I thank my great friend and colleague from the great State of New York for yielding me time and for her leadership on so many important areas before this Congress. I rise in strong support of the Export-Import Bank Reauthorization Act. I…
I thank my great friend and colleague from the great State of New York for yielding me time and for her leadership on so many important areas before this Congress.
I rise in strong support of the Export-Import Bank Reauthorization Act. I would also like to commend the Democratic whip, the distinguished leader from Maryland, Steny Hoyer, for working with the other side of the aisle to bring this bill to the floor today with a 3- year reauthorization and an increase in the Ex-Im Bank's exposure cap. I hope that we'll see more of this type of cooperation on important legislation from both sides of the aisle, as we have seen on this bill.
The Ex-Im Bank has provided $32.7 billion in financing and supported 290,000 jobs across our great country. Eighty percent of those companies that were supported were small businesses--and at no additional cost to the taxpayer.
It is critical to America and critical to districts such as mine in New York. The bank has financed $1.7 billion in export sales in my district alone and $4.4 billion in the State of New York over the past 5 years. And the bank supports 128 firms in my district, either directly or indirectly. These are jobs for my constituents, and it is critically important that we reauthorize this bank before its charter expires at the end of the month.
Some important changes and improvements have been made to the bill over the past few weeks that will strengthen taxpayer protection provisions and that will enhance transparency at the bank. So I commend my colleagues, and I urge support for this bill. I hope we see more examples of bipartisan support on important projects, as we're seeing today.
Mr. Speaker, I submit the following materials in support of H.R. 2072, the Export-Import Bank Reauthorization Act, as amended.
May 4, 2012.
To Members of the United States Congress: We are writing to
urge your support for reauthorization of the Export-Import
(Ex-Im) Bank of the United States, and a simultaneous
increase in its lending cap. Ex-Im Bank--which is set to
expire on May 31--is a vital resource in helping U.S.
companies both large and small to successfully engage in
international trade.
The Ex-Im Bank is a self-sustaining federal agency that
assists In financing the export of U.S. goods and services to
international markets. In the five years since Congress last
reauthorized the Bank's operations, it has returned about
$3.4 billion to the U.S. Treasury above and beyond the cost
of its operations. For the fiscal year ending on September
30, 2011, Ex-Im Bank supported $40.6 billion worth of U.S.
exports at more than 3,600 U.S. companies, helping to create
or sustain 290,000 export-related U.S. jobs.
This past December, Congress extended Ex-Im Bank's
authorization until May 31 at its current lending ceiling of
$100 billion. Due to unprecedented demand for export
financing over the last few years, Ex-Im Bank estimates that
it will reach this limit well before May. As a result, unless
Ex-Im Bank is reauthorized quickly and at an increased
lending cap, it will be forced to halt new transactions--
depriving U.S. businesses of a vital financing source at a
time when exports are becoming an increasingly vital part of
our nation's economic recovery.
Ex-Im Bank is particularly critical for small businesses,
where--in 2011 alone--Ex-Im Bank lent more than $6 billion to
almost 2,000 such companies. In many cases, the trade finance
supplied was essential for the completion of the export
transaction, and would not have been available from the
private sector. Ex-Im Bank's support extended to exporters in
industries as diverse as aerospace, wine, global health,
clean technology and agriculture.
Ex-Im Bank is also critical to the ability of U.S.
exporters to compete on a level international playing field,
where competitors receive aggressive support from their own
countries' export credit agencies. The U.S. trails countries
like Brazil, Canada, China, Germany, France, India, and Italy
in official export credit volumes as a share of each
country's national economy. According to the Information
Technology & Innovation Foundation, export credit banks in
Brazil and China provided 10 times more financing to their
exporters as a share of GDP in 2010 than the Ex-Im Bank did
for American exporters. Even the export credit agency of
Canada--which has an economy about one-eighth our size--does
more lending volume.
Without Ex-Im Bank reauthorization, our country's exporters
won't be able to compete effectively in the global
marketplace. We urge you to join us in supporting swift Ex-Im
Bank reauthorization.
Yours truly,
Birmingham Business Alliance (AL), Business Council of
Alabama (AL), South Shelby County Chamber of Commerce
(AL), Arkansas State Chamber of Commerce/Associated
Industries of Arkansas (AR), Arizona Chamber of
Commerce and Industry (AZ), Buckeye Valley Chamber of
Commerce (AZ), Flagstaff Chamber of Commerce (AZ),
Greater Phoenix Chamber of Commerce (AZ), North
Scottsdale Chamber of Commerce (AZ), Tucson
Metropolitan Chamber of Commerce (AZ), Alliance of
Chambers of Commerce of Ventura and Santa Barbara
Counties (CA), California Chamber of Commerce (CA),
Greater Fresno Chamber of Commerce (CA), Greater Oxnard
Chamber of Commerce (CA), Huntington Beach Chamber of
Commerce (CA), Irvine Chamber of Commerce (CA), Long
Beach Area Chamber of Commerce (CA), Los Angeles Area
Chamber of Commerce (CA), Orange County Business
Council (CA), Palm Desert Chamber of Commerce (CA),
Redondo Beach Chamber of Commerce (CA), San Francisco
Chamber of Commerce (CA), Santa Clara Chamber of
Commerce and Visitors Bureau (CA);
Mobile Area Chamber of Commerce (AL), Shoals Chamber of
Commerce (AL), San Jose Silicon Valley Chamber of
Commerce (CA), Simi Valley Chamber of Commerce (CA),
South Bay Association of Chambers of Commerce (CA),
Torrance Area Chamber of Commerce (CA), Colorado
Association of Commerce and Industry (CO), Crested
Butte/Mt Crested Butte Chamber of Commerce (CO), Denver
Metro Chamber of Commerce (CO), Greater Colorado
Springs Chamber of Commerce and EDC (CO), Connecticut
Business & Industry Association (CT), Fairfield Chamber
of Commerce (CT), Delaware State Chamber of Commerce
(DE), Florida Chamber of Commerce (FL), Greater Miami
Chamber of Commerce (FL), Barrow County Chamber of
Commerce (GA), Georgia Chamber of Commerce (GA),
Greater Rome Georgia Chamber of Commerce (GA), Gwinnett
Chamber of Commerce (GA), Chamber of Commerce of Hawaii
(HI), Hong Kong.China.Hawaii Chamber of Commerce (HI),
Kauai Chamber of Commerce (HI), Kona-Kohala Chamber of
Commerce (HI), Maui Chamber of Commerce (HI), Molokai
Chamber of Commerce (HI), Greater Craigmont Area
Chamber of Commerce (ID), Greater Pocatello Chamber of
Commerce (ID), Batavia Chamber of Commerce (IL),
Chicagoland Chamber of Commerce (IL), Downers Grove
Area Chamber of Commerce & Industry (IL), GOA Regional
Business Association (IL), Illinois Chamber of Commerce
(IL), Joliet Regional Chamber of Commerce & Industry
(IL), Kankakee Regional Chamber of Commerce (IL),
Mendota Area Chamber of Commerce (IL), Mendota Area
Chamber of Commerce (IL);
Naperville Area Chamber of Commerce (IL), Peoria Area
Chamber of Commerce (IL), Rockford Chamber of Commerce
(IL), Rolling Meadows Chamber of Commerce (IL), Western
DuPage Chamber of Commerce (IL), Quad Cities Chamber of
Commerce (IL/IA), Greater Fort Wayne Chamber of
Commerce (IN), Warsaw/Kosciusko County Chamber of
Commerce (IN), Fredonia Area Chamber of Commerce (KS),
Greater Topeka Chamber of Commerce (KS), Wichita Metro
Chamber of Commerce (KS), Greater Louisville Inc--The
Metro Chamber of Commerce (KY), Kentucky Chamber of
Commerce (KY), Northern Kentucky Chamber of Commerce
(KY), World Trade Center Kentucky (KY), Baton Rouge
Area Chamber (LA), Central Louisiana Chamber of
Commerce (LA), East St. Tammany Chamber of Commerce
(LA), Greater New Orleans, Inc. (LA), New Orleans
Chamber of Commerce (LA), Southwest Louisiana Economic
Development Alliance (LA), The Southwest Louisiana
Economic Development Alliance (LA), Chambers Southwest
Louisiana (LA), Associated Industries of Massachusetts
(MA), Carroll County Chamber (MD);
Salisbury Area Chamber of Commerce (MD), Auburn Hills
Chamber of Commerce (MI), Detroit Regional Chamber of
Commerce (MI), Traverse City Area Chamber of Commerce
(MI), River Heights Chamber of Commerce (MN), Missouri
Chamber of Commerce (MO), St. Louis Regional Chamber &
Growth Association (MO), Covington County Chamber of
Commerce (MS), Montana Chamber of Commerce (MT),
Ahoskie Chamber of Commerce (NC), Cabarrus Regional
Chamber of Commerce (NC), Charlotte Chamber of Commerce
(NC), Fayetteville-Cumberland County Chamber of
Commerce (NC), Greater Raleigh Chamber of Commerce
(NC), Greater Wilmington Chamber of Commerce (NC),
Laurinburg/Scotland County Area Chamber of Commerce
(NC), North Carolina Chamber of Commerce (NC), Rowan
County Chamber of Commerce (NC), North Dakota Chamber
of Commerce (ND), New Hampshire Business & Industry
Association (NH), Gateway Regional Chamber of Commerce
(NJ), Mercer Regional Chamber of Commerce (NJ), New
Jersey Chamber of Commerce (NJ), Boulder City Chamber
of Commerce (NV), Carson Valley Chamber of Commerce and
Visitors Authority (NV), Henderson Chamber of Commerce
(NV), North Las Vegas Chamber of Commerce (NV);
White Pine Chamber of Commerce (NV), Adirondack Regional
Chamber of Commerce (NY), Albany-Colonie Regional
Chamber of Commerce (NY), Buffalo-Niagara Partnership
(NY), Business Council of New York State, Inc. (NY),
Chamber of Schenectady County (NY), Long Island
Association (NY), Manhattan Chamber of Commerce (NY),
North Country Chamber of Commerce (NY), Rochester
Business Alliance (NY), Ashland Area Chamber of
Commerce (OH), Chamber of Commerce Serving Middletown,
Monroe & Trenton (OH), Cincinnati USA Regional Chamber
of Commerce (OH), Clermont Chamber of Commerce (OH),
Lima/Allen County Chamber of Commerce (OH), Waterville
Area Chamber of Commerce (OH), Westerville Area Chamber
of Commerce (OH), Youngstown/Warren Regional Chamber
(OH);
Cushing Chamber of Commerce (OK), Tulsa Metro Chamber
(OK), Gresham Area Chamber of Commerce (OR), Lebanon
Chamber of Commerce (OR), Portland Business Alliance
(OR), Wilsonville Area Chamber of Commerce (OR), Erie
Regional Chamber & Growth Partnership (PA), Greater
Pittsburgh Chamber of Commerce (PA), Pennsylvania
Chamber of Business and Industry (PA), Schuylkill
Chamber of Commerce (PA), Northern Rhode Island Chamber
of Commerce (RI), Charleston Metro Chamber of Commerce
(SC), Greater Columbia Chamber of Commerce (SC),
Greater Summerville/Dorchester County Chamber of
Commerce (SC).