Klobuchar, Senate Chair of the Joint Economic Committee, released a report today highlighting impact Ex-Im Bank has on the U.S. economy
WASHINGTON, D.C. – U.S. Senators Amy Klobuchar (D-MN) and Maria Cantwell (D-WA) today took to the Senate floor to make the case for reauthorizing the Export-Import (Ex-Im) Bank. The Senators highlighted the important role exports play in boosting local economies and helping businesses in Minnesota, Washington, and around the country sell their products across the world.
The Ex-Im Bank provides loans, loan guarantees, and insurance policies to increase export opportunities for U.S. businesses and will expire at the end of the September unless it’s reauthorized by Congress.
“With 95 percent of the world’s customers outside of the U.S., there is a world of opportunity for businesses in Minnesota and across the nation,” said Klobuchar, Vice Chair of the U.S. Congress Joint Economic Committee. “Exports have played a critical role during our recent economic recovery, with the U.S. exporting nearly $2.3 trillion in goods and services in 2013 alone. By reauthorizing the Export-Import Bank, we can give our businesses the support they deserve to help them sell their high-quality products all over the globe.”
“Today we’re here to make sure a long-term reauthorization of the Export-Import Bank is implemented,” Cantwell said. “We have 21 days left to get this right and to help our economy continue to grow, but we have to do something here in the United States Senate. We have too much of a supply chain in the United States of America -- with manufacturing in aerospace, in agriculture, and in automobiles -- to give it all away by simply not reauthorizing the Export-Import Bank in a timely fashion.”
Klobuchar’s report shows that exports are critical to the manufacturing sector. From 2009 to 2013, manufacturing exports increased by 38 percent. Nearly 25 percent of production in the manufacturing sector is exported, supporting three million manufacturing jobs, the report found. In addition, the agriculture sector has increased its exports by 37 percent since 2009.
Last year, the United States exported nearly $2.3 trillion in goods and services, the highest level on record. This accounted for more than 13 percent of our gross domestic product. Over this decade, almost 40 percent of real U.S. GDP growth is projected to come from exports.
The Ex-Im Bank allows U.S. firms to compete on a more level playing field with countries around the globe that have their own export-supporting programs. Approximately 60 other countries, including the top ten exporting countries globally, have export credit programs. Moreover, it often returns money to the Treasury, including more than $1 billion last year.
Klobuchar is a leader in efforts to boost America’s ability to compete in the global economy, working to cut red tape for businesses and open up new markets to U.S. exports. She serves on the President’s Export Council, and in 2010 she passed legislation—the Export Promotion Act—to help small- and medium-sized businesses sell their products in international markets.
As chairwoman of the Senate Small Business Committee, Cantwell has made a priority of increasing opportunities for small businesses in emerging markets to help create jobs in the United States. Cantwell has been one of the Export-Import Bank’s strongest advocates, and cosponsored legislation in July that would reauthorize the Bank’s charter for five years.
For broadcast quality video of the Senator Klobuchar’s floor speech, click here.