Today, U.S. Rep. Jim Renacci (OH-16) voted in favor of the reauthorization of the Export-Import Bank of the United States:
"The bi-partisan reauthorization of the Export-Import Bank in the House means American companies will continue to have access to a powerful financial tool, one that will help them maintain their global competitiveness," said Rep. Renacci. "This will benefit Ohio manufacturers and suppliers, especially those in the aerospace industry."
H.R. 2072 reauthorizes the Export-Import Bank until September 30, 2014, and increases its lending capabilities. The legislation also directs the Treasury Department to begin the process of reducing and ultimately eliminating government export subsidies. Lastly, the legislation ties increases in the Bank's lending authority to its ability to maintain default rates below two percent, helping to protect American taxpayers.
Foreign export banks continue to lend at low rates and have used the uncertainty surrounding the Export-Import Bank reauthorization to their advantage. Reauthorization of the bank and the expansion of its lending abilities are supported by the U.S. Chamber of Commerce and the National Association of Manufacturers.
Rep. Renacci is serving his first term in the U.S. House of Representatives, where he is a member of the Financial Services Committee. Prior to his election he worked as a Certified Public Accountant in the health care industry, and owned and operated over 60 other businesses in the automotive and sports management fields.