Trump Nominees Tremble As Elizabeth Warren Probes Them On Where Investor Money Goes

Thank you, Chairman. So last year, EXIM authorized almost $9 billion in direct loans, loan guarantees, and insurance to help support U.S. exports. When Congress reauthorizes the EXIM Bank, we can use that financial support to reduce our reliance on China for critical supply chains. EXIM also helps small businesses in the United States grow and compete. We see this the same way. So I want to focus on one specific application that could be coming before EXIM soon. Earlier this year, public reports revealed that President Trump's sons had invested in a company seeking $900 million in EXIM financing for a mining operation in Kazakhstan. EXIM sent the company a letter signaling preliminary interest in financing the project. Mr. Slade, you currently serve as a senior counselor at EXIM. Do you know how much President Trump's sons and his partners invested in this project? First of all, Senator, I would like to thank you for your longstanding support for the bank. Thank you. Do you know how much they invested in this project? Actually I do not know. Mr. Regas, do you know how much they invested in this project? No. $70 million. So we are not talking about chump change here on this investment. Mr. Regas, you say you want to join the EXIM Bank to help American businesses grow and compete. Would a $900 million EXIM loan to finance this Kazakhstan mining operation likely help boost the mine's profitability and therefore generate a big return for the mine's investors like President Trump's sons? Senator, I'm not familiar with that transaction, but I do know the bank is governed by its charter and by its underwriting. It's not my question, Mr. Regas. My question is, would a $900 million loan provide a huge benefit to the investors of a company? There's no way for me to know that. Oh, really? So, you're just putting out this money and maybe it helps the investors and maybe it doesn't? I thought you just said the whole point of this money is to help boost these companies and that in turn, of course, boosts the investors, doesn't it, Mr. Regas? The bank has an underwriting process. I understand that, Mr. Regas. I'm asking you a simple question. If a company gets a $900 million loan, is that likely to be helpful to the company and in turn to the company's investors? Is that a hard question to answer? It would depend on the terms of the loan. Is that a hard question to answer? You don't think these are helpful loans that you're putting out? If it's a loan from the Ex-Im Bank? Yes. I have to understand what the terms of the loan are, but presumably, it would be a loan that would be beneficial to the company if Ex-Im is taking the loan. And if it's beneficial to the company, is it beneficial to the investors in that company? That would seem to logically. That would seem logical. And if those investors are President Trump's sons, looks like they get a pretty good deal, huh? Huh? Ma'am, look, I am not at the bank. I know the bank has strict underwriting procedures. Yeah, I'm sure. And every customer is treated the same. Let's find out about those procedures. Mr. Slade, do any current bank ethics rules prevent the President of the United States and his family from profiting from an Ex-Im loan? As I mentioned during my presentation, I've been working with the bank for 35 years, and I am confident based on my experience. I'm asking you a question. Are there any ethics rules to prevent the President or his family from profiting from an Ex-Im loan? The bank has the highest grade procedures, screening process. It's a really easy question. I've actually looked at your rules, so you know I know the answer. You can dance as long as you want, or as long as the Chairman lets you. Are there any rules to prevent this? We have our own screening process. Are there any ethics rules to prevent this? Let me tell you the answer there. The answer is no. I know you don't want to have to say that, but the answer is no. So Mr. Slade, let's say the White House called and told you to approve an Ex-Im loan that benefits the President's son. Would you take the call, or would you report it to Congress and the Inspector General? I am certain, if I am confirmed as Vice Chairman of the bank, that I will, as the bank has always during these 35 years that I've been involved with it, apply the highest ethics standards. Will you take the call, or will you report it to us? I will make sure, as every other member of Ex-Im's staff, we'll comply with all of our ethics requirements, irrespective of who the applicant may be. That kind of dodgeball tells me the President is getting just who he wants at Ex-Im. Senator Rowne. Thank you, Mr. Chairman. Let me see if I can clear this up a little bit.