Senator Mark Pryor today made the following statement applauding Senate passage of the Export-Import Bank Reauthorization Act. The bank provides direct loans, credit financing and loan guarantees to back the purchase of U.S.-made goods and services overseas. The legislation raises the Bank's lending cap to $140 billion from $100 billion through 2014. Without action, the Bank's charter would expire at the end of May, and the Bank would likely reach its lending cap.
The Export-Import Bank helps American companies compete in a global economy. In Arkansas alone, the Bank supported nearly half a billion dollars in sales over the past five years. Sixty seven percent of these companies were small businesses. Today's strong bipartisan vote to expand the Bank's efforts is positive news for American workers and the economy. It sets the table for growth by enabling more companies to sell their products overseas and hire workers here at home.