Republican-led Do-Nothing Congress is Ready to "Do Nothing" On Ex-Im Bank
With the Export-Import Bank set to expire on June 30, the pressure to reauthorize the Bank – and protect the hundreds of thousands of jobs it supports – continues to grow. However, it doesn’t seem as if House Republican leaders are fazed by the impending deadline – and in fact, they’re ready to let it pass without action:
House Majority Leader Kevin McCarthy: “I think [allowing Ex-Im to expire] is a view that I have, yes, and I said it hasn’t changed.” [The Hill, 4/28/15]
House Majority Whip Steve Scalise: “It’s set to expire.” [Roll Call, 4/27/15]
House Freedom Caucus Chairman Rep. Jim Jordan (R-OH): “The best thing is to do nothing, which is something Congress is usually pretty good at, and just let it expire.” [The Hill, 4/22/15]
Republicans’ decision to once again “do nothing” will put U.S. companies at a serious disadvantage. If Republicans are serious about supporting American businesses and job creation, we hope they will heed the following calls from state and local leaders and the business community to reauthorize the Bank’s charter:
“As governors of states whose economies and workforces depend on exports, we strongly urge you to support legislation that provides for the long-term reauthorization of the U.S. Export-Import Bank (Ex-Im Bank) before its charter expires on June 30, 2015. The Ex-Im Bank is a crucial tool that both small and large businesses use to compete fairly in the world market, increase their exports, stimulate job creation, and contribute to the growth of our states’ economies… As the economies of our states continue to grow, the Ex-Im Bank is currently playing a vital role in promoting exports and jobs. In federal fiscal year 2014, the Ex-Im Bank supplied more than $20 billion in financing to support approximately $27 billion in exports. In that same fiscal year, the Ex-Im Bank supported more than 160,000 American jobs. And the overwhelming majority of the Ex-Im Bank’s transactions – nearly 90% – assisted small businesses.”
“As mayors of cities that count exports as a crucial contributor to our U.S. economy, we urge you to reauthorize the Export-Import Bank (Ex-Im Bank) of the United States before its charter expires on June 30, 2015. Without support from the Export-Import Bank, businesses in cities nationwide will face little or no financing alternatives, putting U.S. jobs in jeopardy… Support from the Ex-Im Bank enables local American businesses to get the financing needed to stay competitive internationally. In an ever-global economy, American businesses need the assurances provided by Ex-Im Bank financing to reach lucrative markets overseas.”
“U.S. Chamber of Commerce President Tom Donohue told members of Congress on Tuesday that he's lobbying 2016 Republican presidential candidates to support reauthorizing the Export-Import Bank.”
“‘You're damn right we tell [Republicans they're wrong about the Ex-Im Bank],’ Donohue answered. ‘I have told probably three of them myself.’”
“Donohue's Chamber and a powerful coalition of business groups such as the National Association of Manufacturers argue that the bank sustains millions of U.S. jobs while helping American companies make inroads in emerging markets.”
“‘We have a little plan to have a visit with some of these people in the normal course of business to point out what the bank means to this country and to American industry and particularly the thousands of thousands of small companies,’ Donohue said at the hearing.”
It is time for House Republicans to stop pandering to the far-right wing of their party and work with Democrats to reauthorize the Ex-Im Bank, which will maintain our nation’s economic competitiveness by helping American companies and workers compete on a level playing field.