Congressman Boyle Fears the Impact on PA Businesses As Funding for Export-Import Bank is Set to Expire
Philadelphia, PA – Today, Congressman Brendan Boyle (D-PA-13) joined the Chairman and President of the Export-Import Bank, Fred Hochberg, and U.S. Senator Bob Casey (D-PA) at the AgustaWestland facility to again call for the reauthorization of funding for the Export-Import bank. This is the second trip to AgustaWestland in as many months for Congressman Boyle.
"This is not the time for partisan games," stated 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."
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.
Earlier this month, Congressmen Brendan Boyle, U.S. Senator Brian Schatz (D-HI), and Congressman Patrick Meehan (R-PA-7) introduced the American Export Promotion Act to help small- and medium-sized firms grow their export capacity, and better access and compete in global markets through grant and technical assistance. As Congress debates global trade policy and the reauthorization of the Export-Import Bank, set to expire at the end of June, Schatz, Boyle and Meehan are fighting to empower American businesses to export their products across the globe.
"The Export-Import Bank is a vital institution for the American economy with direct economic benefits for workers and job-creators in my district," continued 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."
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.