WASHINGTON, D.C. — U.S. Sen. Sherrod Brown (D-OH) released the following statement today after the Senate approved a reauthorization of the Export-Import Bank’s (Ex-Im) lending authority. The reauthorization extends the authority of the Bank—which operates at no cost to U.S. taxpayers—to 2015 and increases the Bank’s lending cap by $10 billion annually to a maximum of $140 billion in 2015. Without Congressional action, Ex-Im’s authorization would have expired on May 31.
“One of the most important resources to help small and mid-sized businesses – particularly manufacturers – boost their exports is the Export-Import Bank. Its mission is simple: it facilitates exports and contributes to job creation in the United States by filling in gaps in trade financing, and at no cost to taxpayers,” Brown said. “We know that companies that export their products around the world create jobs, pay higher wages to employees, and are more likely to stay in business. In fact, export-supported jobs linked to the manufacturing sector already account for an estimated 7.1 percent of Ohio's total private-sector employment. That’s why reauthorizing Ex-Im was so important and why I’m pleased that Congress was able to do so on a bipartisan basis.
“In Ohio, the Ex-Im Bank worked with almost 100 companies to support $430 million in export sales in 2011. It embodies the idea of smart government, helping businesses grow and adding jobs through increased exports,” Brown added. “Renewing Ex-Im’s lending authority helps us show that we’re serious about increasing our exports and competing on a global playing field. We must do all that we can to expand export opportunities to businesses large and small—and that’s exactly what Ex-Im does.”
Since 2009, 148 Ohio businesses, including 103 small businesses, have received critical financial support from the Export-Import (Ex-Im) Bank to grow their companies, increase exports, and add jobs. The Export-Import Bank is an independent federal agency that helps create and maintain U.S. jobs by filling gaps in private export financing and operating at no cost to taxpayers. The Bank provides a variety of financing mechanisms, including working capital guarantees, export-credit insurance and financing to help foreign buyers purchase U.S. goods and services. By charging fees and interest on all loan-related transactions, Ex-Im Bank is self-sustaining and is able to cover all operation costs and potential losses while also producing revenue which is returned to the federal Treasury. According to the National Association of Manufacturers (NAM), Ex-Im supports 290,000 export-related American jobs, and more than 85 percent of Ex-Im transactions supported small businesses last year.
“The Export-Import Bank is a broadly used, important supplier to Ohio manufacturers and to the export-oriented Ohio economy,” said Eric Burkland, president of the Ohio Manufacturers’ Association. “Small, medium, and large manufacturers—ranging from Zaclon in Cleveland to Summitville Tiles in Salem to Middletown Tube Works in Middletown—rely on the Ex-Im Bank to export their products all across the globe. So, too, do their employees. That’s why the Ohio Manufacturers’ Association supports the reauthorization of the Ex-Im Bank.”
As Chairman of the Senate Banking Subcommittee on Financial Institutions and a member of the Senate Manufacturing Caucus, Brown has introduced a package of key legislative proposals aimed at bolstering the competiveness of U.S. manufacturers and boosting domestic manufacturing. He also serves as a member of the President’s Export Council, working to advance the National Export Initiative (NEI) and reach President Barack Obama’s goal to double exports by 2015.