Word: opic
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...substantial dollar currency reserves.” According to the recent bills, should a country be identified as a currency manipulator, the U.S. government would then impose punitive antidumping tariffs on imports from the country. In addition, one of the bills stipulates that the Overseas Private Investment Corporation (OPIC) could not approve any new financing with respect to a project located in a country whose currency was deemed fundamentally misaligned. Considering both bills’ recent high levels of support in Congress, many expect the introduction of a consolidated bill soon, one that incorporates all of these ideas into...
...legislation’s political consequences, however, are manifest. By taxing Chinese imports, the United States would adopt a protectionist stance that would set an international precedent contradictory to the promotion of free trade. Further, in forcing OPIC to deny new financing to countries with “fundamentally misaligned currencies,” the bill would distance the U.S. from the very emerging market economies that the government would want to participate in free trade...
...from cargo ocean liners to sugarcane. And like other profitable businesses, it collects subsidies--or, more accurately, corporate welfare--from local, state and federal governments. Indeed, officials trip over one another in the rush to extend taxpayer support to Seaboard--from the Federal Government's Overseas Private Investment Corp. (OPIC) in Washington to the Kansas state agency responsible for industrial development, to the utility authority in little Guymon, Okla. Wherever Seaboard is, there is a government throwing money at it. Money the company uses to build and equip plants, hire and train workers, export its products and expand overseas...
...recount, for a moment, some of Seaboard's corporate welfare in the 1990s: Minnesota provided more than $3 million in economic incentives; Kentucky, $23 million; Kansas, $10 million; and Oklahoma, $100 million. The Federal Government's OPIC provided $25 million in insurance for business ventures abroad. As for the financial burdens imposed on other taxpayers by virtue of Seaboard's presence, no one knows the cost. It is in the tens of millions of dollars. And all this for jobs that pay little more than poverty-level wages...
...potentially worth half a billion dollars from the Department of Energy to conduct research in such areas as turbine systems for utilities--a core business of GE for decades. The Eximbank arranged more than $3 billion in financing or loan guarantees on some 40 GE projects in 20 countries. OPIC insured four GE projects worth $213 million...