Blog: Question of the Week: Export-Import Act

Statement

These questions are culled from phone calls, letters, faxes and e-mails sent to Rep. Gallegly's Camarillo, Solvang, and Washington offices. Rep. Gallegly adds another question and answer each week that Congress is in session. Please add your comments.

May 11, 2012

Question: Did you support H.R. 2072, the Export-Import (Ex-Im) Bank Reauthorization Act of 2012?

Answer: The key to our economic recovery is jobs, without a doubt. In order to expand and hire new workers, American companies must have the ability to compete in a global economy. To create jobs, American companies need to be competitive with foreign companies that have access to credit in their countries.

The Export-Import (Ex-Im) Bank has helped to ensure that there is a level playing field for American companies when they compete with foreign competitors that are basically supported by aggressive credit agencies. Ex-Im loans and guarantees are often countervailing measures to compete against other foreign credit agencies.

This is not a subsidy and there is no cost to the taxpayers. That needs to be emphasized. The way that Ex-Im Bank allows U.S. companies to compete globally is an example of how our government can facilitate job growth without contributing to the national debt. Far from being a handout to corporations, Ex-Im Bank is self-financing, it turns a profit for the American taxpayer, and it helps create jobs here at home.

Since 2005, the bank has forwarded more than $3.4 billion in profits to the Treasury above all costs and loss reserves, including $400 million in 2011 alone. H.R. 2072 ensures that Ex-Im Bank will continue to turn a profit for American taxpayers and help steer our economic recovery.

For these reasons, I voted in favor of H.R. 2072, which reauthorized the Ex-Im Bank through 2014. The House of Representatives approved this legislation by a vote of 330-90 on May 9.

H.R. 2072 now awaits consideration by the Senate.

For more information on my positions on economic issues, please see my Key Issue: Economy & Jobs page.

For previous Questions of the Week chronologically and by topic, please see my Questions of the Week page.

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