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Ellmers supports Second District jobs
Story Date: 10/28/2015
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Source: PRESS RELEASE, 10/27/15
Congresswoman Renee Ellmers (R-NC-02) released the following statement after the House voted on H.R. 597, to reauthorize and reform the Export-Import Bank of the United States.
“Without question, we know that North Carolina – and our country – benefits from exporting American-made products and goods to outside markets. If we desire to continue creating opportunity here at home, it means we need to eliminate barriers that stall economic growth and slow job creation. By reforming and reauthorizing the Export-Import Bank, we defend thousands of local jobs and support the export of American goods ranging from textile, manufacturing and transportation industries here in North Carolina.”
“Altogether there are 206 businesses in North Carolina that have utilized financing from the Ex-Im Bank to sell their products overseas, to tackle new markets and to expand their customer base. Specific to the Second District, there are more than 6,500 jobs supported by the Bank’s financing. It would be a disservice to the hard working Second District employees to let this reauthorization fall through the cracks.”
“Losing access to Ex-Im financing will put American-made goods and products at a clear disadvantage in the global market; especially when taking into consideration that our largest competitors—including China, Russia and France— continue to offer government-provided financing to ensure their country’s products are competitive in the international marketplace. Furthermore, Article 1 Section 8 of the Constitution specifically states that Congress has the responsibility to regulate commerce with foreign countries.”
Background:
The Export-Import Bank Reform and Reauthorization Act, was proposed by Representative Stephen Fincher (TN-08).
The Export-Import Reform and Reauthorization Act would allow American exports and jobs to be continually supported. In extending the Export-Import Bank’s charter through September 30, 2019, U.S. businesses can continue to excel in competitive global markets as U.S. businesses would receive the same advantages which are given by foreign export credit agencies in their respective countries. Through this legislation, the Bank’s structure and authority would be reformed with strengthened reserve requirements and lowered borrowing caps so that taxpayers would be protected and the Bank could foster job growth domestically.
In an effort to increase transparency, accountability, and self-sufficiency, this legislation fosters reforms which would strengthen risk management through the creation of a Risk Oversight Committee, raise small business lending requirements to 25% of all Bank activity, and increase anti-corruption safeguards and standards of the Export-Import Bank by decreasing politicization and eliminating industry discrimination.
The Congressional Budget Office (CBO) estimates this legislation to save taxpayers a net sum of $2.3 billion through 2016-2020 by reducing appropriations which otherwise would be needed if this legislation were not passed. In addition, the Export-Import Bank benefits taxpayers by returning excess profit to the U.S. Treasury.
The Export-Import’s Impact on the Second District of North Carolina since 2007 through 2014:
• Exports Supported: $1,035,830,871
• Number of Jobs Supported: 6,619
• Areas within the Second District which have benefitted from the Ex-Im Bank: Asheboro, Cary, Dunn, High Point, Lillington, Morrisville, Sanford, Southern Pines
The Export-Import’s Impact on North Carolina since 2007 through 2014:
• Exports Supported: $2,936,000,000
• Number of Companies Supported: 206
• Number of Jobs Supported: 18,763
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