Tim Scott Asks Nominee How US Can 'Leverage' Export-Import Bank In Competition With China

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During a Senate Banking Committee hearing last week, Sen. Tim Scott (R-SC) spoke about the US Export-Import Bank.

Transcript

00:00I'll start the questions off five minutes each for each senator.

00:04Mr. Yovanovitch, as you know, Ex-Im's mission set includes promoting U.S. exports,

00:10supporting American job creation in small businesses,

00:13as well as building supply chain resiliency in strategic industries.

00:17If you are confirmed as president and chairman of the Ex-Im Bank,

00:20how will you lead the bank to accomplish this mission?

00:24Senator, thank you very much for the question,

00:26and thank you for having generously taken the time with you and your staff

00:29to discuss this issue.

00:31I know it means a great deal to you, and it means a great deal to me.

00:34The Export-Import Bank, I believe, is best positioned to help deliver

00:38on President Trump's agenda of economic revitalization.

00:42And it's fairly simple.

00:43How do we help American companies make more here in America?

00:47How do we expand the overseas markets where they could sell their products and services?

00:52And all the while, how can we make sure that we're supporting

00:54and creating more of those well-paying U.S. jobs?

00:57And so I think in order to do so, we have to continue to keep the bank focused

01:02on building up a very resilient supply chain.

01:05And that means working with small businesses,

01:07which is about 90% of what the bank does today, Senator.

01:10And I think there are ways we could do it more effectively and efficiently.

01:14Furthermore, the challenge that we face from China is grave.

01:18As we discussed during our meeting in your office,

01:21the G7 that's being convened in a few days.

01:24If we take the past few years of export credit support

01:28that China has offered to its companies,

01:31it would equate to 90% of the entire G7 combined.

01:35And so if we're able to use our tools effectively

01:38and catalyze and bring in private sector capital from the United States,

01:42I believe we can achieve this mission.

01:44And I'd be honored at the opportunity to work with you

01:47and with the committee and your staff to make it happen.

01:49Let me follow up on the China comment.

01:51As you know, the U.S. is engaged in a great power competition with China and the CCP.

01:56Trade disputes and technological advancements have underscored

02:00the importance of securing our own supply chains

02:03and maintaining our lead in transformational industries and technologies.

02:07How do you view the Ex-Im Bank in this great competition?

02:11And how do we leverage the resources at the Ex-Im Bank to win this competition?

02:15Senator, it's a great question.

02:17And I firmly believe that Ex-Im has all of the right tools that we need to deploy

02:23to help ensure that we can take back control over some of the most vital supply chains

02:27that not just American companies but everyday Americans rely on

02:31and they don't even know it.

02:33The best way to do so, I believe, Senator,

02:35and I'd be honored to have the opportunity to do so,

02:37is to bring them all together in one cohesive strategy

02:40that puts this issue at the center and focal point.

02:44Mr. Brooke, you've been nominated to oversee the Treasury Department's trade mission.

02:48In this capacity, you will be tasked with promoting American investments abroad,

02:53fostering partnerships between domestic and foreign financial institutions,

02:57and promoting U.S. interests in the global economy.

02:59If confirmed for your role, what would be your priorities

03:02and how do you envision working to accomplish your mission?

03:07Thank you so much for the question, Senator,

03:09and thank you to you and your staff for everything you've done

03:11as we prepare for this hearing.

03:13As you mentioned, it's very important that the Treasury Department is active in this space.

03:18If confirmed, my priorities would be to promote economic growth,

03:22ensure that international institutions return to the basics.

03:25Looking at multilateral development banks in particular,

03:28it's important to ensure that the U.S. development financing

03:31advances our national interest,

03:33including countering China's coercive economic and debt practices.

03:36It's also important that these multilateral institutions focus on their core missions of economic growth and poverty reduction.

03:44And it's also important that we maximize the use of the U.S. taxpayer dollars.

03:49For my remaining minute or so, Mr. Treanor, you've been nominated to lead HUD's Office of Fair Housing and Equal Opportunity,

03:57the office responsible for enforcing the Fair Housing Act and addressing housing discrimination across the country.

04:03You've shared with us your personal model, dignity of the individual.

04:08I actually find that to be a really strong, positive way of identifying a mission, so to speak,

04:17especially in the role of fair housing, can you speak to why this office is not only vital to HUD's mission,

04:23but also personally meaningful to you, given your lifelong commitment to protecting individual rights?

04:30Thank you for that question, Mr. Chairman, and I want to thank you and your staff.

04:34They've been extraordinarily gracious throughout this process.

04:38I know how important dignity of the individual is to you, and I know you live it as well, sir.

04:43So I would say this. HUD's mission is to support strong and sustainable communities and quality, affordable housing

04:52while being mindful and serving our most vulnerable fellow Americans.

04:58It is often our most vulnerable who find themselves in need of the protections of the law,

05:03particularly the nondiscrimination principles and due process.

05:05As someone who has spent a career ensuring that everyone's dignity was protected,

05:12that nondiscrimination was addressed, and that everyone was equal before the law,

05:18it is a capstone of that career to have President Trump nominate me,

05:22particularly in a time of housing shortage and housing challenge,

05:26to be the one who oversees the office, along with Secretary Turner's leadership,

05:30to ensure that the American dream is not lost,

05:34and that our fellow Americans who find a place that they're willing to call home,

05:38contribute to a community, raise their family,

05:40that there is no invidious reason that they are not able to do that.

05:43So this is deeply meaningful to me, sir.

05:46Thank you, Mr. Traynor.

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