Walz Co-Sponsors Reauthorization of the Export-Import Bank

Press Release

Today, Representative Tim Walz announced that he co-sponsored legislation to reauthorize the Export-Import Bank to promote American manufacturing, protect hundreds of thousands of U.S. jobs, and provide American businesses and workers with the certainty they need to compete in the global marketplace. Furthermore, since 2008, the Export-Import bank has been self-sustaining, helping businesses grow while actually generating revenue for American taxpayers and helping pay down the debt.

"As our economy continues to recover from the depths of the worst economic crisis since the great depression, we should do all we can to ensure that American businesses and manufacturers have the opportunity to compete in a growing world marketplace," Representative Walz said. "By reauthorizing the Export-Import bank, we're renewing our commitment to American manufacturing, revitalizing our Main Street, and working to create good paying, middle-class jobs right here at home."

The Export-Import Bank works to help American businesses--both large and small--sell their products in the world market and create jobs right here at home. It does this not by competing with the private sector, but by providing loans or credit to businesses that the private sector is unwilling or unable to provide, turning opportunity into real sales. And, over the course of its nearly 80 year history, the Bank has been very successful with a default rate of less than 2%. In the last five years alone, the Bank has generated $1.9 billion surplus from accrued interest for the U.S. Treasury, which helps reduce the deficit.

"The Export-Import bank is incredibly important to American manufacturing. It supports AGCO's Jackson manufacturing operation by giving us the certainty and stability we need to compete in the world market and create jobs here at home," said Eric Fisher, Director of Operations at AGCO, an agriculture manufacturing plant in Jackson, Minnesota. "I applaud Representative Walz for his stance on reauthorization and commitment to southern Minnesota workers and manufacturers."

With other nations aggressively supporting their businesses' exports, it is critical that the Export-Import Bank be reauthorized in order for American businesses to remain competitive in the world market.

Reauthorization of the Export-Import Bank also has broad bipartisan support from both business and labor groups including the National Association of Manufacturers, the U.S. Chamber of Commerce, the AFL-CIO, and the International Association of Machinists and Aerospace Workers.

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