ICYMI: Ex-Im’s Lapse Hurts Trade, The “Lifeblood” Of Texas
In case you missed it, Representative Ted Poe (R-TX) recently held a hearing in the House Foreign Affairs Subcommittee on Terrorism, Nonproliferation, and Trade on the role of the Export-Import (Ex-Im) Bank in the global economy.
Two Texas businessmen, T.J. Raguso, Executive Vice President of the International Division of Amgey Bank National Association, and Tyler Schroeder, Financial Analyst of Air Tractor, testified about how the Ex-Im lapse has hurt job creators in Texas and nationwide.
See below to find out what they had to say.
U.S. Rep. Ted Poe (R-TX): Ex-Im Supports Trade, Which Is “The Lifeblood” Of Texas. “Trade is the lifeblood of Houston in the state of Texas. Houston exports more than any other city in the United States. In Texas, more than 1 in 5 jobs are supported by trade. 50% of the economy of Houston Texas is based on the Port of Houston. The Port of Houston is an export port. It exports all types of items throughout the world.” (Rep. Ted Poe, Comments To House Foreign Affairs Subcommittee On Terrorism, Nonproliferation And Trade, 10/23/15)
Tyler Schroeder: Ex-Im Creates Jobs Through Expanding Exports In Small Town America. “Air Tractor is a small business in a very small town of 3 thousand people who has been able to create jobs through exports. Nobody sees Olney, Texas as a place where that happens. But indeed it does. It does in small town America. We can do this and Ex-Im Bank is the tool that allows us to do this. Please let us continue to do this.” (Tyler Schroeder, Testimony To House Foreign Affiars Subcommittee On Terrorism, Nonproliferation And Trade, 10/23/15)
T.J. Raguso: Ex-Im Is The Only Option To Keep Texas Exporter Competitive. “There is no equivalent private sector alternative to this program…No Ex-Im means fewer financing options, higher costs, and decrease competitiveness.” (T.J. Raguso, Testimony To House Foreign Affairs Subcommittee On Terrorism, Nonproliferation And Trade, 10/23/15)
U.S. Rep. Ted Poe (R-TX): “No One Innovates Better Than The United States.” “The bottom line is this: buyers overseas want American products, and no one innovates better than the United States worker. When a person combines the strength of the American spirit with a level playing field, American companies can win and can compete.” (Rep. Ted Poe, Comments To House Foreign Affairs Subcommittee On Terrorism, Nonproliferation And Trade, 10/23/15)