Valadao Statement on Reauthorization of Export Import Bank

Press Release

U.S. Congressman David G. Valadao (CA-21) released the following statement following the passage of H.R. 597; the Reform Exports and Expand the American Economy Act, legislation to reauthorize the Export-Import Bank of the United States.

"The Export-Import Bank plays a significant role in creating and maintaining U.S. jobs while also providing certainty and stability for U.S. manufacturers and exporters of all sizes. Failure to reauthorize the Bank could have severely damaged U.S. manufacturers and devastated the local agriculture industry here in the Central Valley," Congressman Valadao stated.

He continued, "Last year, 90% of the financial institution's authorizations were distributed to small businesses. Since 2007, the Export - Import Bank has secured financing for $28 million in exports from small businesses in my own Congressional District, CA-21. Furthermore, they are able to do this at no cost to taxpayers. In fact, over the past 20 years, Ex-Im has generated $7 billion in revenue above its operating costs and returned these funds to the U.S. Treasury. It is critical that we ensure our small businesses have the tools and resources needed to be successful in our global economy."

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