WASHINGTON, D.C. — U.S. Sen. Sherrod Brown (D-OH) – ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs – released the following statement today after a bipartisan majority in the House of Representatives voted to renew the U.S. Export-Import Bank. In July, Brown helped the Senate pass a bipartisan amendment, which was added to an underlying transportation bill, that would reauthorize the bank through September 2019.
“A strong, bipartisan majority of Congress has voted to renew the Export-Import Bank so that it can continue to help businesses grow, create jobs, and compete globally. General Electric and other companies have already announced plans to move jobs out of the United States to take advantage of export financing abroad. Congress must renew Ex-Im before we lose out on even more U.S. jobs. It’s time for Senate Republican leaders to put American jobs ahead of narrow, partisan interests and reauthorize the Export-Import Bank.”
Since 2007, the Ex-Im Bank has provided direct financial assistance to more than 350 Ohio businesses – including 226 small businesses – to support $3 billion of exports. Its charter expired at the end of June. Brown released a county-by-county report in June detailing Ohio businesses that have relied on Ex-Im Bank funding over that period. Last year alone, the bank supported more than $250 million in Ohio exports – more than 60 percent of which were transactions done by small businesses.