JOHNSON APPLAUDS PASSAGE OF EXPORT-IMPORT BANK REAUTHORIZATION
Bipartisan agreement will support 290,000 American jobs and help reduce the deficit
May 15, 2012
WASHINGTON – Senate Banking Committee Chairman Tim Johnson (D-SD) applauded the passage of the Export-Import Bank Reauthorization Act (H.R. 2072) by a vote of 78 to 20. The bill authorizes the Export-Import Bank until 2014, and will help provide U.S. exporters with the financing to sell their products and compete in the global marketplace.
“By reauthorizing the Export-Import Bank we have taken an important step in supporting American businesses and workers,” said Johnson. “A failure to reauthorize the Export-Import Bank would have put American exporters at a steep disadvantage to their international competitors and put at risk nearly 300,000 American jobs. I’m glad reasonable minds came together to pass this commonsense bipartisan bill that supports so many jobs across the nation.”
The legislation passed today is the product of a bipartisan compromise based on a framework developed by Chairman Johnson and unanimously approved in the Senate Banking Committee last year. H.R. 2072 incorporates many important provisions from the Senate bill, including enhanced transparency and accountability requirements for the Bank, stronger restrictions against companies doing business with Iran, and a robust domestic content requirement to ensure Bank-supported exports are made in America. The bill also increases the Bank’s lending authority to $140 billion, a significant improvement over the $113 billion originally proposed in the House. This higher lending authority will ensure the Export-Import Bank can grow to meet the future needs of American exporters.
The Export-Import Bank is the official export credit agency of the United States and it assists in financing exports to international markets. For more than 77 years, the Ex-Im Bank has helped American businesses sell their goods and services abroad.
The Bank is self-funding, charging interest and fees to its customers and turning a profit for American taxpayers. Overall, the Ex-Im Bank has returned nearly $2 billion to the U.S. Treasury since 2008.