Congress should act quickly on legislation to extend the authority of the Export-Import Bank of the United States (Ex-Im Bank). Currently, its authority will end on June 30. Legislation has been introduced in both the House and Senate that would extend the bank’s authority through 2019. In the House, a bill introduced by Congressman Stephen Fincher (R-TN) currently has 59 co-sponsors, while in the Senate,legislation introduced by Senators Mark Kirk (R-Ill.) and Heidi Heitkamp (D-N.D.), has 7 co-sponsors.
Since 2007, almost 9,000 companies have used the Ex-Im bank to finance export sales, including almost 6,000 small businesses. These numbers do not include multiple businesses that act as suppliers to the exporting concerns. While the bank financed only about 2% of all U.S. export sales in 2014, this 2% represented $27.5 billion in sales and supported 164,000 jobs. Congress should carefully consider the devastating economic impact that would be brought on these American businesses and workers if the Ex-Im Bank is not re-authorized. Already, some companies are losing sales because of the uncertain future of the Ex-Im Bank.
Historically, re-authorization of the bank has been non-controversial. However, the current reauthorization has faced opposition from factions that have labeled the bank as a form of corporate welfare. However, a growing number of legislators have denounced this label, calling for the bank’s authorization to be extended.
CompTIA fully supports extension of the Ex-Im Bank Authorization. Congress should act quickly to preserve these America jobs.
