Murray, Cantwell and Heck Won't Give Up, Will Continue to Pursue Meaningful, Long-Term Extension of Export-Import Bank
Three months after Representative Denny Heck introduced the Protect American Jobs and Exports Act of 2014 to reauthorize the Export-Import Bank for 7 years and increase the lending cap to $175 billion, Heck and Senators Maria Cantwell and Patty Murray expressed their extreme disapproval with the 9-month extension and their continued resolve to provide a long-term solution.
"Failing to reauthorize the Export-Import Bank for a meaningful period of time is a path that leads to American jobs being exported in place of American products," Heck said. "This is a clear attempt to weaken the bank. However, we are not defeated and will continue to pursue a way toward a multi-year, bipartisan continuation of the Ex-Im Bank because Americans deserve a government that believes in the might of the American advanced manufacturing sector."
Before the House vote to fund the government through December 11 which included the 9-month extension of the Ex-Im Bank, Heck took to the House floor to offer his bill as an alternative to the 9-month proposal.
"This is a jobs issue," Cantwell said on the Senate floor following the House vote. "I know that some of my colleagues in the House of Representatives are proud that they have helped to reauthorize the bank for nine months, but make no mistake about it--this will cost us jobs in the United States of America during that time period."
"I am disappointed that House Republicans have only allowed a short-term extension of the Export-Import Bank and more uncertainty instead of the long-term reauthorization that businesses in Washington state and across the country deserve," Murray said. "I am hopeful that House Republicans spend some time listening to workers and businesses in their districts who understand that the Export-Import Bank is critical for jobs and economic growth, and that they will join us at the table to work on a long-term reauthorization and an end to the constant crises and uncertainty that are so devastating for businesses and the economy."
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.
To see the American companies that use the Ex-Im Bank to sell goods and services abroad, visit the Export-Import Bank's export data map available online.