Ribble Votes to Support WI Manufacturers, Reauthorize Export-Import Bank

Press Release

U.S. Representative Reid Ribble (WI-08) today released the following statement after voting with a majority of the House of Representatives to re-authorize the Export-Import Bank with significant reforms:

"In a perfect world, there would be no need for a program like the Export-Import Bank," Ribble said. "However, it is an approach that is heavily used by other nations around the world, pitting Wisconsin manufacturers against Chinese, Canadian and European rivals with a significant advantage. We should not unilaterally disarm ourselves by ending this program only for American businesses--we should level the playing field by dealing with this issue in a trade deal that would hold all of our trading partners to the same free market standards."

The U.S. Export-Import Bank, which has received no taxpayer dollars in the last seven years and has generated $7 billion in revenue for the U.S. Treasury since 1992, is primarily a vehicle for allowing American businesses to purchase insurance against lack of payment on products that are sold to customers overseas, a service that U.S. exporters pay for. A smaller part of its function is providing financing to foreign customers for large purchases to help facilitate their purchases from U.S. companies. Absent Export-Import financing this business would likely go to foreign competitors.

The Export-Import Bank was used by 69 businesses in Wisconsin this year.

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