Larsen: Export-Import Bank Renewal Closer To Victory

Dec 3, 2015 Issues: Jobs Labor and the Economy

WASHINGTON, D.C.—Today, Rep. Rick Larsen, WA-02, applauded a major bipartisan victory for jobs after the U.S. House of Representatives voted to reopen the Export-Import Bank. Larsen is a staunch supporter of the Bank, which provides export financing that helps businesses of all sizes in his district and across the country to grow by selling their goods overseas.

“The next chapter of the Export-Import Bank’s job-creating success story is finally about to begin. Congress let down thousands of workers in the Pacific Northwest and nationwide by letting the Bank expire, but we are closer to making it up to them today by getting the Bank back open for business.

“The Bank helps Pacific Northwest businesses of all sizes create jobs here at home by selling their goods overseas. Earlier this year I toured Vista Clara, Inc., in Mukilteo, which manufactures equipment that does imaging in water, rock and soil formations. Vista Clara relies on the Export-Import Bank to finance sales of its products to customers all over the world, and the Bank has helped this small business grow by breaking into new markets in India and China.

“Congress should be doing everything possible to support jobs and a healthy economy to create more opportunity. Reopening the Export-Import Bank signals to the rest of the world that the U.S. is open for business,” Larsen said.

The renewal was included in a long-term transportation bill

The Bank expired on June 30, halting all new export financing for U.S. businesses of all sizes. Larsen helped introduce a bill to reauthorize the Bank earlier this year. He also led efforts to renew the Bank in 2012.

In Washington’s second Congressional district, the Export-Import Bank has supported more than $77 billion in exports since 2007. These exports have come from 18 companies, including 11 small businesses like Vista Clara Inc. Nearly 90 percent of the Bank’s transactions support small businesses. And because nearly 60 other countries have export credit agencies, the Export-Import Bank helps level the playing field for U.S. businesses.

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