June 29, 2015

Brown Statement on Expiration of Export-Import Bank's Charter

Congress must renew Ex-Im Bank to ensure that U.S. businesses continue receiving support to export their products worldwide

WASHINGTON, D.C. — U.S. Sen. Sherrod Brown (D-OH) – ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs – issued the following statement on tomorrow’s expiration of the Export-Import Bank’s authority to issue new loans, insurance, and credit guarantees. Unless Congress renews the bank’s charter, export-related American jobs will be put at risk, and businesses in Ohio and nationwide will lose a critical tool for selling their products in the global marketplace.

“The Export-Import Bank is one of the most effective tools we have to help businesses in Ohio and across our country grow, create jobs, and compete in the global economy,” Brown said. “The Ex-Im Bank has long had bipartisan support, but it is now endangered by politicians and special interests that are putting extreme ideology ahead of our nation’s workers, exporters, and manufacturers. I will keep fighting to renew the Ex-Im Bank to ensure that American businesses aren’t put at a disadvantage to our foreign competitors.”

More than 350 Ohio businesses – including 226 small businesses – have received direct financial assistance from the Export-Import (Ex-Im) Bank to support $3 billion of exports from 2007-2015. In June, Brown released a county-by-county report detailing Ohio businesses that have relied on Ex-Im Bank funding over that period.

Last year alone, the Ex-Im Bank – which operates at no cost to taxpayers and actually generates revenue for the U.S. Treasury – supported more than $27 billion in exports and 164,000 American jobs. That includes more than $250 million in Ohio – more than 60 percent of which were transactions done by small businesses.