Klobuchar has continually called on Congress to reauthorize the Export-Import Bank so that American businesses can compete on a level playing field in the global market
In Minnesota alone, the Export-Import Bank has supported $2 billion in exports and helped more than 170 businesses in the last five years, nearly two-thirds of which were small businesses
WASHINGTON, DC – After major efforts from U.S. Senator Amy Klobuchar, Congress has voted to reauthorize the Export-Import Bank. The reauthorization passed the House and Senate as part of the final transportation bill and is expected to be signed into law. The Export-Import Bank helps American businesses compete on a level playing field in the global market, but its charter expired at the end of June. In Minnesota alone, the Export-Import Bank has supported $2 billion in exports and helped over 170 businesses in the last five years, nearly two-thirds of which were small businesses.
“Small businesses in Minnesota and across the country rely on the Export-Import Bank to level the playing field with foreign competitors to ensure that American companies can access new markets and compete in the global economy,” Klobuchar said. “I fought hard for this reauthorization and it’s a major victory for our Minnesota small businesses and local communities.”
Klobuchar has been a major advocate for the Export-Import Bank. She cosponsored the bipartisan amendment to the transportation bill to reauthorize the Bank, which passed the Senate in July and consistently spoke on the Senate floor to call on Congress to reauthorize the Bank. 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. In her role as chair of the Senate Steering and Outreach Committee, she called a meeting in June with small business leaders from across the country about the importance of reauthorizing the Export-Import Bank.
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. Since 1934, the Export-Import Bank has helped fuel U.S. exports to foreign markets across the globe.