Congresswoman Tammy Baldwin (D-WI) today voted to reauthorize the U.S. Export--Import Bank (Ex-Im) and to provide it with the resources it needs to help American businesses increase exports and create jobs. The bill, which passed the House on a vote of 330-93, enjoys broad support from business and labor.
"Increasing U.S. exports are an important way to encourage job creation and grow our economy," said Congresswoman Baldwin. "The Ex-Im Bank has a strong track record of helping businesses expand foreign sales. Since 2007, the bank has aided 144 Wisconsin companies, including 88 small businesses, supporting export sales in excess of $1 billion," Baldwin said.
The Ex-Im Bank is the official export credit agency of the United States. The legislation passed today reauthorizes the bank and ends uncertainty for businesses, while providing the resources needed to keep American exporters competitive.
Foreign governments are aggressively supporting their countries' exports with an estimated $1 trillion in export finance. "The U.S. must act to level the playing field for U.S. manufacturers and the Ex-Im Bank is one of the tools in our toolbox to help keep U.S. businesses competitive in the global market," Baldwin said. Last year alone, financing from the -Ex-Im Bank helped 3,600 private companies add close to 300,000 jobs across the country. More than 85 percent of these transactions supported small and medium-sized businesses.
Congresswoman Baldwin has been a strong supporter of the Ex-Im Bank and has hosted seminars around her district to encourage businesses to take advantage of the Bank's export assistance.
In 2010, Ex-Im Chairman Fred Hochberg came to Wisconsin at Baldwin's request to meet with state businesses that could benefit from the agency's assistance.
"As Wisconsin businesses face competition--sometimes unfair competition--from countries like China, increasing exports to nations around the world is vital. The Ex-Im Bank plays a critical role in aiding American business," Baldwin said.
Ex-Im Bank does not compete with private sector lenders, but provides export financing that fills gaps in trade financing. It assumes credit and country risks that the private sector is unable or unwilling to accept. Additionally, in the past five years, the self-sustaining Ex-Im Bank has generated $1.9 billion for U.S. taxpayers.