Congress allowed the Bank’s charter to expire in July, threatening crucial financing that businesses rely on to help boost their exports and create good jobs all across the country
In a letter to the House and Senate Appropriations Committees and a speech on the Senate floor, Klobuchar urged lawmakers to include the reauthorization of the Export-Import Bank in any upcoming appropriations legislation
WASHINGTON, DC – U.S. Senator Amy Klobuchar (D-MN) is calling on the House and Senate Appropriations Committees to include the reauthorization of the Export-Import Bank in any upcoming appropriations bill. Congress allowed the Bank’s charter to expire at the end of June, threatening crucial financing that businesses rely on to help boost their exports and create good jobs all across the country. In a letter to the committees’ leaders and a speech on the Senate floor, Klobuchar urged the lawmakers to include the reauthorization of the charter for the Export-Import Bank in any upcoming appropriations legislation.
“Reauthorizing the Export-Import Bank is about ensuring America can compete in the global economy,” Klobuchar said. “As you work toward a compromise on legislation to prevent the federal government from shutting down on October 1st, I strongly encourage you to include the reauthorization of the charter for the Export-Import Bank so that this agency can get back to doing its important work helping small businesses access critical export markets.”
Klobuchar is a strong advocate for the Export-Import Bank. She cosponsored an amendment in July to reauthorize the Bank, which passed the Senate as part of the comprehensive surface transportation bill. Also in July, she met with President Obama and senior White House officials to discuss the importance of reauthorizing the Export-Import Bank and work on a strategy to get that done. She led a meeting in June with small business leaders from across the country about the importance of reauthorizing the Export-Import Bank.
Since 1934, the Export-Import Bank has helped fuel U.S. exports to foreign markets across the globe. In Minnesota alone, the Export-Import Bank has supported $2 billion in exports and helped over 170 businesses in the last five years alone, nearly two-thirds of which were small businesses.
For broadcast-quality video of remarks Klobuchar made today on the Senate floor in support of reauthorizing the Export-Import Bank, click here.
The full text of the letter is available below:
To: Chairman Thad Cochran, Senate Appropriations Committee
Ranking Member Barbara Mikulski, Senate Appropriations Committee
Chairman Hal Rogers, House Appropriations Committee
Ranking Member Nita Lowey, House Appropriations Committee
As you work toward a compromise on legislation to prevent the federal government from shutting down on October 1st, I strongly encourage you to include the reauthorization of the charter for the Export-Import Bank so that this agency can get back to doing its important work helping small businesses access critical export markets.
Reauthorizing the Export-Import Bank is about ensuring America can compete in the global economy. There are around 85 export credit agencies in over 60 countries, including all major exporting countries. For example, in 2014 the Export-Import Bank provided $12.1 billion in medium- and long-term export credit volume for U.S. exports. In that same year, China provided roughly $58 billion in medium- and long-term export credit volumes, South Korea provided $14.4 billion and Germany provided $14.2 billion.
The Joint Economic Committee noted in a recent report on the importance of the Export-Import Bank that in fiscal 2014, the Export-Import Bank’s $20.5 billion for all financing, including short-term, supported an estimated $27.5 billion in exports and 164,000 jobs in the U.S. Nearly 90 percent of this financing directly benefited small businesses. And nearly 70 percent of the dollar value of these authorizations went to support exports to emerging markets.
The Export-Import Bank provides critical export support in Minnesota. Over the past five years, the Bank has supported $2 billion in exports and assisted over 170 Minnesota businesses. Nearly two-thirds of these businesses are small businesses.
During its 81-year history, the Export-Import Bank has been reauthorized 16 times, all with broad bipartisan support. The Export-Import Bank has bipartisan support in this Congress. The Senate has twice voted on a bipartisan basis to reauthorize the Export-Import Bank this year. In the House of Representatives, over 250 members have cosponsored bills to reauthorize the charter for the Export-Import Bank.
If we’re going to keep our economy moving forward, we must support our businesses’ ability to export. And that means reauthorizing the Export-Import Bank so we can give our businesses the support they need to sell their goods all over the globe.
Sincerely,
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