Congressman Brendan Boyle Demands Vote On the Export-Import Bank

Washington, D.C. – Today, Congressman Brendan Boyle (D-PA-13) demanded a vote to reauthorize the U.S. Export-Import Bank before it expires this summer. House Democrats filed the discharge petition after Republican Leadership announced plans to let this important resource for domestic industries expire. 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.

"The Export-Import Bank is a vital institution for the American economy with direct economic benefits for workers and job-creators in my district," said 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."

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.

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.

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.

"The charter represents a bipartisan majority of the House – but some Republicans want to shut it down on ideological grounds," concluded Congressman Boyle. "This is not the time for partisan games. 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."