Congressman Boyle Tours Local Business Impacted by the Export-Import Bank

Press Release

On Monday, Congressman Brendan Boyle (D-PA-13) toured ASI Technologies, Inc. in Montgomeryville to get a first-hand look at a local business the will be impacted if funding for the Export-Import bank expires later this month.

"The Export-Import Bank is a vital institution for the American economy with direct economic benefits for workers and job-creators in my district," said Congressman Boyle. "The Bank creates American jobs and empowers U.S. manufacturers to access and compete in foreign markets. Playing political games with the Bank is misguided and irresponsible. We should be laser focused on supporting cost-effective, job-creating programs like this."

The current authorization of the Export-Import Bank is set to expire on June 30, 2015. H.R. 1031, the Promoting U.S. Jobs Through Exports Act of 2015, would reform and reauthorize the Export-Import Bank for an additional seven years, creating much needed certainty and stability for American businesses. Congressman Boyle is an original cosponsor of the bill.

The Bank enjoys broad bipartisan favor and supports thousands of American jobs by providing critical financing and helping small and medium-sized businesses across the country access foreign markets on a level playing field. All the while, the Bank adds nothing to the national deficit. In fact, it generated $675 million for American taxpayers just last year. Reauthorization of the Ex-Im Bank will continue to strengthen our nation's economic growth. The Ex-Im Bank supports tens of thousands of small and medium-sized businesses throughout the country; in fact, nearly 90% of Ex-Im's transactions are with small businesses. In Fiscal Year 2014 alone, the Ex-Im Bank directly supported 164,000 American jobs at over 3,300 companies.

Letting the Ex-Im Bank's authorization expire would put American businesses at a disadvantage in the global economy. Many American businesses depend on the Bank to provide the vital financing they need to stay competitive in the international marketplace. Similar banks in Canada, China, Japan, and more than 50 other nations extend greater export financing to their businesses.

In the 13th U.S. Congressional District in Pennsylvania, 21 companies would be impacted by the expiration of the Export-Import Bank.

"This is not the time for partisan games," concluded Congressman Boyle. "Now is the time for a long-term reauthorization to renew, reenergize and reform the Bank, so that it can continue supporting jobs across the country."

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