Export-Import Bank Reauthorization

Floor Speech

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Mr. Speaker, I rise today to stress the importance of reauthorizing the Export-Import Bank's charter, which has served this Nation well. The Export-Import Bank is an important program used to support our Nation's entrepreneurs--the best in the world--and keep them competitive in today's global economy.

It is a tool. It is a tool that has enjoyed bipartisan support over the years, just like trade agreements are a tool to, in fact, increase jobs here in America, good-paying jobs.

The Bank provides trade financing to solutions to boost U.S. job growth, and it has been successful in increasing exports for American goods and services--American goods that are made here--at no cost--no cost--to the American taxpayer.

This program is set to expire, sadly, tomorrow--tomorrow. Unfortunately, the House Republican leadership is refusing to bring it to the floor for a vote, with thousands of American jobs at risk.

Now, if the Bank charter expires, American workers and American businesses that are trying to sell their products and goods overseas face a completely unnecessary blow to their ability to compete.

In total, the Ex-Im Bank--otherwise known, abbreviated--has created and sustained over 1.5 million jobs in the private sector since 2007 alone--1.5 million jobs since 2007. Last year alone, the Bank sustained over 164,000 export-related American good-paying jobs.

If you want to build it in America, you have got to ensure that American workers and businesses can compete. The Ex-Im Bank represents a vital pillar, therefore, in our ability to be competitive overseas, and it has had significant impacts in the San Joaquin Valley that I represent.

Why? Well, many of the businesses that I talk to that use the Ex-Im Bank tell me: Jim, we have the ability to compete. We make our products better, but when we are sitting at the table with foreign competitors, many of these countries want to know, do you have a financing plan in place?

It is because, contingent upon their ability to choose us or choose our competitors, many of these countries want to know that this can be financially put together in a fashion so that the deal works for everybody, and that is what the Bank does.

In my district alone, the Ex-Im Bank has afforded a number of small business exporters--some of which are minority and women owned--to have exports in places all over the world, places like India, Mexico, Turkey, Hong Kong; and I could go on. These businesses export $77 million worth of goods, ranging from machinery to manufacturing to crop production of the variety and diversity of agricultural exports that we do in California.

As a matter of fact, in California, the Ex-Im Bank has resulted in increased exports of over $27 billion. Now, let's put this in perspective. Last year, California exported $174 billion in products.

The Ex-Im Bank was responsible for helping to finance $27 billion of that $174 billion. As a matter of fact, $19.4 billion of the $174 billion that was exported last year from California were agricultural products grown in the San Joaquin Valley.

The Bank helps level the playing field, therefore, for American workers and American businesses, allowing them to compete and succeed in the global economy that we live in today. That is just the facts.

In these trying times, the last thing Congress should be doing is jeopardizing the economic health of our Nation by refusing to provide Americans with the tools--the tools, which is what this Bank is--they need to compete effectively in the global marketplace.

It is important to note that there is a vast bipartisan support for renewing the Bank's charter. Let me be clear. Despite attempts to paint this as a partisan issue, I do not believe it is. Sadly, though, there are some of my colleagues on the other side who have decided to play partisan politics with the Bank. That, then, therefore threatens American jobs, halting economic growth and undermining American businesses' ability of all sizes to compete in this global market.

Now is the time for long-term reauthorization of the Bank so that American entrepreneurs can use this tool to create more jobs in our country. This can only happen with bipartisan support. I stand and ask my colleagues to reauthorize the Ex-Im Bank on behalf of American workers and American businesses.

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