Today, U.S. Rep. Ed Perlmutter (CO-07) voted with an overwhelming (330-93) bipartisan majority to boost jobs and manufacturing in America. The long-term reauthorization of the U.S. Export-Import Bank by the full House follows an amendment Perlmutter recently introduced in the House Financial Services Committee, to provide U.S. businesses the resources they need to keep American manufacturers competitive in a global market.
"This bill is about building jobs here in our state and country," Perlmutter said. "This bipartisan bill will ensure we can promote job creation, grow our economy through increased exports and promote manufacturing right here in Colorado and America. This bill will help hardworking Americans achieve the American dream and raise new sources of revenue for our country."
The U.S. economy created private sector jobs for 26 straight months for a total of 4.25 million, and so far this year, the U.S. economy added over 820,000 net private sector jobs. Additionally, U.S. manufacturing continues to grow, adding nearly 500,000 jobs in the past 26 months -- the strongest growth for any 26 month period since 1995. So far this year, the manufacturing sector has added 139,000 new jobs.
The Ex-Im Bank helps ensure American companies can sell their goods all over the world, and these exports directly support U.S. jobs. The Ex-Im Bank provides financing that levels the playing field for U.S. exporters who are facing competition from foreign companies whose governments are aggressively supporting their exports.
Reauthorizing the Ex-Im Bank will:
Support job creation: In 2011, financing from the Ex-Im Bank supported more than $41 billion in export sales and helped 3,600 private companies add nearly 300,000 jobs across the country.
Help small business: More than 85% of the Ex-Im Bank's transactions support small and medium-sized businesses.
Keep America competitive: The Ex-Im Bank helps U.S. exports remain competitive with other countries that are providing their own businesses with an estimated $1 trillion in export finance. Even with the Ex-Im Bank's record financing in 2011, it still lags behind China and most G7 nations--both in total annual authorizations and authorizations as a percentage of GDP.
Does not add to the deficit: In the past five years, the self-sustaining Ex-Im Bank has generated $1.9 billion for U.S. taxpayers.