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WASHINGTON–Congresswoman Karen Bass (D-Calif.) issued the following statement calling on Congressional Republicans to extend the Export-Import Bank before its charter expires on June 30:
“Congress needs to send a clear and convincing message that the United States is open for business, and renewing the Export-Import Bank without delay before its charter runs out on June 30th would tell Americans and the world that we are serious when it comes to competing for business and creating jobs. Allowing the Export-Import Bank’s charter to expire would place not only the United States, but Los Angeles and many other cities, towns and rural communities at a significant economic disadvantage.
“Since 2009, the Export-Import Bank has generated 1.3 million jobs while supporting $27.4 billion in American exports, including $10.7 billion in exports to American small businesses. Ex-Im Bank, as it is known at home and worldwide, provides these benefits without using taxpayer money. Instead, the Bank charges fees to foreign companies utilizing its credit services, and this fee covers all operating costs and generates a surplus to the U.S. Treasury. Although 60 other nations have Export Credit Agencies with features similar to the Export-Import Bank, it is the Ex-Im Bank that has repeatedly been recognized as one of the best in the world in terms of efficiency, effectiveness and transparency
“Los Angeles will suffer in particular if Congressional Republicans allow the Export-Import Bank to expire. World trade is critical to two of Los Angeles’ most important institutions: The Port of Los Angeles and Los Angeles International Airport, both of which generate millions of jobs throughout the United States and billions of dollars for Los Angeles and our country’s economy at large.
“Congressional Republicans are playing a dangerous game with America’s place in the world by dragging their feet on reauthorizing the Export-Import Bank. The United States simply will not be able to maintain its current position of global economic power if it unilaterally disarms in the face of rising trade subsidies from other countries. By providing financing to U.S. exporters and customers who might otherwise have to look elsewhere for capital equipment and technical services, the Export-Import Bank helps sustain America’s premier role in the global trading system without resorting to the subsidies favored by unfair traders.”