Export-Import Bank Reauthorization Act Of 2012
Mr. Speaker, I rise in strong support of H.R. 2072, the Export-Import Bank Reauthorization Act of 2012, the long term bipartisan reauthorization agreement announced last week. As a senior member of the House Foreign Affairs Committee, I…
Mr. Speaker, I rise in strong support of H.R. 2072, the Export-Import Bank Reauthorization Act of 2012, the long term bipartisan reauthorization agreement announced last week.
As a senior member of the House Foreign Affairs Committee, I believe that by passing this bill, Congress will give U.S. business the tools they need to compete in the global market place and create jobs for workers here in the United States.
H.R. 2072 reauthorizes the Export-Import Bank (Ex-Im) for three years, giving U.S. businesses the certainty they need, and incrementally increases the exposure limit to $140 billion by fiscal year 2014 in response to the growing demand for Ex-Im financing.
I am pleased to say that this legislation is widely supported by Labor and business groups--such as the International Association of Machinists and Aerospace Workers, NAM, Chamber of Commerce and Business Roundtable.
This wide array of organizations is well aware of the critical role the Bank plays in supporting American workers by providing credit where it's prohibitively expensive or by neutralizing official foreign credit competition.
Just last year, the Bank provided $32 billion in financing to thousands of companies, which supported nearly 290,000 American jobs.
However, it is important to note that the work of the Bank is done at no cost to the taxpayer, as it is self-sustaining: the Bank covers all of its operating expenses and loan loss reserves through the fees it charges users of the Bank.
In fact, the Bank returns money to the Treasury, and since 2008 it has returned almost $2 billion.
I, therefore, urge you to support job creation and vote for the Export-Import Bank Reauthorization Act of 2012.