Congresswoman Sewell Urges Immediate Reauthorization of the Export-Import Bank

Floor Speech

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Ms. SEWELL of Alabama. Mr. Speaker, today I rise to urge the immediate reauthorization of the Export-Import Bank. The Ex-Im Bank has become a crucial driver of our economy by offering loans, capital insurance, and other financial services to businesses who wish to invest in American products and grow their businesses. It fills the gap between domestic capital and domestic investment, ensuring that each and every opportunity to expand our economy has the financial backing to do so. Furthermore, the Ex-Im Bank is an exceptional government institution insofar that it both improves our economy and makes money.

For these reasons, Ex-Im Bank reauthorization has been relatively uncontroversial in the past. During the 112th Congress, my first term in office, we reauthorized the Ex-Im Bank with a vote that crossed party lines. However, I have witnessed the agreement and goodwill surrounding this issue deteriorate during my tenure. On July 1st, 2015, this burgeoning partisanship brought the Export-Import Bank to a screeching halt. Members of this congressional body refused to renew the charter for the Ex-Im Bank, allowing it to shut down entirely.

Since the first day of this month, our obstinacy has cost our nation over fifty million dollars. Every day that we allow this shut down to continue, we are shortchanging our taxpayers another two million dollars. This inaction is irresponsible, short-sighted, and detrimental to our economy. The American people want us to create jobs and help small businesses grow, not play political games.

I urge my colleagues to reauthorize the Export-Import Bank immediately.

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