McDermott Calls for Export Import Bank Reauthorization During Committee Markup

During yesterday's Ways & Means Committee mark up, Congressman Jim McDermott (D-WA) called on Congress to swiftly reauthorize the Export-Import Bank by filing an amendment to the Trade Adjustment Assistance Act (H.R. 1892). McDermott's amendment would have reauthorized the Export-Import Bank for seven years.

"The Export-Import Bank opens international markets to U.S. businesses by financing and insuring the sale of U.S. exports when private sector financing is excessively expensive or simply unavailable," said Congressman McDermott. "The Export-Import Bank supports hundreds of thousands of jobs and levels the playing field so that American businesses large and small can compete successfully in global markets. I strongly urge House Republicans to stop delaying and quickly reauthorize the Ex-Im Bank so job creating businesses around the country can continue to receive the financing they need."

The Export-Import Bank has long been a critical source of funding for businesses in the Seattle area. In Washington's seventh congressional district alone, the Export-Import Bank supports $349 million in export sales from 26 companies.

McDermott's amendment was offered during the Ways & Means Committee consideration of Trade Adjustment Assistance Act Thursday evening. After making remarks in strong support of the Bank, McDermott withdrew his amendment after Chairman Paul Ryan ruled the amendment was out of order. The Export-Import Bank charter is set to expire on June 30, 2015 unless it is reauthorized by Congress.

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