Foster's Daily Democrat - Shaheen Talks About Export-Import Bank Expiration at Albany

News Article

U.S. Sen. Jeanne Shaheen, D-N.H., held a roundtable discussion earlier this week with executives at the headquarters of Albany International, a leading international textile and materials manufacturer in Rochester.

The topic was the possible expiration of the charter for the Export-Import Bank. If Congress fails to act, that charter expires on June 30.

During her visit to the company, Shaheen also toured Albany's Rochester manufacturing facility, which produces engine blades and casings for Boeing and other major airline companies. Albany International's 2014 sales were $745.3 million, which would likely suffer if the Export-Import Bank's authorization is not renewed by Congress.

"Granite State businesses are producing cutting-edge products that are in demand around the world," said Shaheen. "If Washington politics causes the Export-Import Bank to expire, it will be adding an unnecessary handicap to American businesses that face foreign competitors who enjoy export support from their countries."

The Export-Import Bank, created in 1934, provides loans to U.S. exporters. Since 2007, the Export-Import Bank has supported at least 36 exporters, 25 small businesses, and 2,395 jobs in New Hampshire, according to Shaheen. In 2014 alone, the bank supported $29.2 million in New Hampshire exports, 60 percent of which from small businesses. The Export-Import Bank will expire at the end of this month, if Congress does not renew it. Shaheen introduced legislation in the Senate to reauthorize the Export-Import Bank through 2022, while increasing the bank's lending cap and percentage of loans to small businesses.

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