Ayotte Helps Introduce Bipartisan Legislation to Reauthorize Export-Import Bank

Press Release

U.S. Senator Kelly Ayotte (R-NH) joined Senators Mark Kirk (R-IL), Heidi Heitkamp (D-ND) and a bipartisan group of senators this in week introducing legislation that would reauthorize and reform the Export-Import Bank, which allows companies to obtain competitive financing to compete in the global marketplace and has helped support 36 New Hampshire businesses over the last seven years.

The Export-Import Bank Reform and Reauthorization Act of 2015 (S. 819) would reauthorize the Bank's charter until September 30, 2019, increase small business lending, support American jobs and minimize risk to taxpayers by enchancing bank oversight. Currently, the Bank's authorization is set to expire June 30th, 2015.
"The Export-Import Bank helps small and medium sized businesses in New Hampshire compete in the global marketplace and create jobs, while returning billions of dollars to the Treasury for deficit reduction. This bipartisan legislation reauthorizes Ex-Im for four years and includes important reforms to increase transparency and accountability at the bank," said Senator Ayotte.

As the official export credit agency of the U.S., Ex-Im is charged with supporting American jobs through the financing of U.S. exports to international markets, primarily in circumstances where alternative private financing is not available. Ex-Im has supported over 1.3 million American jobs over the past six years, and the non-partisan Congressional Budget Office has estimated that over the next ten years, Ex-Im activities will generate over $14 billion in savings for the federal budget between FY 2015 and 2024.

The bill:

* Reduces risk to taxpayers by requiring higher loan loss reserves.

* Puts greater focus on small businesses by increasing the required lending to small businesses from 20% to 25%

* Increases Oversight of Bank Practices:

The bill creates a Chief Risk Officer and a Risk Management Committee to oversee the Bank's operations, requires the Inspector General to audit the Bank's risk management procedures regularly, and creates a non-political Chief Ethics Officer to oversee ethics practices of Bank employees.

In December, Ayotte and Export-Import Bank Chairman Fred Hochberg met with New Hampshire exporters in Nashua to discuss the successful partnership between the Ex-Im Bank and local suppliers and retailers who have been able to grow their businesses and create more jobs by exporting goods and services overseas.

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