Letter to Jeb Hensarling, Chairman House Financial Services Committee, and John Campbell, Chairman House Financial Services Subcommittee on Monetary Policy and Trade - Hearing on Export-Import Bank

Letter

Dear Chairmen Hensarling and Campbell:

As you plan the Committee's agenda for the second session of the 113th Congress, we write to respectfully request that the Committee direct immediate attention to the important business of reauthorizing the Export-Import Bank of the United States. Specifically, we request that you schedule a hearing to begin examining the issues surrounding the reauthorization of the Bank. As you know, the current Export-Import Bank charter will expire September 30, 2014.

The Export-Import Bank supports and creates jobs for American workers by leveling the playing field for U.S.-based firms that compete in global markets for foreign business and customers. The Export-Import Bank supports U.S. exports and jobs while also returning billions of dollars in profits to the Treasury. As you may recall, the Committee adopted, without objection, an amendment to its Oversight Plan in February 2013 recognizing that the Export-Import Bank is a self-sustaining agency mandated to contribute to the employment of U.S. workers through financing U.S.-manufactured goods and services. The failure to reauthorize the Bank's charter in a timely manner would jeopardize the ability of U.S. firms to compete with their global competitors and would tip the playing field in favor of foreign firms.

Over the past five years, the Bank has helped sustain or create 1.2 million jobs in the United States. With millions of American's still unemployed, the role of the Export-Import Bank has become even more critical to the ability of United States businesses to increase United States exports.

We urge the Committee to begin taking the steps necessary to ensure a timely Export-Import Bank reauthorization. U.S. businesses that rely on the various export credit services that the Bank provides need certainty in the reauthorization process for long-term business planning purposes. We believe that committee action on reauthorization serves the best interest of the United States and the workers whose jobs the Export-Import Bank supports in all of our districts.

We believe Congress can reach a bipartisan reauthorization agreement, as we have consistently done in the past that meets the overall objective of supporting U.S. exports and jobs. We are eager to begin this process and are prepared to assist however we can in this important work. We look forward to hearing from you at your earliest convenience.