Beatty Highlights Need to Reauthorize Export-Import Bank During Committee on Financial Services Hearing
Beatty Highlights Need to Reauthorize Export-Import Bank During Committee on Financial Services Hearing
Majority Leadership missing cost-free opportunity to create American jobs
Washington, D.C. – During today's Financial Services Committee hearing on "Examining the Export-Import Bank's Reauthorization Request and the Government's Role on Export Financing," U.S. Congresswoman Joyce Beatty (OH-03) highlighted the need to consider legislation to renew the charter for the Export-Import Bank just 14 legislative days away from it shutting down. The bank helps facilitate export-import transactions, create jobs, and lower the national deficit.
"Finally, we are having a hearing just 14 legislative days away from shutting down a job creating and economy boosting agency. With tens of thousands of jobs and billions of dollars in exports on the line, this is yet another manufactured crisis," said Rep. Beatty. "It is disappointing that the committee's leadership failed to use the short-term charter extension to develop a plan to reauthorize the Bank. It is well past time to allow an overwhelming bipartisan coalition of Members of Congress to vote on this reauthorization."
The importance of the Export-Import Bank to American jobs, small business, and the international competitiveness is readily apparent. In Ohio's 3rd Congressional District, 13 businesses, which include 7 small businesses and 1 minority-owned business, currently use the Export-Import Bank, with more than $67 million in exports directly supported by the Bank.
The Export-Import Bank is responsible for creating or guaranteeing financing mechanisms for U.S. companies to sell goods to foreign buyers. Currently, the Bank's charter is slated for expiration June 30, 2015. Without Congressional action, U.S. manufacturers and exporters will be deprived of an ability to finance their operations. The Export-Import bank supports over 200,000 American jobs, and helped facilitate an estimated $37.4 billion in U.S. sales in 2013, while returning over $1 billion to the American taxpayer.