ICYMI: Representative Chris Collins, Former Ex-Im Bank User, Urges Congress To Reauthorize Ex-Im
In an op-ed today in The Hill, Representative Chris Collins (R-NY) urged the House of Representatives to include reauthorization of the Export-Import (https://exportersforexim.org/files/2015/09/ex-im) bank in the upcoming continuing resolution “for the good of the economy and the middle-class at risk.”
Prior to serving in Congress, Rep. Collins ran Audubon Machinery which used Ex-Im to reach new foreign markets and “support good-paying manufacturing jobs.” However, Rep. Collins says that his business of 65 employees would have trouble operating today due to Congress’ failure to reauthorize Ex-Im.
Each additional day Ex-Im remains unauthorized “is another day we are forcing American businesses to compete with one hand tied behind their backs.”
Please see below for further details from Rep. Collins’s op-ed.
Ex-Im Supports “Tens Of Thousands Of U.S. Jobs, Billions Of American Made Exports, And Returns Money To The Taxpayer.” “The debate surrounding the U.S. Export-Import https://exportersforexim.org/files/2015/09/bank (ex-im) has demonstrated all that is wrong with washington, d.c. only in washington would an institution that supports tens of thousands of u.s. jobs, billions of american-made exports, and returns money to the taxpayer each year find itself at the center of a special interest political battle.” (Rep. Chris Collins, “For The Sake Of Jobs, Include Ex-Im In CR,” The Hill, 9/28/15)
Congressional Inaction On Ex-Im Is Stifling U.S. Businesses Looking To Sell Abroad. “For a small business like mine, Ex-Im’s credit insurance and loan guarantee programs were vital for facilitating exports, keeping the business growing, and providing 65 quality jobs. Unfortunately, if my business were to try and operate today, and support those same jobs, my efforts would be stifled by Congressional inaction.” (Rep. Chris Collins, “For The Sake Of Jobs, Include Ex-Im In CR,” The Hill, 9/28/15)
Ex-Im “Helps Fill A Gap In The Market” By Helping Businesses Compete For Overseas Contracts. “For businesses like Audubon that export overseas, finding financial products in the private sector can be difficult, if not impossible. Many banks are often unable to provide services for foreign buyers, particularly those in the developing world. Ex-Im helps fill a gap in the market by arming U.S. manufacturers with the financing they need to compete for contracts overseas. Ex-Im is a complement, not a competitor to financing from the private sector. In fact, it is forbidden by law to compete head to head with commercial lenders.” (Rep. Chris Collins, “For The Sake Of Jobs, Include Ex-Im In CR,” The Hill, 9/28/15)
The Ex-Im Bank Is Self-Sustaining And Even Returns Money To Taxpayers. “The financing tools Ex-Im provides are not some sort of handout or corporate cronyism. Small businesses like Audubon pay fees for all of the financial tools they use from Ex-Im. These fees not only cover the cost of operating the bank but have historically generated a profit for the taxpayer. Since 2009, Ex-Im has generated $2.7 billion in profits for the taxpayer – demonstrating that it is the rare government program that not only works, but pays for itself and then some.” (Rep. Chris Collins, “For The Sake Of Jobs, Include Ex-Im In CR,” The Hill, 9/28/15)
Ex-Im Has “Widespread Bipartisan Support” In Congress. “We are watching a classic Washington game: In order to make a political point, special ideological interests are trying to kill a program that enjoys overwhelming support. Ex-Im enjoys widespread bipartisan support in the House, and the Senate has voted three times this year to reauthorize the bank.” (Rep. Chris Collins, “For The Sake Of Jobs, Include Ex-Im In CR,” The Hill, 9/28/15)