Letter from U.S. Chamber of Commerce to Rep. Boyle
The Honorable Brendan F. Boyle
U.S. House of Representatives
Washington, DC 20515
Dear Congressman Boyle:
On behalf of the U.S. Chamber of Commerce, thank you for supporting reauthorization of the U.S. Export-Import Bank (Ex-Im) yesterday. Failure to reauthorize Ex-Im has put at risk hundreds of thousands of American jobs and hurt our small- and medium-size businesses. Without the Bank’s services, the U.S. budget deficit will rise, and American companies have already lost crucial support overseas, falling behind foreign competitors.
Last year, Ex-Im provided financing or guarantees for $27.5 billion in U.S. exports, thereby supporting more than 164,000 American jobs at 3,300 companies. The Bank’s support has been especially important to small and medium-sized businesses, which account for nearly ninety percent of the Bank’s transactions. Tens of thousands of smaller companies that supply goods and services to large exporters have also benefitted from Ex-Im’s activities.
Other countries provided approximately eighteen times more export credit assistance to their exporters than Ex-Im did to U.S. exporters last year. Failure to secure a long-term reauthorization of Ex-Im would amount to unilateral disarmament in the face of other governments’ far more aggressive export credit programs. Without Ex-Im, American companies are operating at a unique disadvantage in global markets, and lost sales and lost jobs are accumulating.
The Chamber looks forward to working with you in the weeks ahead to secure the Bank’s reauthorization. Thank you again.
R. Bruce Josten