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Capps Applauds House Passage of Export-Import Bank Reauthorization to Support Manufacturers and Create Jobs
WASHINGTON – Today, Congresswoman Lois Capps (CA-23) applauded the passage of H.R. 2027, bipartisan legislation to reauthorize the Export-Import Bank through 2014. The Export-Import Bank supports manufacturers and small businesses by helping secure credit needed to export their products to markets around the world. In California’s 23rd Congressional District, the Export-Import Bank has supported nearly $37 million in exports in the last five years.
Supporting American small businesses and ensuring they can get the financing they need to ship their goods around the world is critical to creating jobs and growing the economy. From high technology manufacturing to agriculture, the Central Coast is home to many businesses that ship their products around the world and support from the Export Import Bank is a huge boost for them,” said Capps.
The reauthorization of the Export-Import Bank is especially important for Ventura County. A recent report issued by the nonpartisan Brookings Institute shows that Ventura County ranks 7th out of the top 100 export regions in the country for the relative share of its local GDP generated by export trade. Overall, exports represent $6.2 billion of the Ventura County economy. Despite the recession, exports have grown at nearly 12 percent annually.
The reauthorization of the Ex-Im Bank is huge for Ventura County. Export trade generates over 16,000 jobs directly, more than 34,000 export-supported. If export trade slows here, our entire economy suffers, badly. Our experience in serving local business tells us that Ex-Im Bank is a critically important driver of that economic engine. The Bank not only provides loans and loan guarantees in this time of continuing capital constraint, but also export credit insurance, upon which our several small and medium sized exporters depend for security and for the ability to borrow against receivables in the complicated process of global trade. We couldn’t be more relieved and excited that this is resolved and we can move forward with confidence that the U.S. remains serious about competing in the global economy,” said Bruce Stenslie, President and CEO of the Economic Development Corporation of Ventura County (EDC-VC).
The legislation to reauthorize the Export-Import Bank is widely supported by labor and business groups including the International Association of Machinists and Aerospace Workers, National Association of Manufacturers, U.S. Chamber of Commerce, and Business Roundtable. The bill passed by a vote of 330-93 with all Democrats voting in favor along with 147 of 240 Republicans. The Bank’s charter is set to expire May 31, adding to the urgency of the legislation.
A copy of Capps statement for the record is included below.
Mr. Speaker, I rise today in support of H.R. 2072, the bipartisan Securing Jobs Through Exports Act.
Other nations are aggressively supporting their businesses’ exports, making it more important than ever help American manufacturers secure the financing they need to compete in foreign markets.
The Export-Import Bank helps make this happen, creating middle class jobs here at home and boosting our economic competitiveness by investing in a strong manufacturing sector that builds and exports products around the world.
Just last year, the Bank provided $32 billion in financing to thousands of companies, which supported nearly 290,000 American jobs. Over 80 percent of those transactions directly supported small businesses.
In my district alone, the Bank supported over $36 million in sales over the last five years, helping innovative Central Coast businesses like Mafi-Trench and CoreSulpher grow and hire.
The Securing Jobs Through Exports Act will provide the necessary tools and resources for the Bank to continue this important work.
It reauthorizes the Bank for three years, giving U.S. businesses the certainty they need, and incrementally increases the exposure limit to $140 billion by fiscal year 2014 in response to the growing demand for Ex-Im financing.
The bill will also make Ex-Im more effective and accountable by funding technology upgrades and requiring additional reporting to Congress.
This bipartisan legislation has broad, bipartisan support from both labor and business groups, including the Chamber of Commerce, International Association of Machinists and Aerospace Workers, NAM, and Business Roundtable.
Mr. Speaker, as our fragile economy continues to recover, we must ensure American businesses have the tools they need to compete in the global market place and create jobs for workers here at home.
This bipartisan legislation will help do exactly that.
I urge my colleagues to support H.R. 2072.