CONGRESSMAN BISHOP HAILS HOUSE PASSAGE OF EX-IM BANK REAUTHORIZATION
WASHINGTON D.C. – Today, Congressman Sanford D. Bishop, Jr. (GA-02) hailed the passage of a reauthorization of the Export-Import Bank of the United States (Ex-Im) in the U.S. House of Representatives. Following the use of a rare ‘discharge petition’, Republicans and Democrats came together in support of H.R. 597, the Reform Exports and Expand the American Economy Act, which would reauthorize and reform the Ex-Im Bank as well as strengthen it for the future. A wholly owned U.S. government corporation, the Ex-Im Bank is the official export credit agency (ECA) of the United States and finances and facilitates U.S. exports of goods and services while supporting U.S. employment.
“Here in the Second District alone, some 4,000 jobs are directly related to the financing provided by the Ex-Im Bank,” said Congressman Bishop. “It is vital that the U.S. companies and workers are competitive in a global economy, so today’s win is a boon for all American jobs, small businesses, and our rural communities.”
In the Second Congressional District from 2014 to 2015, the Export-Import Bank reported an authorization of $51 million to provide insurance policies, loan guarantees, or direct loans to facilitate exports. It further reported that $98 million has been disbursed in total insured shipments, guaranteed credit, or disbursed loan amounts supported by Ex-Im Bank. The total dollar value of exports related to Ex-Im Bank's authorized financing was $382 million. Ex-Im financing went to four exporters in the Second Congressional District, all of which are small businesses. Recipients include; Swift Spinning in Columbus, Thrush Aircraft in Albany; Grid Power Products in Macon; and Easterlin Pecan Company in Montezuma.
“Job creation at Ex-Im financed companies is where the rubber meets the road, and if we want a flourishing American economy, Ex-Im Bank is the kind of government agency we ought to be supporting,” concluded Congressman Bishop.
Since 2009, Ex-Im programs have supported about $217 billion in U.S. exports and 1.3 million private-sector jobs. Last fiscal year, Ex-Im supported an estimated $27.5 billion in exports and 164,000 jobs nationwide. Nearly 90 percent of Ex-Im’s FY 2014 transactions were for the direct benefit of small businesses. Ex-Im’s loan and loan guarantee programs help to fill gaps in private-sector financing, which is particularly important during financial crises, when credit can dry up. Ex-Im’s authorizations tripled between 2007 and 2012, as the bank stepped in to support U.S. exports during the recession and in its immediate aftermath. Ex-Im does not cost taxpayers a dime. In fact, since 1992, investments made by Ex-Im have brought a profit of $7 billion to the Treasury, including $675 million last year.
H.R. 597 was approved by the U.S. House of Representatives by a vote of 313 to 118 and now goes to the U.S. Senate for consideration. For more information on the Export-Import Bank activity in Middle and Southwest Georgia, please click here.