Speech #930265517

Hopefully. p lapse in the Banks authority will reduce the arrogance of its present management and result In better administration of the program in the future. During the last year. there has been considerable controversy surrounding the activities of the ExportImport Bank. particularly with respect to loans and guarantees by the Bank for energy projects overseas and for investments in the Soviet Union. On December 11. 1973. the House of Representatives made it clearby a vote of 319 to 80that it opposes loans and credits to the Soviet Union at the present time due to their restrictive emigration policies. The same amendment is supported in the Senate by 78 Senators. Support for that amendment has been strengthened by the continuing repression in the Soviet Union. It is most disturbing that since the overwhelming vote in the House of Representatives on December 11. 1973. the Bank has rushed ahead and approved over $100 million in loans and guarantees to the Soviet Unioneven though the last several months have raised the most serious questions about civil liberties in the Soviet Union. These loans are being made despite a recent resolution. cosponsored by 220 Members of the House. expressing the sense of the House that these loans should be held up in light of the vote on the freedom of emigration amendment. In addition. the exact wording of the commercial agreements between the United States and the U.S.S.R. on October 18. 1972. were only recently revealed. In a speech in the Senate on February 7. 1974. the senior Senator from New Jersey stated: Mr.