Rep. Negrete McLeod: Support Export-Import Bank to Support U.S. Jobs

Press Release

Rep. Gloria Negrete McLeod (D-Cali) became an Original Cosponsor in support of the Protect American Jobs and Exports Act of 2014, legislation introduced today by Rep. Denny Heck (D-Wash) which 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.

Proposed legislation will extend the bank's charter until 2021, and extend the current cap by $5 billion each year.

"To support the American economy and its workforce, Congress must do all it can to support the Export-Import Bank because it is a reliable way for American business--including many small businesses--to sell their goods and services in a competitive global marketplace," Rep. Negrete McLeod said. "By not supporting this vital resource, we are allowing China, Russia, and other countries to take advantage of export deals previously made with the United States and as a result, we will lose good American jobs."

The Export-Import Bank, or Ex-Im Bank, helps American businesses sell their goods and services overseas by guaranteeing that they receive compensation for the transaction. Without the Ex-Im Bank, at least 205,000 American jobs would be at risk. The Ex-Im Bank supported an estimated $37.4 billion in U.S. export sales in 2013, while returning over $1 billion to the American taxpayers. The bank's charter is set to expire on September 30, 2014, if Congress does not act.

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