Export-Import Bank Reauthorization Added to "Make It In America" Jobs Plan
As part of the plan to support manufacturing in America, promote export of U.S. goods, keep jobs in the U.S. and develop a 21st Century workforce, Democratic Whip Steny Hoyer announced today that the reauthorization of the Export-Import Bank of the United States will become a formal agenda item of the "Make It In America" plan for jobs and competitiveness.
As an official part of the Make It In America plan, reauthorization of the Export-Import Bank allows for increased exports of U.S. manufactured goods. Without reauthorization, American exports would decrease and job growth would slow.
"Promoting U.S. exports remains a core component of the bipartisan Make It In America plan, and Rep. Denny Heck has been a leader on this issue since coming to Congress," Democratic Whip Hoyer said. "Recognizing its benefits to businesses in Washington State and across the country, Rep. Heck has made reauthorizing the Export-Import Bank one of his top priorities this year, and because of his advocacy this goal has been added to the Make It In America plan. I look forward to working with Rep. Heck to ensure that the Export-Import Bank can continue to help Washington State businesses compete around the world and expand to new markets."
The Export-Import Bank helps local businesses sell their goods and services overseas by guaranteeing that those companies receive compensation for the transaction. The Bank funds itself through fees charged to foreign companies and transferred more than $1 billion into the U.S. Treasury last year.
"To stay globally competitive in an increasingly crowded marketplace, we have to support export strategies that insure transactions for American businesses," Congressman Heck said. "We have to create opportunities for our small businesses to expand, and the Export-Import Bank is a job-creating machine for folks here at home."
In 2013 more than 205,000 jobs were created because of financing provided by the Export-Import Bank, and 89 percent of their transactions were approved for small businesses. In Washington state, the Export-Import Bank has supported more than $100 billion in sales.
The Export-Import Bank's charter is scheduled to expire at the end of September 2014.
The Make It In America plan for jobs and competitiveness focuses on keeping America competitive, supporting small businesses, investing in infrastructure to support the flow of commerce, clean energy jobs, innovative education policy, smart tax policy and smart regulations. The Make It In America jobs plan included reauthorization of the Export-Import Bank in 2012. Since the plan was created in 2011, 10 Make It In America bills have been signed into law.
"The rest of the world is growing their middle class, and if we want to keep and grow our middle class, we have to sell into theirs," Congressman Heck added.
Full video of the press conference today announcing the Export-Import Bank reauthorization in the Make It In America plan is available online. Conference begins at the 7:15 minute mark and Congressman Heck provides remarks at 23:07.