Wednesday, April 25, 2012
EXPPORT-IMPORT BANK WORKS TO EXTEND REAUTHORIZATION WITH $140 BILLION CAP
FROM: EXPORT-IMPORT BANK
As you know, the Ex-Im Bank charter expires on May 31st, and we are close to our exposure limit of $100 billion. Our efforts to achieve the President’s request for a four-year reauthorization with a $140 billion lending cap have been steady over these past few months. But an effort in March to pass such a measure in the Senate fell short on procedural grounds.
Ex-Im Bank increases U.S. jobs, pays for itself and earns money for the U.S. Treasury -- $1.9 billion over the past five years. That is why we continue to enjoy strong, broad support. Members on both sides of the aisle, along with the U.S. Chamber of Commerce, the Small Business Exporters Association, National Association of Manufacturers, Machinists and Aerospace Workers Unions, and others have been advocating for our reauthorization.
The world wants to buy what America makes, and this is no time to back away from export financing of United States equipment and services. In particular, our Nation’s small business owners are operating in a brutally competitive marketplace, and we need to be there so our companies and workers can conduct business on a level playing field. Ex-Im FY’11 financing supported 290,000 jobs, more than 1,000 jobs per working day.
Government-backed credit from other nations to help their companies export is growing, especially in emerging markets. Therefore, Ex-Im Bank plays a key role when foreign buyers are in need of high-quality products or services. We increase the opportunities for U.S. businesses to win the deals.
The next few weeks are critical. We are continuing to work with the House and Senate for support for our reauthorization, and we urge them to act promptly before serious damage is done to American competitiveness.
At our recent 37th annual conference, Ex-Im’s reauthorization received tremendous support. This newsletter includes highlights from the very successful two-day event.