Congresswoman Beatty Supports Expedient Reauthorization of Export-Import Bank
Beatty Supports Expedient Reauthorization of Export-Import Bank
Bank is critical to Central Ohio and Nation
Washington, D.C. – Today’s Financial Services Committee hearing on the Export-Import Bank highlighted the importance of reauthorizing the job-creating, deficit reducing organization.
“Today’s hearing on the importance of the Export-Import Bank made clear what the majority of the Members of the House of Representatives want—a reauthorization of the Bank,” said Beatty. “Whether it is the thousands of companies and more than 200,000 jobs the Ex-Im Bank supports, or the federal deficit reducing operations of the Bank, it is clear that the House should swiftly approve legislation reauthorizing the Bank.”
The importance of the Ex-Im Bank to American jobs, small business, and the international competitiveness is readily apparent. In Ohio’s 3rd Congressional District, ten businesses, which include six small businesses and one minority-owned business, currently benefit from the Export-Import Bank, with more than $51 million in exports directly supported by the Bank.
Yesterday Congresswoman Beatty joined with Congressmen Heck and Clay as an original co-sponsor to the Protect American Jobs and Exports Act of 2014, H.R. 4950, legislation that would reauthorize the Ex-Im Bank for 7 years. Bipartisan Congressional support for reauthorizing the Bank continues to grow. In addition to the individual businesses specifically impacted by the Ex-Im Bank, business and labor groups including the Chamber of Commerce, the National Association of Manufacturers, and AFL-CIO are pushing for a timely reauthorization before the Bank’s charter expires.
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 September 30, 2014. Without Congressional action, U.S. manufacturers and exporters would be left without an ability to finance their operations. The Ex-Im bank supported an estimated $37.4 billion in U.S. sales in 2013, while returning over $1 billion to the American taxpayer.