Clay Original Cosponsor of Export-Import Bank Reauthorization, Says Act is Critical to Protecting Hundreds of Thousands of American Jobs, Giving U.S. Companies a Level Playing Field in World Markets

Press Release

In the face of House Republican's failure to protect American jobs and give U.S. companies a fair chance to compete in world markets, Congressman Wm. Lacy Clay (D) Missouri, the Ranking Member on the House Financial Services Subcommittee on Monetary Policy & Trade is the first, original cosponsor ofthe Protect American Jobs and Exports Act of 2014.The bill, introduced by Congressman Denny Heck (D) Washington, calls for a seven-year reauthorization of the Export-Import Bank of the United States and an increase in the lending cap to $175 billion.

"The reauthorization of the Export-Import Bank is vital to protecting hundreds of thousands of good American jobsandgrowing our economy byexpanding international business opportunities for our best companies,"said theCongressman."This essential financial institution is self-sustaining and actually returns a profit to the taxpayers."

Mr. Clay added,"Protecting American jobs andhelping U.S. businesses grow didn't used to be a partisan issue. In fact in 2012, 330 Republicans joined us to reauthorize the Export-Import Bank. We should do the same thing this year. This bipartisan bill, which is strongly supported by the U.S. Chamber of Commerce, the NationalAssociation ofManufacturers,and organized labor, deserves a vote in the House without delay."

The Export-Import Bank helps American businesses sell their goods and services overseas by guaranteeing that they receive compensation for the transaction. Without it, at least 205,000 American jobs would be at risk. The Export-Import Bank supported an estimated $37.4 billion in U.S. export sales in 2013, while returning over $1 billion to the American taxpayers. If Congress fails to act, the bank's charter will expire on September 30, 2014.

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