Bennet Urges Reauthorization of Export-Import Bank

Press Release

Colorado U.S. Senator Michael Bennet is urging Congress to reauthorize the Export-Import Bank's charter as soon as it returns to session in July to ensure that Colorado businesses remain competitive in the global economic environment.

The Bank is an economic engine that has helped American companies finance the export of American-made products to overseas markets for more than 80 years.

"With the charter expiring tomorrow, Colorado businesses don't have the certainty they need to move forward with operations," Bennet said. "We're days away from the agency's shutdown because of dysfunction in Washington. This is no way to govern. We need a long-term reauthorization of the Export-Import Bank for our state and our country to fiercely compete globally."

At a time when our economic recovery is producing more and more bright spots, the lights could dim for small Colorado businesses that rely on the Export-Import Bank for support, as the agency's charter expires on Tuesday, June 30, 2015. Upon expiration, U.S. companies, will lose access to a critical avenue to finance the sale of goods to profitable markets, including emerging markets, where American companies can run into barriers. More than 100 Colorado businesses have used the Bank to facilitate getting their products overseas, generating exports of $815 million since 2007.

In May, Senator Bennet organized a group of businesses that called on Congressional leadership to extend the charter.

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