Export-Import Bank Reauthorization

For more than eighty years, the Export-Import Bank has strengthened the U.S. economy by providing export financing assistance to small, medium, and large businesses so that they can export their goods and services and support job growth here at home. In 2014 alone, the Bank supported 164,000 export-related jobs – at no expense to American taxpayers. In fact, over the past two decades the Export-Import Bank has generated surpluses each year that have reduced the deficit by a cumulative $7 billion.

“Despite the proven economic benefits of the Export-Import Bank, House Republicans shut it down on July 1, 2015, cutting off assistance to American businesses and costing our nation jobs. Without the Bank, U.S. business owners weren’t competing on a level playing field – and in some cases were blocked from competing at all. As Chamber of Commerce CEO Tom Donahue said, without the Bank, ‘American companies are being forced to compete with one hand tied behind their back’ in the global marketplace.

“For months, Democrats, dozens of Republicans, and business leaders across the country urged Republican leaders to allow a vote to re-open the Bank before more economic damage was done. After Republican leaders refused to let the House work its will, nearly all House Democrats and many Republicans worked together to force a vote on the Bank’s reauthorization. Once a vote occurred, a bill to reopen the Bank passed the House and Senate with strong bipartisan support and was signed into law by President Obama, ending uncertainty for American businesses. The reopening of the Export-Import Bank will help companies sell their goods abroad and spur the creation of good-paying jobs here at home.