Bring Jobs Home Act - Motion to Proceed

Floor Speech

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Mr. KAINE. Madam President, I have got a deal for you: Let's create American jobs, let's help American businesses find customers abroad, and let's do it at no cost to the American taxpayer. I rise to speak about exactly the point Chairwoman Cantwell just spoke about, the chairwoman of our Small Business Committee, the importance of the Export-Import Bank, which expires on September 30 of this year.

The Senate and House need to act to continue the job so we can continue the bank, so we can create hundreds of thousands of jobs, so we can help American businesses find customers abroad, and do it at no cost to the American taxpayer. Chairwoman Cantwell did a good job of explaining the bank and what it does. I will just spend a few minutes on that.

It is an independent, self-sustaining Federal governmental agency. It is one of the most important tools that U.S. companies have to boost exports to all the countries and all the customers abroad who want high-quality products produced in the United States. The bank assumes country and credit risks that other private sector lenders are unwilling or unable to do, at a reasonable cost. It helps level the playing field for U.S. businesses because so many of our global competitors have banks just like this that loan even more or support even more loans than we do. So this is about leveling the playing field for American businesses.

In fiscal year 2013, the Ex-Im Bank approved an all-time high 3,842 loan authorizations, with a total estimated export value of $37.4 billion. That is estimated to have created or sustained over 200,0000 export-related jobs right here in the United States. Countries such as China, France, Germany, Korea, and India are extending multiple times as much financing as our Export-Import Bank. This is not the time to let international competitors eat our lunch. We have to be aggressive and we have to compete. That is why this bank needs to be reauthorized.

I am here today to talk about why it matters in Virginia, using Virginia as an example. I know the Presiding Officer will forgive me for being partial to the Commonwealth. But anyone can get up here and do exactly what I am going to do, talk about businesses in their States, to whom the Export-Import Bank is incredibly important.

In Virginia generally since 2007, the Ex-Im Bank has supported 98 companies in every congressional district. Fifty-nine are small businesses, ten are minority-owned, three are women-owned, more than $1 billion in exports supported in Virginia since 2007. I have heard from everybody in Virginia, from Governor McAuliffe to the Virginia Chamber of Commerce, to both the National and Virginia Association of Manufacturers saying: Whatever you do, find an agreement to authorize the continuation of this very important bank.

Let me tell you about four companies. They are very different companies: rockets, apples, compressors, and paper. It sounds like a rock-paper-scissors thing, right?

Orbital Sciences Corporation in Dulles, VA, right here close. Orbital manufactures small and medium-class space systems, mostly satellites and rockets. Their headquarters is in Dulles, 3,600 employees, high-paying jobs. They launch rockets from all over the country, including Wallops Island near Chincoteague on the eastern shore of Virginia. They build satellites for the U.S. Government but also sell commercial communications satellites to many international buyers.

This commercial business that Orbital has is faced with significant competition from European satellite manufacturers, EADS/Astrium and Thales/Alenia. So Orbital relies on the Export-Import Bank to level the playing field. These European manufacturers get assistance from their governments to go out and compete for this commercial business and Orbital does the same. This neutralizes the advantage that European governments try to give to their satellite industry. In the last few years, since 2012, Orbital has produced 38 satellites. Six of them relied on Export-Import Bank financing and would not have been done without the backstop the Ex-Im Bank provides.

For every commercial satellite that Orbital builds, 300 jobs are supported, direct and indirect, within the company, and then there is a supply chain, with suppliers all over the country. There are an additional 300 jobs in the supply chain. So the story of Orbital, manufacturing rockets and satellites, is illustrative of the contribution the Ex-Im Bank makes to U.S. small and medium-sized aerospace companies.

Let's switch from rockets and talk about apples for a minute. Turkey Knob Orchard in Timberville, VA. They grow apples on 3,500 acres in rural Virginia. It is a longstanding family-owned business that has produced apples in the Commonwealth since 1918. This family-owned business in Timberville uses the Export-Import Bank to protect deals made with companies in rapidly expanding markets such as West Africa and India, where the risks are high, and conventional lenders may be a little skittish.

Then it gives their partners peace of mind and a credible system for evaluating buyers abroad. The credit insurance is one of the most competitive and user-friendly products in the market for small growers such as Turkey Knob, who do not have a large international office or large international export offices around the globe. Without Ex-Im credit insurance, Turkey Knob would export less and their exports would be exposed to more risk, more potential liability.

Additionally, with the credit insurance program, small exporters are able to build these deals so they can build long-term relationships and expand business that otherwise would not be possible.

We want importers abroad to buy Virginia apples. We think our apples are every bit as good as Washington State's or any other State's apples. We are proud to market them, and other products from Virginia as well, especially at a time when the economy needs to be stronger. But we would not be able to find those clients for growers such as Turkey Knob without the Ex-Im Bank.

Compressors. Bristol Compressors in Bristol, VA, right on the border with Tennessee in the State's far southwestern corner. This is a manufacturing company, very cutting edge. They design and manufacture compressors for residential and commercial applications--air conditioning, heat pump, refrigeration. It is one of the largest compressor manufacturers in the world. They also serve manufacturers and distributors across six continents. I think Antarctica may be the exception. They have enough air conditioning there.

But Bristol has worked directly and indirectly with the Ex-Im Bank through their credit lenders for many years. Bristol would not be able to service the majority of its international business without the support of the Ex-Im Bank. I have been to this company. It is in a part of the State that needs more jobs, not less. Without the Ex-Im Bank, they would not be able to service their customers on six continents.

Bristol has told us that without the support, jobs at Bristol would be at risk, which would have a negative impact on the local economy. We want to promote American manufacturing, not shrink it.

Finally, paper. Eagle Paper International in Virginia Beach. This is an international paper manufacturer and distributor, been around since 1988. Virginia Beach is an important place, because we have an active port in Virginia Beach, one of the busiest ports on the east coast of the United States. So it is a great place to find exports and ship exports from.

Eagle Paper has succeeded in its 25 years in business in exporting paper worldwide. Eagle has told us very plainly:

Ex-Im is a crucial part of our business. Without the export credit insurance we would not be able to support the customer base that we currently have. Without this customer base our sales would decrease and in turn we would have to eliminate employees in order to keep our business up and running.

Not often do we have such no-brainers present themselves on the floor. I will end where I started: Let's create American jobs. Let's help businesses find customers around the world. Let's do it at no cost to the American taxpayer. We do not make general fund applications to the Ex-Im Bank because they charge their customers for the services they provide. Not only do they break even, they actually raised $2 billion above the loans they put out in the last few years, which they then used to make more loans to more American businesses to create more jobs.

I have been heartened to see 50-plus months of private sector job growth. I know the Presiding Officer has as well. But we also know we are not where we need to be yet. GDP needs to be higher. More jobs need to be created. We need to create more skilled workers to fill those jobs. The Ex-Im Bank is one of the best tools we have to help move the economy forward. If it did not exist, we would have to create it. The good news is, it does exist. All we have to do is vote to reauthorize it before September 30.

It is my hope that my colleagues on both sides of the aisle and in both Houses will join in this very important and completely logical mission.

I suggest the absence of a quorum.

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