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Ahead of House Vote on Export-Import Bank Reauthroization, IFPTE Tells Congress to Support Union Jobs and U.S. Export Industries

In a letter explaining the critical role the U.S. Export-Import bank plays in supporting domestic manufacturing and strategic export industries, IFPTE urged Members of the House of Representatives to vote for H.R. 4863, the United Stated Export Finance Agency Act of 2019.

This bill, sponsored by Financial Services Committee Chairwoman Maxine Waters, authorizes the Export-Import Bank (EXIM) for 10 years, reforms EXIM’s quorum rules so that EXIM’s ability to support American exports and jobs cannot be limited by political gridlock, and gradually increases EXIM’s financing capacity from $135 billion to $175 billion over seven years. These key provisions are also in the bipartisan Senate bill to reauthorize the EXIM Bank, S.2293, sponsored by Sen. Kevin Cramer (R-ND) with Sen. Kyrsten Sinema (D-AZ).

The letter notes that EXIM "helps reduce the U.S. trade deficit, and provides financing for diverse industries, including small- and medium-sized business," while reducing the U.S. national debt. Between 2015 and 2018, at a time when emerging economies are expanding their export financial agencies, EXIM's board lacked a quorum and the agency's quorum rules limited the financing EXIM could offer to $10 million per project. In 2018, China's support for export financing totaled $39 billion for new medium- to long-term exports, while EXIM committed just $300 million in medium- to long-term export credits for 2018.

Read IFPTE's letter urging Representatives to vote for the United States Export Finance Agency Act.

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