Hoyer: Reauthorization of the U.S. Export-Import Bank Helps Companies Compete, Create Jobs

For Immediate Release:

May 9, 2012

Contact:

Katie Grant, 202-225-3130

WASHINGTON, DC - House Democratic Whip Steny H. Hoyer (MD) spoke on the House Floor today in support of a long-term reauthorization of the U.S. Export-Import Bank. Below are his remarks and a link to the video:

Click here to watch the video.

“I’m pleased to be here today. We are here as the result of some work by some extraordinary staff people, and I want to start by mentioning them. First of all I want to congratulate and thank Mr. Miller and his staff. I want to thank the staff of the Banking Committee. Mr. John Hughes of my staff, formerly of the Banking Committee – the Financial Services Committee – has worked tirelessly with an extraordinary policy director, Neil Bradley, who works for Mr. Cantor. We have worked on this matter in a bipartisan fashion. This bill comes to the floor as a bipartisan bill, and I am hopeful and believe it will pass with an overwhelmingly bipartisan vote.

“Mr. Speaker, today we are ending the uncertainty for American manufacturers waiting for Congress to act by coming together to re-authorize the U.S. Export-Import Bank. I want to thank the Republican leader, Mr. Cantor, and his staff – I mentioned Neil Bradley before – for working with Democrats to find common ground and reach an agreement that is supported by both business and labor, Democrats and Republicans. I also want to commend Ranking Member Barney Frank of the Financial Services Committee and Carolyn McCarthy who's done such an extraordinary effort on this effort as well. She’s the Ranking Member – Mr. Miller chairs it – of the International Monetary Policy Subcommittee.  Their hard work has been important to make sure this agreement will help American businesses save and create jobs.

“I also want to thank Representative Rick Larsen for his tireless advocacy for his long-term re-authorization of the Bank. In addition I would be remiss if I did not mention my dear and good friend who is the Ranking Democrat on the Appropriations Committee, but who has been an extraordinary leader on making sure that America creates jobs and exports products around the world, Mr. Norman Dicks.  Congressman Dicks from Washington State has been working with me every day that we have been at these negotiations. I want to thank him for his contributions to this outcome.

“For two years, Mr. Speaker, House Democrats have been promoting a comprehensive jobs plan called Make It In America. Mr. Don Manzullo was on the floor. He has focused on that. So many Republicans have been focused on it – you may not use my phrase, but they been focused on trying to build jobs here in America. We have been promoting a Make It In America agenda. This is part – and has been in our published Make It In America agenda – this has been part of it, the Export-Import Bank financing. By financing American companies to export their products overseas, the Export-Import Bank plays a direct role as the Chairlady McCarthy has pointed out, a direct role in helping our businesses expand and hire more employees for well paying jobs – jobs that will not be shipped overseas.

“The Export-Import bank doesn't cost taxpayers a single penny. In fact, it has generated $1.9 billion – $2 billion rounded as the Chairlady said – in excess revenues for U.S. taxpayers over the past five years. And it provides a critical service that our companies need to access foreign markets on a level playing field.

“I'm encouraged that we were able to reach this agreement to increase the exposure limit to $120 billion for the end of this fiscal year and raise it to $140 billion over the next two years. In 2011, financing helped create nearly 300,000 jobs at 3,600 private companies across America. This is a jobs bill. A jobs bill for Americans. Yes, I said 3,600 companies. An under-mentioned fact is over 85% of the Bank's transactions are for small businesses. We talk a lot about the large business, Boeing in particular, one of our best exporters and job creators, but 3,600 businesses, most of which are small businesses.

“The products American workers make are the best in the world. American workers and American entrepreneurs can compete with anybody in the world if they have a level playing field. This helps get there. When that happens, our workers succeed, and that means more of our people can make it in America. That's what Americans want to do, they want to make it. They want to succeed. They want to have their kids have opportunities. And they want them to make it. And one of the ways we are going to make it in America is to Make It In America. Manufacture it in America, grow it in America, and sell it here and around the world. And create jobs here – good-paying jobs for our people. They'll feel better about that.

“I urge all of my colleagues to support this legislation. I hope this vote is unanimous. It's a vote for America, America's workers, and America's ability to compete globally.”

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