Today, the House will consider a long-term reauthorization of the U.S. Export-Import Bank that will end uncertainty for businesses and provide the resources needed to keep American manufacturers competitive in a global market. This bill is an important part of Democrats’ Make It In America jobs plan – a plan to create jobs by cultivating an encouraging environment for businesses to innovate and make products here in the U.S.
The Ex-Im Bank helps American companies sell their goods all over the world, and these exports support U.S. jobs. The Ex-Im Bank provides financing that levels the playing field for U.S. exporters who are facing competition from foreign companies whose governments are aggressively supporting their exports. To meet expected financing demands, the bill being considered today increases the Bank’s exposure limit to $120 billion through September 30, and increases the limit to $130 billion in Fiscal Year 2013 and $140 billion in Fiscal Year 2014.
Reauthorizing the Ex-Im Bank will:
- Support job creation: In 2011, financing from the Ex-Im Bank supported more than $41 billion in export sales and helped 3,600 private companies add nearly 300,000 jobs across the country.
- Help small business: More than 85% of the Ex-Im Bank’s transactions support small and medium-sized businesses.
- Keep America competitive: The Ex-Im Bank helps U.S. exports remain competitive with other countries that are providing their own businesses with an estimated $1 trillion in export finance. Even with the Ex-Im Bank’s record financing in 2011, it still lags behind China and most G7 nations—both in total annual authorizations and authorizations as a percentage of GDP.
- Does not add to the deficit: In the past five years, the self-sustaining Ex-Im Bank has generated $1.9 billion for U.S. taxpayers.
The Ex-Im Bank has enjoyed broad, bipartisan support in the past and the bipartisan agreement to reauthorize the Ex-Im Bank is supported by everyone from labor to business.
Unless Congress takes action, the Ex-Im Bank will no longer be able to provide assistance to American exporters, harming our ability to compete globally and putting hundreds of thousands jobs at risk. By supporting this agreement, Congress can give businesses the certainty they need, strengthen American manufacturing, boost exports, and create jobs here at home.
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