Congressman Paul Tonko today voted to reauthorize the U.S. Export-Import (Ex-Im) Bank. Ex-Im is a self-sustaining federal agency and the official export credit agency of the U.S. It helps finance American exports of manufactured goods and services, and serves as a catalyst for the expansion of small-business exports. The bill, Securing American Jobs Through Exports Act of 2011, H.R. 2072, passed by a vote of 330-93.
"Job creation and economic growth continue to be my top priorities," said Congressman Paul Tonko. "This legislation today, coupled with President Obama's visit to the Capital Region yesterday, represents a one-two punch for jobs and the middle class. Reauthorizing the Ex-Im Bank will ensure we continue to export finished products instead of jobs. I will continue to fight for policies that promote domestic manufacturing and those three precious words: Made in America."
The charter for Ex-Im last expired on September 30, 2011 and is under a short-term extension until May 31, 2012 with no increase in the lending cap. The Bank currently has more business in its pipeline than it can support.
Creating and maintaining U.S. jobs and contributing to a stronger national economy is the role of the Ex-Im Bank. It is the only tool American manufacturers have to counter the massive export financing provided by other governments for their exporters. Thousands of jobs in the Capital Region alone would have been lost without the bank's reauthorization.
For FY 2011, Ex-Im supported more than $40 billion in export sales, and nearly 300,000 U.S. jobs at over 3,600 companies. It also set a record in its support of small businesses at $6 billion -- with more than 85 percent of transactions supporting small businesses.
Ex-Im is highly profitable, returning approximately $3.5 billion to the U.S. government since 2005.
The following is a list of companies in the Capital Region that have done business with the Ex-Im Bank from 2007 through 2012. These companies may have otherwise been forced to lay off workers if the bank was not reauthorized.