Ex-Im Bank Hits 40-Year Low in Supporting American Jobs-- McCaskill Calls on Republican Leadership to Act

Press Release

Following a recent report from the Export-Import bank that detailed the bank's 40-year low in activities supporting American jobs and manufacturing due to inaction by Congressional leaders, U.S. Senator Claire McCaskill called on President-elect Donald Trump to nominate and Republican leaders in Congress to approve a qualified nominee to lead the Bank.

The bank has been unable to operate at full capacity because of vacancies on its Board of Directors, threatening thousands of American jobs and financial transactions valued at more than $20 billion. Last year, McCaskill joined more than 40 colleagues in calling on the Chairman of the Senate Banking Committee to hold a vote on the qualified Republican nominee to serve as a Director of the Export-Import Bank.

"The Export-Import Bank, which helps Missouri businesses boost jobs and gives them a competitive edge on the international market, has become a victim of political gridlock in Congress," said McCaskill. "It's time to do the right thing for Missouri's businesses and give the Bank the basic tools it needs to function so we can get back to work supporting good-paying American jobs."

The Export-Import Bank provides U.S. businesses with loan guarantees, direct loans, and credit insurance when private lenders cannot or will not take on the risk. This frees up businesses to compete for goods and services in foreign markets which creates new jobs in the US and grows the economy. From 2007-2015 the Export-Import Bank supported $2 billion in exports from more than a hundred Missouri exporters--65 percent of which were small businesses.

The Export-Import Bank requires three of five Board of Directors seats to be filled by the Senate, but only two Directors currently serve. Without a quorum, which the bank has lacked since early 2015, the Export-Import Bank cannot approve export financing deals of more than $10 million. In 2016, the bank authorized only $5 billion in financing, supporting 52,000 jobs and generating $284 million for taxpayers--a 40-year low for the bank. By comparison, in 2014 the bank supported $27.4 billion in exports nationally and 164,000 American jobs.

In 2014, McCaskill, a vocal advocate for the job-creating impact of the Export-Import Bank, toured companies in Missouri to rally support for the Export-Import Bank. McCaskill heard from employees on how their company has been positively impacted by the bank, and discussed ways the bank's funding has allowed them to create jobs in Missouri and compete in the global marketplace.

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