Today, Congressman Joe Donnelly applauded the signing into law of a bill reauthorizing the Export-Import (Ex-Im) Bank. The Ex-Im Bank was due to expire tomorrow, May 31st. In Fiscal Year 2011, the Ex-Im Bank aided over $248 million worth of exports in Indiana and supported over 1,000 Hoosier jobs.
"I am pleased that the bill to reauthorize the Ex-Im Bank became law today, because the bank helps U.S. manufacturers sell more products abroad, and therefore supports jobs here at home," said Donnelly. "In today's competitive global economy, when foreign governments like China use illegal subsidies to disadvantage U.S. companies, we need to fight to level the playing field."
The Ex-Im Bank provides export assistance to U.S. manufacturers through pre-export and export financing, export credit insurance, loan guarantees, and direct loans. The law will reauthorize the Ex-Im Bank through September 30, 2014. The agency's credit limit will also be phased up to $140 billion from its current limit of $100 billion.
Donnelly has been a strong supporter of reauthorizing Ex-Im Bank. On April 17, 2012, Donnelly sent a letter to House Leadership including Speaker John Boehner, Leader Nancy Pelosi, Leader Eric Cantor, and Whip Steny Hoyer urging them to bring legislation to the floor to reauthorize the Export-Import Bank before it expired. You can download a PDF of the letter here.
The bill passed the House of Representatives by a vote of 330 to 93 on May 9, 2012. The bill passed the Senate by a vote of 78 to 20 on May 15, 2012. President Obama signed the bill into law May 30, 2012.