Larsen Calls on Congress to Reauthorize Export-Import Bank

Feb 25, 2015 Issues: Jobs Labor and the Economy

WASHINGTON—Rep. Rick Larsen, WA-02, today cosponsored a bill to reauthorize the Export-Import Bank, continuing his leadership to make sure Pacific Northwest businesses of all sizes have access to critical financing to sell their goods overseas.

Larsen introduced and successfully advocated for passage of a bill to reauthorize and expand the Export-Import Bank in 2012. He was an original cosponsor of a bill to reauthorize the bank during the last Congress.

In Washington’s second Congressional district, the Export-Import Bank has supported more than $71 billion in exports since 2007. These exports have come from 17 companies, including 11 small businesses like Vista Clara Inc.

“Helping our businesses sell their products overseas creates jobs here at home. In my district, the Export-Import Bank supports thousands of jobs at companies of all sizes by helping these businesses get their goods into the hands of consumers worldwide. From large manufacturers to small- and medium-sized businesses seeking to expand their presence abroad, the bank creates jobs and opportunity in the Pacific Northwest and across the country.

“For example, Electroimpact in Mukilteo manufactures aerospace assembly systems. I met with Electroimpact’s leadership today about the significance of the Export-Import Bank for their business. The bank is an important tool to give Electroimpact’s foreign customers confidence the business has the financing it needs to complete the sale, allowing the manufacturer to continue its history of job-creating growth.

“I led the push to reauthorize and expand the bank in 2012 and will again fight to make sure U.S. businesses have the financing they need to sell their goods around the world. It is time for Congress to step up and make sure our companies of all sizes have the financing they need to sell their products overseas,” Larsen said.

The Promoting U.S. Jobs Through Exports Act of 2015, H.R. 1031, reauthorizes the bank for 7 years and raises its lending cap by $5 billion every 2 years, to a total of $160 billion. The bank’s charter currently is set to expire on June 30, 2015.

Since 2007, the Export-Import Bank has financed nearly $280 billion in U.S. exports. In 2012 and 2013, the bank returned $1.1 billion to the U.S. Treasury.

Rep. Denny Heck, WA-10, introduced the reauthorization bill.

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