billion. And, we have a very strong pipeline. Okay, and you currently have this 2 cap on lens that can default before heavy penalties. Is that where do you stand on that . What is your feeling about that . One of the things that we have been in discussions about asking for that carveout form as well as its important for us to work with all of you to understand that no other eca or no other especially the prc does not have that type of constraint, but we are very clear that working to level the Playing Field is very important, and so getting a carveout on the default rate during reauthorization would also be very important for us. Okay, what is it now . What are you writing off . What is the default right . Its about 1. 012 right now. Okay, good. Thats excellent. Can you offer anything else as to your thoughts on what improvements or projects or Something Else that is top of mind with the Export Import Bank, and why you believe it is such an effective tool and something youre proud of . We are very proud of the fact of the c tap mandate congress awarded us. We are very proud of the fact that we have instituted a new program which is make more in america, to help build and keep manufacturing here in the United States. We believe the combination of c tap and additional tools thank you, chairman. Im out of time. I yield back. The gentleman from illinois, mr. Foster, is recognized for five minutes. Thank you, a thank you for joining us today, chair lewis. Exim has helped companies in illinois export roughly 6 billion of goods. The chicago and metropolitan region just celebrated its 11th Straight Year of being the number one region in the United States for businesses to locate into, and many of these businesses are hightech manufacturing businesses. Many of them reshoring jobs to build more in america. You know, it has been a longterm success in large part due to the high skilled Union Workforce that you can get in the chicago metro region, this is also a subject very dear to my heart because as you may know, i am one of the few manufacturers in the United States congress. When i was 19, my little brother and i started a company that manufactures the majority of theater lighting equipment and exports a big fraction of what we do, so we understand from the stress u. S. Manufacturing has gone through over the last 30 years and i really thank you for your role in mitigating that an out of the 241 projects exim has supported in illinois, im really happy to see that nearly three fourths of them have been from Small Businesses. Early in this administration, exim restarted its Outreach Division to engage American Companies about the services your bank can provide, so since restarting that effort, how has the exim bank been engaged with countries across the company that may benefit from assistance it provides because not every business knows you exist. We appreciate the question, congressman. We appreciate the committee continuing to work with us throughout state and localities, especially in the state of illinois. We just met with the governors team, talking about new products like you m. I. A. Thank you. I wanted to encourage you to reach out more to Small Businesses everywhere because some of them no and the ones that know are enthusiastic about your program and many of them look at me blankly when i talked to the chamber of commerce throughout the eight counties that i represent. In 2019, through the authorization of the exim bank, china authorize the export program which aims to counter subsidies in finance provided by the government of china and advanced competitiveness in Key Industries around the world and this is something i am personally very keenly aware of. We have had to compete with clone chinese products built with poorly paid labor for some period of time now and am proud that our company mainly succeeded but i should clarify, i no longer own a company. When i became congressman i [ inaudible ] in order to avoid conflicts of interest. How does exim bank order review of projects meant to counter chinas efforts and what other factors are considered in the banks agenda in this area . Congressman, these projects are highly privatized. When we were reauthorized, as you said, Congress Gave us a mandate in those particular areas and we are being very aggressive within our Global Business development team, with an rc tap team and with our Small Businesses and large and mediumsized businesses. We have, i believe, broken down a lot of those silos to make sure we are operating as a one exim effort and i think what people dont realize about us also is in the Small Business agreement for the last 21, 22, three, over 85 of our transactions have been in the Small Business arena. One of the things that makes your life difficult is that you compete against chinese projects that are frankly driven by corruption and many of the countries they operate in. You can see you are worried about your 2 failure rate. The chinese belt and Road Initiative is probably going to have 100 failure rate at having their loans repaid because they were not driven by actual Economic Analysis and market need, but just, you know, corruption and not very well thought out and use the riots in kenya today because of corrupt deals that have driven the country into debt. How do you deal with the corruption . One of the things we definitely see is that we are not doing [ inaudible ] that we are there promoting american businesses on value and quality. Thank you. I guess my time is up. I just want to thank you again for what youre doing for u. S. Manufacturing businesses. The gentleman yields back. With that, we have one more member who would like to have five minutes to discuss important and salient information from the testimony of our wonderful witness today. With that, we recognize the gentleman from georgia, mr. Loudermilk. Thank you, mr. Chairman. I apologize for my delay in getting back but thank you for your patience and being with us and i guess i am batting cleanup here today so we all get to take a break after this. Again, thank you for being here to testify as we lay the groundwork for reauthorizing the u. S. Exim bank. The banks most recent reauthorization sought realignment of the banks priorities stored strategic competition with china. The bank now oversees the china and Transformational Exports Program as has been discussed earlier today. While there is a clear Strategic Value in countering chinese export financing, i am concerned that ctap has not scaled fast enough. As the gentleman from kentucky pointed out, congress has earned no less than 20 of the banks hundred and 35 billion statutory Lending Authority for financing through ctap. That means youre supposed to reserve around 27 billion of your total Lending Authority for ctap but she stated that the banks total ctap transactions amounted only to around 3. 6 million. Could you explain in more detail why this is the case. Thank you for the question. One of these things is that some of these exports are not really conducive to debt financing. Some of them are in nascent industries. What weve seen in the last year and definitely the last year and a half is an uptick in the specialty areas, and some of the not specialty, but transformational areas around medical efficiency, wireless and renewables and we continue to not only drill down in those areas but to look more broadly at the transformational areas to see how we can offer up our tools to assist u. S. Businesses to compete, and when. So, you mentioned earlier, a strong pipeline of projects but we will want to see strong sides bid them if were going to reauthorize the bank in the next congress so could you briefly share how you plan to scale up that authority . We have issued letters of interest, over 186 of those. We think that in this particular time period, those letters of interest have been interested primarily in the Energy Storage and Wireless Communications sector, but this gives us the first review of looking at those projects. It also gives us an opportunity to develop those relationships and to do the type of engagements that will be needed. We see those as interest been very important since it signals to the marketing gives us an opportunity to convert many of those to actual projects. Thank you. During the last reauthorization debate i saw the utility at the bank as a National Security and strategic tool but was also sympathetic to some of the arguments from those opposed to reauthorizing the bank. I am still concerned with striking a balance between aggressively countering china and maintaining exim as a tool of last resort mainly so we are not competing with the private sector and i think that is a concern of those who are in opposition to this. In your opinion, how do we balance those two priorities . Youre right, we need to always be striking that balance and in striking that balance, one of the Things Congress is very clear about, that we are supposed to be crowding in, not crowding out the private sector. We are supposed to be additional to any transaction. Those are things underwriters right to as standards, but one of the things we do know is that many foreign competitors get a lot of support from their Financial Institutions and from their governments, especially the prc. Right now there are over 115 export agencies around the world and so if we are not there, congressman, some of the government is, and especially the prc. We are in a different era than what maybe even our founders expected us to be and especially with these heavily subsidized competing nations. Just to shift a little bit, in your opinion, how should we calibrate a potential default rate cap increase to balance aggressive financing with sound Circuit Court<\/a> of appeals. They prevailed significantly so here, too, it is worth level setting so it is highly unusual and i think we can see how highly unusual it is like this Court Unanimously<\/a> saying these individuals dont have standing. It is a case that deals with what we could call form shopping or judicial shopping. You can finish watching this online at cspan. Org. We leave this to take your life to the house financial subcommittee hearing on u. S. Cooperation with china and the role of the Export Import Bank<\/a>. You are watching live coverage on cspan three. With that, lets go to the gentleman from texas, who is the Small Business<\/a> Committee Chairman<\/a> recognized for five minutes. Mr. Chair and madam chair, thank you for being here today. Compared to other export credit agencies and International Financial<\/a> institutions, the bank intends to move forward more slowly when approving deals. The process can take over six months and in some cases over a year. Other countries like china are approving deals more quickly which allows them to undercut western export credit agencies. I understand the importance of taking the time to vet deals, but i am concerned that the u. S. Would be overlooked if our approval process is known to be slower, which puts us at a competitive disadvantage. What is xm doing to improve deal timelines and ensure the bank remains competitive with its counterparts. Yes, congressman. One of the things weve been able to definitely do one of the things we realizes that our internal controls, which are very critical for any financial institution, we have been working to understand where we are in our processes and to move them quicker. We have also hired big four to help us revamp our internal control procedures so we can stand up and we are also standing up an independent new ethics division. We know our deals may take a little longer but we want to make sure we are continuing to do the Work Congress<\/a> asked us to do in protecting the taxpayers and that is why Due Diligence<\/a> may take a little longer but were doing what we can to move things faster. That is important. It seems the approval process has become even slower for fossil fuel related projects. We cannot allow foreign adversaries like china to gain a competitive advantage over the United States<\/a> because the administration is restricting projects based on politics so madam chair, do deals in certain sectors take longer and if so, which sectors and why . As he said, congressman, i want to speak specifically to that. We believe we have a very serious role to play, especially in that industry, and to support as you know, we support all industries and workers in accordance with the statutory, regulatory and policy requirements but one of the things is that we review each deal on its merits. We stay in close contact with all parties involved and we are working through a lot of these deals, major project finance deals and they have often times, some very serious security concerns and with that, a lot of our underwriters do not have the clearances, but we are being very clear about those that do, to make them understand that we are taking the responsibility to look at all of these deals closer, and make sure we dont have any perceived delays. With maybe based on certain related projects that may not fit this administration . Could you provide the committee with a list of deals that have taken more than a year to consider . We can work with your staff and the committee on that, yes. Okay, if you would do that, that would be great. Chinas Road Initiative<\/a> has expanded its influence globally through Infrastructure Investments<\/a> raising security concerns for the United States<\/a>. The belt Road Initiative<\/a> has been criticized for creating debt dependencies. As the u. S. Seeks to counter chinas influence, we face the challenge of competing effectively without adopting a similar authoritarian or state driven practices. How does the Export Import Bank<\/a> mitigate these risks and consider alternatives to chinas program . Thank you so much for the question because we believe we are working very aggressively to institute our program. We also from the board, modernized our content policy as it relates to 5g and other exports and also we believe using tools like make more in america to help build and keep manufacturing here in the United States<\/a> is one of the big areas that is going to be transformative to help us compete with the prc. Has the number of vacancies in key positions entered exim banks . We have been working very aggressively with a new chief Human Capital<\/a> officer and chief management officer to fill all of our vacancies and we have been moving very aggressively on those. I yield my time back. With that, we go to the gentleman from pennsylvania recognized for five minutes. Thank you very much, chair lewis. It is of course crucial to understand the importance of the Export Import Bank<\/a>s role in financing Global Projects<\/a> in an aggressive manner. Exim is an aggressive tool to help American Companies<\/a>. Your approval of significant fossil fuel projects in indonesia and bahrain indicates exims capacity. However, we need a commitment to remain project neutral especially concerning the 18 billion projects in mozambique and new guinea, allegations of delays. Secondly, the authorization, exims approach to congress, fiscal responsibility is critical so we must examine measures to enhance fiscal prudence. Lastly, less xm exim is to support American Companies<\/a> effectively without encroaching on private sector business, so given president bidens recent ban on l and g exports, can you commit to being project neutral for 2l and be projects in mozambique and new guinea . As it relates, no decision has been made yet with respect to the amendment. Only approved financing for this project. We now as it relates to lngs project, for all of our deals xm conducts Due Diligence<\/a>. There are so many individuals we have to continue to conduct Due Diligence<\/a> with him because of all the political issues surrounding projects we work closely with interagency partners. One of the things, as you know, when the committee instituted a Nondiscrimination Policy<\/a> we understand we write to our standard of reasonable insurance repayment as well as we work extremely hard to support all industries and to make sure that we uphold in all of our underwriting the policy requirements. Thank you. My guess is, though, you must be a little frustrated that to approve deal approval timeline so the bank remains competitive against belt road and such line absolutely. There are some projects that have been no fault of exims from a delay perspective. There are others that have security concerns and we would really love to have an opportunity to come speak with you or any member of the committee to discuss where we are in any of those projects. Okay, so reauthorization for exim is going to come up next congress, so your lending leverage, taxpayer dollars, fiscal responsibility is critical. How much is currently obligated . About 34 billion. And, we have a very strong pipeline. Okay, and you currently have this 2 cap on lens that can default before heavy penalties. Is that where do you stand on that . What is your feeling about that . One of the things that we have been in discussions about asking for that carveout form as well as its important for us to work with all of you to understand that no other eca or no other especially the prc does not have that type of constraint, but we are very clear that working to level the Playing Field<\/a> is very important, and so getting a carveout on the default rate during reauthorization would also be very important for us. Okay, what is it now . What are you writing off . What is the default right . Its about 1. 012 right now. Okay, good. Thats excellent. Can you offer anything else as to your thoughts on what improvements or projects or Something Else<\/a> that is top of mind with the Export Import Bank<\/a>, and why you believe it is such an effective tool and something youre proud of . We are very proud of the fact of the c tap mandate congress awarded us. We are very proud of the fact that we have instituted a new program which is make more in america, to help build and keep manufacturing here in the United States<\/a>. We believe the combination of c tap and additional tools thank you, chairman. Im out of time. I yield back. The gentleman from illinois, mr. Foster, is recognized for five minutes. Thank you, a thank you for joining us today, chair lewis. Exim has helped companies in illinois export roughly 6 billion of goods. The chicago and metropolitan region just celebrated its 11th Straight Year<\/a> of being the number one region in the United States<\/a> for businesses to locate into, and many of these businesses are hightech manufacturing businesses. Many of them reshoring jobs to build more in america. You know, it has been a longterm success in large part due to the high skilled Union Workforce<\/a> that you can get in the chicago metro region, this is also a subject very dear to my heart because as you may know, i am one of the few manufacturers in the United States<\/a> congress. When i was 19, my little brother and i started a company that manufactures the majority of theater lighting equipment and exports a big fraction of what we do, so we understand from the stress u. S. Manufacturing has gone through over the last 30 years and i really thank you for your role in mitigating that an out of the 241 projects exim has supported in illinois, im really happy to see that nearly three fourths of them have been from Small Business<\/a>es. Early in this administration, exim restarted its Outreach Division<\/a> to engage American Companies<\/a> about the services your bank can provide, so since restarting that effort, how has the exim bank been engaged with countries across the company that may benefit from assistance it provides because not every business knows you exist. We appreciate the question, congressman. We appreciate the committee continuing to work with us throughout state and localities, especially in the state of illinois. We just met with the governors team, talking about new products like you m. I. A. Thank you. I wanted to encourage you to reach out more to Small Business<\/a>es everywhere because some of them no and the ones that know are enthusiastic about your program and many of them look at me blankly when i talked to the chamber of commerce throughout the eight counties that i represent. In 2019, through the authorization of the exim bank, china authorize the export program which aims to counter subsidies in finance provided by the government of china and advanced competitiveness in Key Industries<\/a> around the world and this is something i am personally very keenly aware of. We have had to compete with clone chinese products built with poorly paid labor for some period of time now and am proud that our company mainly succeeded but i should clarify, i no longer own a company. When i became congressman i [ inaudible ] in order to avoid conflicts of interest. How does exim bank order review of projects meant to counter chinas efforts and what other factors are considered in the banks agenda in this area . Congressman, these projects are highly privatized. When we were reauthorized, as you said, Congress Gave<\/a> us a mandate in those particular areas and we are being very aggressive within our Global Business<\/a> development team, with an rc tap team and with our Small Business<\/a>es and large and mediumsized businesses. We have, i believe, broken down a lot of those silos to make sure we are operating as a one exim effort and i think what people dont realize about us also is in the Small Business<\/a> agreement for the last 21, 22, three, over 85 of our transactions have been in the Small Business<\/a> arena. One of the things that makes your life difficult is that you compete against chinese projects that are frankly driven by corruption and many of the countries they operate in. You can see you are worried about your 2 failure rate. The chinese belt and Road Initiative<\/a> is probably going to have 100 failure rate at having their loans repaid because they were not driven by actual Economic Analysis<\/a> and market need, but just, you know, corruption and not very well thought out and use the riots in kenya today because of corrupt deals that have driven the country into debt. How do you deal with the corruption . One of the things we definitely see is that we are not doing [ inaudible ] that we are there promoting american businesses on value and quality. Thank you. I guess my time is up. I just want to thank you again for what youre doing for u. S. Manufacturing businesses. The gentleman yields back. With that, we have one more member who would like to have five minutes to discuss important and salient information from the testimony of our wonderful witness today. With that, we recognize the gentleman from georgia, mr. Loudermilk. Thank you, mr. Chairman. I apologize for my delay in getting back but thank you for your patience and being with us and i guess i am batting cleanup here today so we all get to take a break after this. Again, thank you for being here to testify as we lay the groundwork for reauthorizing the u. S. Exim bank. The banks most recent reauthorization sought realignment of the banks priorities stored strategic competition with china. The bank now oversees the china and Transformational Exports Program<\/a> as has been discussed earlier today. While there is a clear Strategic Value<\/a> in countering chinese export financing, i am concerned that ctap has not scaled fast enough. As the gentleman from kentucky pointed out, congress has earned no less than 20 of the banks hundred and 35 billion statutory Lending Authority<\/a> for financing through ctap. That means youre supposed to reserve around 27 billion of your total Lending Authority<\/a> for ctap but she stated that the banks total ctap transactions amounted only to around 3. 6 million. Could you explain in more detail why this is the case. Thank you for the question. One of these things is that some of these exports are not really conducive to debt financing. Some of them are in nascent industries. What weve seen in the last year and definitely the last year and a half is an uptick in the specialty areas, and some of the not specialty, but transformational areas around medical efficiency, wireless and renewables and we continue to not only drill down in those areas but to look more broadly at the transformational areas to see how we can offer up our tools to assist u. S. Businesses to compete, and when. So, you mentioned earlier, a strong pipeline of projects but we will want to see strong sides bid them if were going to reauthorize the bank in the next congress so could you briefly share how you plan to scale up that authority . We have issued letters of interest, over 186 of those. We think that in this particular time period, those letters of interest have been interested primarily in the Energy Storage<\/a> and Wireless Communications<\/a> sector, but this gives us the first review of looking at those projects. It also gives us an opportunity to develop those relationships and to do the type of engagements that will be needed. We see those as interest been very important since it signals to the marketing gives us an opportunity to convert many of those to actual projects. Thank you. During the last reauthorization debate i saw the utility at the bank as a National Security<\/a> and strategic tool but was also sympathetic to some of the arguments from those opposed to reauthorizing the bank. I am still concerned with striking a balance between aggressively countering china and maintaining exim as a tool of last resort mainly so we are not competing with the private sector and i think that is a concern of those who are in opposition to this. In your opinion, how do we balance those two priorities . Youre right, we need to always be striking that balance and in striking that balance, one of the Things Congress<\/a> is very clear about, that we are supposed to be crowding in, not crowding out the private sector. We are supposed to be additional to any transaction. Those are things underwriters right to as standards, but one of the things we do know is that many foreign competitors get a lot of support from their Financial Institutions<\/a> and from their governments, especially the prc. Right now there are over 115 export agencies around the world and so if we are not there, congressman, some of the government is, and especially the prc. We are in a different era than what maybe even our founders expected us to be and especially with these heavily subsidized competing nations. Just to shift a little bit, in your opinion, how should we calibrate a potential default rate cap increase to balance aggressive financing with sound Risk Management<\/a> while keeping the bank a lender of last resort . Absolutely, congressman. Exim celebrated its 90th anniversary. We think there is still so much more we can do for our exporters to be able to use exims programs. We believe that as you know, no one gets any special treatment at exim bank. Transactions are consistent with our legal requirements, financial requirements and technical requirements, and we are going to continue to do that type of work to ensure that our companies can stay competitive and not just be competitive, but also to win. The gentleman yields back. The gentleman from iowa is recognized for five minutes. Thank you very much. I want to appreciate president lou for being here with us today. I think we all know that we are currently in a new era of global competition and that we are faced off with our greatest adversary here being china and literally in this case, all the chips on the table when it comes to this, specifically our challenges in the Global Economic<\/a> leadership are very real. The u. S. Possesses several critical tools, as we know, to remain a global civil superpower. The import export bank is one of the tools to support those jobs. The Export Import Bank<\/a> is help generate nearly a quarter of 1 billion in economic value in my home state of iowa, so i want to thank you for your leadership on this, for her for mistaken manufacturers and being here today to help keep america a leader in this era. With this i want to speak specifically to the Chinese Communist<\/a> partys ownership and things like telecommunications, their investment and things like the deepwater ports we are seeing in south america. Peru, specifically. Economic corridors to pakistan, bridges and roads being built in cambodia. The list goes on and on. Chinas boston Road Initiative<\/a> will know has targeted and penetrated a huge amount of the economic lobe and is an area we need to be looking to combat this. Can you provide topline ways the u. S. Can help combat this and specifically prevent the ccp taken ownership of other countries . Absolutely. As you said, the competition is fierce and we have the sense of urgency at exim bank , especially with the mandate you all have provided us and the new tools we are creating in the new flexibilities we are giving in terms of providing tenors and looking at the terms much more than having the ability to assist our companies. That is one of the reasons why we have been here to discuss how to continue to level the Playing Field<\/a> and carve out early authorization. We believe thats going to be very important. Where is the exim bank going . In the runway had, where can we be most effective . I think we are most effective in this conversation were having today about ctap. We are looking to continue to see how we can work with all of you so that the market is clear that exim is a stable institution, that exim has been revitalized that exim has strong bipartisan support. All of those are areas i believe would be very important as a signal to the market that exim is not only back in business but can also deliver results around the mandates we are supporting as well as supporting all sectors. I think it is important when it comes to Critical Technologies<\/a> that we are sending a clear message to competitors, particularly those coming out of beijing. In 2019 the reauthorization made an impact and we saw a change in behavior. Do you see any of these same changes in behavior and what the bank is doing now that is helping us counter chinas influence . Absolutely. We have been ramping up the work we are doing in ctep, the numbers that we have been discussing around the wireless, over 542 million Energy Storage<\/a>, 195 million. Renewable energy, over the largest deal we did, which was in angola for 962 million. All of those came under the ctep mandate. I think what others are seeing , and it bears out no matter where i am traveling to, that exim is a force to now be reckoned with. I like to hear that. Two things real quick. The department of commerce is working on american dual use technologies. I want to thank military capabilities here, ai, hypersonic spread how does your team coordinate with commerce on it . We work with commerce very closely. We work closely with all units in the department of commerce as well as other interagency partners. We believe working together as a whole of government allows all of us to be a force multiplier. Youve got the connective tissue you need there to be successful, do you agree with that . Yes. Real quick, your foreign export credit competitors have been accused of unfair practices to gain advantage. Does that compete with u. S. Agencies at all . There are definitely unfair practices throughout, especially with the prc. Copy that. Thank you very much, mr. Chair. Yelp my time. Copy that. We will recognize the Ranking Member<\/a> for point of personal privilege here. Thank you so much and thank you again to a witness and colleagues. I have the distinct honor today to have in our hearing room from my district, the recipient firstplace of my congressional art competition, olivia, and so we want to congratulate you. He she has her sibling and her parents, also a Small Business<\/a> owners, so i invited them to come in because her mother, who is a physician, also has a Small Business<\/a> downtown and president chair, she might also have a product that as a Small Business<\/a> owner, might be eligible to be in your export impact. Thank you, mr. Chairman, and i yelled back. And, her father is also here so i wanted to make sure. Both her parents. Congratulations. I will have to go by the longwall and take a look at your masterpiece. Thank you for being here today. I have one more question, i want to put a little piece of information on the record real quick while we have you here, miss lewis and that is with regard to exim statutory unders underwriting standard of reasonable assurance of repayment versus the department of energy loan program. Their underwriting standard is the reasonable probability of repayment. I realize it is cutting hairs. That is what we do around here. Words mean something. This does have a significant effect and again, i think my question is going to be, do you support changing it from insurance to probability so you can have more flexibility and be able to compete better with the ctp stuff . The standard that our underwriters right to, you are correct, mr. Chairman, is the reasonable assurance of repayment because that is the standard congress has asked us to be able to make sure that we have bankable, commercial and viable deals. We look forward to working with the committee on any measure that you would want to put forth to exim bank. I think thats a good place to start for some of the negotiations because i think you need the flexibility again to be able to compete and that is what we are talking about here today is being able to compete with china and allow the exim bank to be a partner in that. With that i would like to thank ms. Lewis for being here today, and your testimony. Appreciate your working with us through our votes series. All members have five legislative days in which to submit additional questions to the chair to be forwarded to the witness for response. With that, the hearing is adjourned. Since 1979 in partnership with the cable industry, cspan has provided coverage in the halls of congress from the house and Senate Floors<\/a> t congressional hearings, party briefings and committee meetings. 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