WASHINGTON, D.C. — Sen. Sherrod Brown (D-OH) is calling on Congress to reauthorize the charter of the Export-Import Bank of the United States (Ex-Im Bank).
Ex-Im, the official export credit agency of the United States, assists in financing the export of US goods and services to international markets. It does so by filling in gaps in private trade financing by offering loans, guarantees and insurance that private financiers might be unable or unwilling to give.
The bank is self-sustaining and sent a little over $1 billion in revenue to the US Treasury in FY13. Ex-Im’s charter expires on Sept. 30.
Brown’s call comes amidst a split among conservatives – pro-business and Tea Party Republicans – on whether to kill or renew the bank.
“Exporting is difficult,” Brown said in a conference call on Wednesday. “ When I travel around Ohio I hear from small business owners who want to expand and create jobs and get access to foreign markets, but can’t secure private financing due to the credit risks associated with overseas investments oftentimes. One of the most important resources to help small and midsized businesses, particularly manufacturers, to help them boost their exports, is the Ex-Im bank.”
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