Export-Import Bank Reauthorization Act of 2012
Floor Speech
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Mr. HOYER. I want to thank the gen tle lady for yielding.
Mr. Speaker, I am pleased to be here today. We are here as the result of the work of some extraordinary staff people, and I want to start by mentioning them.
First of all, I want to congratulate and thank Mr. Miller and his staff. I want to thank the staff of the Banking Committee. Mr. John Hughes of my staff, formerly of the Banking Committee and the Financial Services Committee, has worked tirelessly with an extraordinary policy director, Neil Bradley, who works for Mr. Cantor. We worked on this matter in a bipartisan fashion. This bill comes to the floor as a bipartisan bill, and I am hopeful and believe it will pass with an overwhelmingly bipartisan vote.
Mr. Speaker, today, we are ending the uncertainty for American manufacturers waiting for Congress to act by coming together to reauthorize the U.S. Export-Import Bank. I want to thank the Republican leader, Mr. Cantor, and his staff--and as I mentioned Neil Bradley before--for working with Democrats to find common ground and to reach an agreement that is supported by both business and labor, Democrats and Republicans.
I also want to commend Ranking Member Barney Frank of the Financial Services Committee and those on his staff: Kelly Larkin, Dan McGlinchey, and Kirk Schwarzbach. Carolyn McCarthy, as the ranking member, has done such an extraordinary job on this effort, as well as Mr. Miller, who chairs the International Monetary Policy and Trade Subcommittee. Their hard work has been important in making sure this agreement will help American businesses save and create jobs. I also want to thank Representative Rick Larsen for his tireless advocacy for a long-term reauthorization of the bank.
In addition, I would be remiss if I did not mention my dear and good friend, who is the ranking Democrat on the Appropriations Committee but who has been an extraordinary leader in making sure that America creates jobs and exports products around the world. He is Mr. Norman Dicks. Congressman Dicks, from Washington State, has been working with me every day that we've been at these negotiations. I want to thank him for his contributions to this outcome.
For 2 years, Mr. Speaker, House Democrats have been promoting a comprehensive jobs plan called Make It in America. Mr. Don Manzullo was on the floor, and he has been focused on that. They may not use my phrase of ``Make It in America,'' but so many Republicans have been focused on trying to build jobs here in America. We've been promoting a Make It in America agenda.
The Export-Import Bank financing is and has been a part of our published Make It in America agenda. By financing American companies' efforts to export their products overseas, the Export-Import Bank plays a direct role, as Chairlady McCarthy has pointed out, in helping our businesses expand and hire more employees for well-paying jobs, jobs that will not be shipped overseas.
The Export-Import Bank doesn't cost taxpayers a single penny. In fact, it has generated $1.9 billion--$2 billion rounded, as the chairlady said--in excess revenues for U.S. taxpayers over the past 5 years, and it provides a critical service that our companies need to access foreign markets on a level playing field. I am encouraged that we were able to reach this agreement to increase the Export-Import Bank's exposure limit to $120 billion through the end of this fiscal year and to raise it to $140 billion over the next 2 years.
In 2011, financing from the Export-Import Bank helped to create nearly 300,000 jobs at 3,600 private companies across America. This is a jobs bill, a jobs bill for Americans. Yes, I said 3,600 companies. An undermentioned fact is that over 85 percent of the bank's transactions are for small businesses. We talk a lot about the large businesses, Boeing in particular, which is one of our best exports and job creators--but 3,600 businesses, most of which are small businesses. The products American workers make are the best in the world.
American workers and American entrepreneurs can compete with anybody in the world if they have a level playing field. This helps get there. When that happens, our workers succeed, and that means more of our people can make it in America. That's what Americans want to do: they want to make it; they want to succeed; they want to have their kids have opportunities; and they want to make it. One of the ways we're going to Make It in America is to make it in America, manufacture it in America, grow it in America, and sell it here and around the world, and create jobs here, good-paying jobs for our people. They'll feel better about that.
I urge all of my colleagues to support this legislation. I hope this vote is unanimous. It's a vote for America, America's workers, and America's ability to compete globally.
Ex-Im Bank Support
Machinists, US Chamber of Commerce, National Association of Manufacturers, Association of Equipment Manufacturers, Business Roundtable, National Foreign Trade Council, Airlines 4 America, General Aviation Manufacturers Association, Air Line Pilots Association, National Small Business Association, Small Business Exporters Association, Financial Services Roundtable, Information Technology Industry Council, National Council of State Legislatures, Boeing, Delta.
Labor, Business Urge Support of Export-Import Reauthorization Agreement
The agreement announced last week on a long-term reauthorization of the Export-Import Bank ends uncertainty for businesses and provides the Export-Import Bank resources needed to keep American manufacturers competitive in a global market. This agreement is an important part of Democrats' Make It In America plan to create an encouraging environment for businesses to innovate and make products here in the U.S., and is supported by everyone from labor to business:
Thomas Buffenbarger, President of International Association of Machinists and Aerospace Workers: ``The bipartisan bill H.R. 2072 ..... represents a clear break from the Beltway politics that have failed to address the real struggles of ordinary Americans. During this time of intense global competition and persistent high unemployment, U.S. exporters need the critical resources of the Ex-Im Bank. I strongly urge you to support American jobs and to vote for this important legislation.''
Thomas J. Donohue, President and CEO of the U.S. Chamber of Commerce: ``This is great news for thousands of American workers, businesses of all sizes, and taxpayers, who can cheer the fact that this bill will reduce the deficit by hundreds of millions of dollars. When other countries are providing their own exporters with an estimated $1 trillion in export finance--often on terms more generous than Ex-Im can provide--failure to reauthorize Ex-Im would amount to unilateral disarmament and cost tens of thousands of American jobs. This bill will guarantee a level financial playing field in export markets and ensure transparency in Ex-Im's operations. For that reason, the Chamber urges Congress to swiftly pass this bill to reauthorize Ex-Im.''
R. Bruce Josten, Executive Vice President for Government Affairs of the U.S. Chamber of Commerce: ``Failure to enact this bill would put at risk the nearly 300,000 American jobs at 3,600 companies that depend on Ex-Im to compete in global markets. Ex-Im is especially important to small- and medium-sized businesses, which account for more than 85 percent of Ex-Im's transactions. ..... The Chamber strongly supports H.R. 2072 and urges the House to consider this issue as expeditiously as possible. The Chamber will include votes on, or in relation to, this bill in our annual How They Voted scorecard.''
Jay Timmons, President and CEO of National Association of Manufacturers (NAM): ``The bill announced today to reauthorize the Bank and increase its lending cap brings us a step closer to protecting these jobs and will be a vital tool for small manufacturers exporting to new markets. It is essential to manufacturers' global competitiveness, and we are pleased that Majority Leader Cantor and Minority Whip Hoyer have come together on an authorization. ..... We urge all members of the House to support this jobs legislation, and we hope the Senate will also move forward quickly. The Ex-Im Bank means jobs and increased exports, which will help us grow our economy and remain competitive.''
Doug Oberhelman, Chairman and CEO of Caterpillar Inc., and Chair of Business Roundtable's International Engagement Committee: ``The Ex-Im Bank is critical to the ability of U.S. companies--large and small--to compete on a level playing field against overseas competitors who have access to similar export credit programs. ..... Failure to reauthorize the Ex-Im Bank on a long-term basis and at appropriate credit levels would disadvantage U.S. businesses competing for sales in foreign markets, potentially putting thousands of U.S. jobs at risk.''
Tim Keating, Senior Vice President of Government Operations of The Boeing Company: ``..... H.R. 2072 is bipartisan legislation authorizing EXIM to operate for the next three years and raising the Bank's lending authority to $140 billion. The legislation also contains a number of important initiatives and reforms that will strengthen Congress's ability to oversee the Bank's operations and improve the transparency of the Bank's transactions. ..... Reauthorization of the EX-IM Bank is critical to the ability of U.S. exporters to compete on a level playing field in a commercial market where current and future competitors continue to enjoy aggressive support from their countries' export credit agencies. I urge your strong support for H.R. 2072.''
Andrew Liveris, Chairman and CEO of The Dow Chemical Company: ``I am writing to urge you to support the pending legislation to reauthorize the Export-Import (ExIm) Bank. The proposed draft three-year reauthorization with a graduated cap to $140 billion provides certainty and support for America's exporters. ..... I urge your favorable vote to support and sustain American jobs, boost small businesses, and expand export opportunities for U.S. companies.''
Capt. Lee Moak, President of the Air Line Pilots Association, International: ``This is a positive move toward leveling the playing field for U.S. airlines and their workers in the global marketplace. The reauthorization bill will aid in ending subsidies for widebody airplanes. This action will help to level the playing field for U.S. airlines that compete with foreign airlines, including many that are state-sponsored, that buy U.S.- and European-manufactured planes at below-market rates unavailable to U.S. and many European airlines. This subsidized financing gives our foreign competitors a significant cost advantage, allowing them to drive U.S. airlines out of international routes and costing airline workers' jobs.''
Nicholas Calio, President and CEO of A4A: ``We appreciate the hard work of Republican House Majority Leader Eric Cantor and Democratic House Minority Whip Steny Hoyer, who negotiated a bipartisan agreement that ensures increased transparency in the Ex-Im bank's lending practices, calls for greater economic impact analysis of loans and would implement other important reforms, and we urge passage of the agreement.''
Pete Bunce, President and CEO of General Aviation Manufacturers Association: ``General aviation jobs will be put in jeopardy if the Export-Import Bank is not reauthorized. Furthermore, general aviation manufacturing is one of the few remaining industries that contribute positively to the U.S. balance of trade. Our member companies have dramatically increased their use of Export-Import Bank financing over the past several years. Continued lending authority is essential to the success of general aviation manufacturing to compete globally. ..... We appreciate the bi-partisan effort in the House to move this legislation and we urge every House member to support it. We also call on the Senate to act quickly in order to avoid any lending disruption.''
Letter from Local Chambers of Commerce: ``Without Ex-Im reauthorization, our country's exporters won't be able to compete effectively in the global marketplace. We urge you to join us in supporting swift Ex-Im Bank reauthorization.''
John Hardy, Jr., President of Coalition for Employment through Exports (CEE) and William Reinsch, President of National Foreign Trade Council (NFTC): ``[We] write in support of H.R. 2072, the Securing American Jobs Through Exports Act of 2011, and strongly [urge] your affirmative vote for reauthorizing the Export-Import Bank of the U.S. H.R 2072's three year extension provides assurance of Ex-Im Bank's continued critical presence in the global export market, its lending limit provides adequate flexibility for the Bank to respond to market demands, and it contains increased taxpayer protections to ensure the continued viability of the Bank.''
Cass Johnson, President of National Council of Textile Organizations (NCTO) and Kevin Burke, President & CEO, American Apparel & Footwear Association (AAFA): ``[We] write in strong support of H.R. 2072--Securing American Jobs Through Exports Act of 2011. In addition to re-authorizing the Export-Import Bank. ..... the legislation contains provisions that will create important new avenues of financing for the textile and apparel global supply chain.''
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