Democrat Proposes Lending Increase for Export-Import Bank to Support U.S. Jobs and Competitiveness
To support the American economy and workforce, Representative Denny Heck, D-Wash., will introduce the Protect American Jobs and Exports Act of 2014, which calls for a seven-year reauthorization of the Export-Import Bank of the United States and an increase in the lending cap to $175 billion.
Proposed legislation will extend the bank's charter until 2021, and extend the current cap by $5 billion each year.
"The Export-Import Bank is a reliable way for American business--including many small businesses--to sell their goods and services into the world marketplace," Heck said. "If we abandon this resource, we are allowing China, Russia, and European countries to gain ground in export deals previously made with us, the economic equivalent of forfeiting in the World Cup when we know we have the best team."
The Export-Import Bank, or Ex-Im Bank, helps American businesses sell their goods and services overseas by guaranteeing that they receive compensation for the transaction. Without the Ex-Im Bank, at least 205,000 American jobs would be at risk. The Ex-Im Bank supported an estimated $37.4 billion in U.S. export sales in 2013, while returning over $1 billion to the American taxpayers. The bank's charter is set to expire on September 30, 2014, if Congress does not act.