Posted:
September 28, 2015
Congressman Stephen Fincher (R-TN) on September 25 introduced new legislation in the House of Representatives to reauthorize the U.S. Export-Import Bank for five years, a bill identical the Export-Import Bank Reform and Reauthorization Act introduced earlier this year in the Senate by Senators Mark Kirk (R-IL) and Heidi Heitkamp (D-ND).
Rep. Fincher's legislation includes a majority of the meaningful reforms outlined in the Reform Exports and Expand the American Economy Act (H.R. 597), which he introduced in the House in January of this year. Rep. Fincher is a staunch supporter of the U.S. maritime industry and merchant marine and his legislation keeps intact the U.S.-flag cargo preference requirements associated with exports financed with assistance from the Export-Import Bank, as does the Senate legislation.
"Americans across the country are demanding jobs," Rep. Fincher said. "Instead of listening to their concerns, Congress decided to put thousands of livelihoods in jeopardy by failing to take action to reform and reauthorize the Ex-Im Bank. The Bank provides thousands of jobs to constituents all over our districts, and it's disheartening to realize that some members of Congress believe working for their constituents means putting these jobs on the line.
"Reforming and reauthorizing the bank is an investment in our country, and Congress must make this work for the American people," he said. "I call on leadership to immediately bring my bill to the floor for a vote."
Reforms included in the legislation are aimed at increasing transparency and accountability and enhancing taxpayer protections in the bank's practices. Reauthorization of the Export-Import Bank will keep American jobs here at home, a point emphasized by Rep. Fincher in a statement issued September 15 after General Electric announced it will be moving 500 American jobs overseas due to Congress failing to reform and reauthorize the Export-Import Bank.
"This is what happens when Congress sits idly by while thousands of jobs are on the line. Each day that Congress fails to take action to reform and reauthorize the Ex-Im Bank, more and more companies of all sizes will be forced to make these same tough decisions," Rep. Fincher said.
"Nearly 90 percent of Ex-Im Bank transactions are made to American small businesses. By failing to act, Congress has tied the hands of thousands of our nation's best job creators, making it even harder for them to compete on a level playing field against our global competitors who are backed by their own export credit agencies," he said.
"Every American job counts, and when it comes to American jobs, I am never willing to compromise. I call on Congress to immediately hold a vote to reform and reauthorize the bank."
The Export-Import Bank assists U.S. businesses small and large by facilitating the purchase of U.S. manufactured goods for export, among other things.
Exports financed with the assistance of the Ex-Im Bank must be shipped on U.S.-flagged commercial vessels, providing a strong source of cargo for the U.S. merchant fleet operating in international trade.
In fiscal year 2013, the Ex-Im Bank helped facilitate more than $37 billion in U.S. export sales, supporting more than 200,000 American jobs. According to a report published by the Ex-Im Coalition, the Ex-Im Bank earned a profit in 2014, covering its expenses and sending $675 million to the U.S. treasury. In the previous fiscal year, the Ex-Im Bank returned approximately $1 billion to the U.S. treasury. The Ex-Im Bank is self-sustaining and does not cost U.S. taxpayers a single dollar.
The bank's charter lapsed at the end of June and the bank cannot accept new applications for financing assistance. The Ex-Im Bank will need to continue to operate in some form for several years to service long-term financing packages already in place.
The cessation of Ex-Im Bank activity would result in a significant loss of cargo for U.S.-flagged commercial vessels.
Rep. Fincher introduces legislation to reauthorize U.S. Export-Import Bank
Congressman Stephen Fincher (R-TN) on September 25 introduced new legislation in the House of Representatives to reauthorize the U.S. Export-Import Bank for five years, a bill identical the Export-Import Bank Reform and Reauthorization Act introduced earlier this year in the Senate by Senators Mark Kirk (R-IL) and Heidi Heitkamp (D-ND).
Rep. Fincher's legislation includes a majority of the meaningful reforms outlined in the Reform Exports and Expand the American Economy Act (H.R. 597), which he introduced in the House in January of this year. Rep. Fincher is a staunch supporter of the U.S. maritime industry and merchant marine and his legislation keeps intact the U.S.-flag cargo preference requirements associated with exports financed with assistance from the Export-Import Bank, as does the Senate legislation.
"Americans across the country are demanding jobs," Rep. Fincher said. "Instead of listening to their concerns, Congress decided to put thousands of livelihoods in jeopardy by failing to take action to reform and reauthorize the Ex-Im Bank. The Bank provides thousands of jobs to constituents all over our districts, and it's disheartening to realize that some members of Congress believe working for their constituents means putting these jobs on the line.
"Reforming and reauthorizing the bank is an investment in our country, and Congress must make this work for the American people," he said. "I call on leadership to immediately bring my bill to the floor for a vote."
Reforms included in the legislation are aimed at increasing transparency and accountability and enhancing taxpayer protections in the bank's practices. Reauthorization of the Export-Import Bank will keep American jobs here at home, a point emphasized by Rep. Fincher in a statement issued September 15 after General Electric announced it will be moving 500 American jobs overseas due to Congress failing to reform and reauthorize the Export-Import Bank.
"This is what happens when Congress sits idly by while thousands of jobs are on the line. Each day that Congress fails to take action to reform and reauthorize the Ex-Im Bank, more and more companies of all sizes will be forced to make these same tough decisions," Rep. Fincher said.
"Nearly 90 percent of Ex-Im Bank transactions are made to American small businesses. By failing to act, Congress has tied the hands of thousands of our nation's best job creators, making it even harder for them to compete on a level playing field against our global competitors who are backed by their own export credit agencies," he said.
"Every American job counts, and when it comes to American jobs, I am never willing to compromise. I call on Congress to immediately hold a vote to reform and reauthorize the bank."
The Export-Import Bank assists U.S. businesses small and large by facilitating the purchase of U.S. manufactured goods for export, among other things.
Exports financed with the assistance of the Ex-Im Bank must be shipped on U.S.-flagged commercial vessels, providing a strong source of cargo for the U.S. merchant fleet operating in international trade.
In fiscal year 2013, the Ex-Im Bank helped facilitate more than $37 billion in U.S. export sales, supporting more than 200,000 American jobs. According to a report published by the Ex-Im Coalition, the Ex-Im Bank earned a profit in 2014, covering its expenses and sending $675 million to the U.S. treasury. In the previous fiscal year, the Ex-Im Bank returned approximately $1 billion to the U.S. treasury. The Ex-Im Bank is self-sustaining and does not cost U.S. taxpayers a single dollar.
The bank's charter lapsed at the end of June and the bank cannot accept new applications for financing assistance. The Ex-Im Bank will need to continue to operate in some form for several years to service long-term financing packages already in place.
The cessation of Ex-Im Bank activity would result in a significant loss of cargo for U.S.-flagged commercial vessels.