Hoyer Statement on Legislation to Reauthorize Export-Import Bank

For Immediate Release:

June 24, 2014

Contact:

Stephanie Young, 202-225-3130

WASHINGTON, DC - House Democratic Whip Steny H. Hoyer (MD) released the following statement today on the Protect American Jobs and Exports Act, a bill that will be introduced by Rep. Denny Heck to extend the Export-Import Bank's charter for seven years. Reauthorization of the Export-Import Bank has been a priority for House Democrats, including Financial Services Committee Ranking Member Maxine Waters and Monetary Policy and Trade Subcommittee Ranking Member William Lacy Clay:

“The introduction later today of the Protect American Jobs and Exports Act by Rep. Denny Heck represents an important step toward the reauthorization of the Export-Import Bank.  Central to the expansion of our economy and the creation of well paying manufacturing jobs is the growth of U.S. exports, and the Export-Import Bank has been a critical tool in making sure American businesses can access and compete in overseas markets.  Unless Congress acts, the Export-Import Bank will see its authorization expire in September.  That would be detrimental to the thousands of small businesses that work with the Export-Import Bank and would put 205,000 export-dependent jobs in jeopardy. 

“I strongly support the Export-Import Bank’s reauthorization and Rep. Heck’s bill, which would extend the Bank’s charter for seven years.  It is very encouraging that more than forty Republican Members of the House have signed a letter calling on their leadership to extend the Bank’s charter before it expires.  American businesses and workers have the talent and drive to compete successfully anywhere in the world, but they face competition from foreign nations that provide their businesses with an unfair advantage. The Export-Import Bank helps level the playing field so more of our businesses can compete in those foreign markets and grow high-skill, high-wage manufacturing jobs right here at home.  That’s why reauthorizing the Export-Import Bank has been included as part of the Make It In America plan for jobs and economic competitiveness. 

“I hope Democrats and Republicans can work together before the September 30 deadline to pass the Protect American Jobs and Exports Act, demonstrating Congress’s strong support for U.S. exports and the businesses and workers who want to Make It In America and sell their products across the world.” 

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