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Ex-Im Bank signed into law by president, includes Hagan's provision to support textile industry
Story Date: 5/31/2012
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Source: PRESS RELEASE, 5/30/12
A textile industry representative will be added to the Export-Import Bank’s Advisory Council thanks to a provision authored by Senator Kay R. Hagan that was included in the Export-Import Bank Reauthorization that President Obamasigned into law this morning.
“The Export-Import Bank means one thing for North Carolina: jobs,” Hagan said. “The provision gives the textile industry a seat at the table and supports an important industry in our state. My four favorite words are ‘Made in North Carolina,’ and the Ex-Im Bank helps ship that label around the globe.”
Last year alone in North Carolina, the Export-Import Bank supported more than 3,300 jobs and $456 million in exports. Since 2007, the Bank has supported more than $1.8 billion in export sales by 169 North Carolina companies, the majority of which were small businesses.
BACKGROUND
The reauthorization will increase the lending cap from $100 million to $140 million to facilitate export financing through 2015. Hagan’s provision ensures that the textile industry has a representative on the Ex-Im Bank Advisory Committee and was praised by the National Council of Textile Organizations. More than 1,500 textile facilities employ more than 130,000 North Carolinians. North Carolina textiles and fabrics accounted for more than $2 billion in exports in 2011.
TIMELINE OF EX-IM BANK IN 2012:
· FEBRUARY 24th: Senator Hagan urges reauthorization as she hosts Ex-Im Bank Chairman in Greensboro for Export Forum with North Carolina small businesses.
· MARCH 20th: Senate blocks effort to proceed to vote on Ex-Im Bank reauthorization; Hagan votes in favor of proceeding to Ex-Im Bank legislation.
· MAY 4th: House leaders agree to bipartisan deal to reauthorize the Export-Import Bank for $140 million through 2015.
· MAY 9th: The House overwhelmingly passes reauthorization on a bipartisan basis,330-93.
· MAY 15th: Senator Hagan helps pass reauthorization in the Senate, 78-20.
· MAY 30th: The President signs reauthorization into law ahead of the Ex-Im Bank’s May 31st expiration.
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