U.S. Rep. Karen Bass, the lead Democrat on the House Sub-committee on Africa, Global Health and Human Rights made the following statement on the news regarding the future of the U.S. Export Import Bank (Ex-Im Bank). The U.S. Ex-Im Bank provides credit assistance to U.S. companies seeking to export goods and services to foreign markets. Approximately 85 percent of Ex-Im transition benefits U.S. small businesses.
"I am extremely pleased that my colleagues in the House of Representatives reached an agreement that I believe will lead to re-authorization of the Ex-Im Bank. Now more than ever, U.S. companies require help to enter new markets and create new opportunities to export U.S. goods and services. The Ex-Im Bank is good for business and good for job creation here at home."
The Ex-Im Bank continues to play a critical role in opening new markets to business in Africa. Late last month, the bank announced renewal of its Short-Term Africa Initiative at $100 million through 2015.
"We've seen phenomenal economic growth throughout Sub-Saharan Africa over the last decade," stated Bass."Ex-Im's extension of their Africa Initiative only capitalizes on these strong trends, and I'm hopeful that the U.S. will continue to look for opportunities that help advance U.S. interests abroad, particularly throughout Africa. More than anything we need to show the United States' competitiveness in exporting goods and services to foreign markets."
"I urge my colleagues in the House, Senate and on both sides of the aisle to show overwhelming support and to quickly pass legislation that re-authorizes the Ex-Im Bank."
Representative Bass is a co-sponsor of H.R. 4221 The Increasing American Jobs Through Greater Exports to Africa 2012. The legislation aims to create jobs in the United States by expanding U.S. trade and investment programs that will result in increasing U.S. exports to Africa.