Hoyer: Shutting Down the Export-Import Bank Puts Tens of Thousands of Jobs at Risk, Diminishes Our Ability to Compete in Foreign Markets

WASHINGTON, DC - House Democratic Whip Steny H. Hoyer (MD) spoke on the House Floor today in opposition to House Republican leaders' decision to refuse to take action to keep the Export-Import Bank open before its charter expires on June 30. Below is a transcript of his remarks and a link to the video:

Click here to watch the video.

“Mr. Speaker, I express my deep disappointment that the House will adjourn without having concluded its business. Charter authority for the Export-Import Bank is set to expire this coming Tuesday, should Congress fail to reauthorize it – which apparently we are going to fail to do.

“Shutting down the Bank puts at risk tens of thousands of jobs at American businesses whose exports are supported by the Bank's financing mechanisms. Everybody knows that a bill to reauthorize the Bank has the votes to pass in this House. Everybody has known that the charter authority to back up loans by those who would buy goods from American workers expires at the end of this month.

“The Speaker of this House has said that jobs will be lost shortly after we fail to do this act, which we are apparently going to fail to do. It is the will of the House and ought to be reflected by a vote of the House that this charter be renewed. And once we send it down the hall, such a bill will pass the Senate. Who said so? Senator Roy Blunt, who used to be the Majority Whip, and Majority Leader, and Minority Whip in this House.

“Before leaving to go home to our districts, we ought to reauthorize the Bank and provide certainty, Mr. Speaker, to businesses and their workers who depend on it to level the playing field against foreign competitors. There are eighty-five such banks, located in sixty countries, with whom we compete. This will diminish, at least for a short time, our ability to compete in international markets. That will cost, as Speaker Boehner said, jobs in the short-term.

“At the same time I want to say that my friend from Mississippi, Representative Thompson, noticed a resolution that was referred to the Committee on House Administration today. Mr. Speaker, I believe that that resolution deserves to be considered in the Committee without delay, and I hope it will be.

“In the aftermath of the horrific and racially motivated murders of nine innocent people in Charleston last week, Americans across the country are taking a long-overdue, critical look at the practice of allowing Confederate symbols of hatred, slavery, segregation to remain on prominent display in our public places. There is no public space more visible and more important than this United States Capitol building. Mr. Thompson's resolution would authorize the Speaker to remove Mississippi's flag, the only one to include the battle flag of the Confederacy, from the Capitol complex until such time as the State of Mississippi selects a new flag, free from a legacy of bigotry, exclusion, and racism. I hope Mississippians will move swiftly to design a new flag that more accurately reflects their pride in diversity, tolerance, and equality. 

"There is no reason why any member or staffer, especially those whose ancestors suffered the horrors of slavery and segregation, should have to see that symbol in the temple to liberty that is our Capitol.

“So, Mr. Speaker, I’m disappointed that the House is adjourning without having completed its task for the June work period and without having shown the American people their Congress can do what it has been sent to do: support job growth, promote justice, and achieve results for those it serves.

“Mr. Speaker, if I thought continuing my objection would lead to the swift enactment today or tomorrow of the Export-Import Bank [reauthorization], I would object. I do not believe that that would be the result, and, therefore, I will shortly withdraw my objection – but with a plea to the Majority party that they bring to the Floor very shortly after we return the reauthorization of the Export-Import Bank and that the Committee on House Administration give prompt consideration to the resolution of the Gentleman from Mississippi, Mr. Thompson.  And I withdraw my reservation.”