Dozens Of Republicans Urge Speaker Boehner To Reauthorize Ex-Im Bank
Dear Speaker Boehner and Leader-Elect McCarthy:
As you know, authorization for the U.S. Export-Import Bank (Ex-Im) is set to expire on September 30, 2014 unless action is taken by Congress. We believe that Congress should move forward with a multi-year reauthorization of Ex-Im that provides certainty and stability for U.S. manufacturers and exporters of all sizes. As the House legislative calendar continues to narrow before the Bank’s expiration, we respectfully request that you work with all stakeholders to expedite consideration of Ex-Im reauthorization to ensure job creators in our districts have the certainty they need to compete in the global marketplace.
Ex-Im plays an important role in supporting U.S. exports and creating and maintaining U.S. jobs. In Fiscal Year 2013 (FY13), for instance, Ex-Im enabled more than $37 billion in export sales from more than 3,800 U.S. companies, supporting approximately 205,000 American jobs, all at no cost to the taxpayers. Last year the Bank set a new record in its support for small business, approving more than 3,400 small business transactions. In fact, small business accounted for nearly 90 percent of the Bank’s transactions last year. Moreover, small businesses and suppliers across all fifty states that depend directly or indirectly on Ex-Im’s export financing.
In a perfect world, this type of export financing would not be necessary. We are glad to see the U.S. government is engaged in on-going efforts to address trade finance issues on both a bilateral and multilateral basis, and we hope those efforts will intensify. However, failure to reauthorize Ex-Im would amount to unilateral disarmament in the face of other nations’ aggressive efforts to help their exporters. In recent years, 60 official export credit agencies worldwide have extended more than $1 trillion in export finance. Germany, France, China, Brazil, India, and Korea have their own equivalents of Ex-Im, and in recent years they have provided two to seven times the level of support for their exporters that Ex-Im has provided to U.S. exporters.
During the upcoming reauthorization process, Congress will have an opportunity to review how the Bank has implemented the significant reforms contained in the last reauthorization two years ago. In addition, policymakers can ensure that Ex-Im Bank fills market gaps left by private sector lenders, remains competitive with other export credit agencies around the world, manages risk and avoids targeting a single sector or industry for punitive treatment.
Given our nation’s fragile economic recovery, we must continue to promote U.S. exports and create American jobs and not disadvantage U.S. manufacturers in a competitive global marketplace. This is a program that generates not only exports and jobs, but also much needed revenue for the federal government. We thank you for your consideration of this request and stand ready to work with you to expand American exports.
Members of Congress