The New England Council sent a letter on Monday, June 23, to the New England Congressional delegation, requesting their support for the reauthorization of the Export Import Bank of the United States (ExIm Bank). The ExIm Bank’s authorization will expire on September 30 2014 without Congressional action.
“A long-term reauthorization of this key financial tool will provide stability and continuity for companies in New England and the United States,” the Council wrote.
The ExIm Bank provides loans and loan guarantees for American exporters threatened by foreign competition. Nearly one-third of U.S. economic growth since mid-2009 has been driven by exports. In fiscal year 2013, the ExIm Bank directly supported 205,000jobs across the U.S. In the same year, the ExIm Bank earned more than $1 billion profit for the U.S. Treasury, mostly through fees collected from foreign customers.
“It is imperative for the continued growth of New England exporters that they have access to this supplemental financing capability in order to remain on a competitive footing with the nations of the world,” the letter concludes.
A similar letter was also submitted for the record to the House Financial Services Committee, which held a hearing on reauthorization Wednesday, June 25.
In addition to these advocacy efforts in support of ExIm Bank reauthorization, The New England Council also recently joined the ExIm Coalition, a group representing manufacturers that rely on access to competitive export financing to reach customers overseas and supporting the reauthorization of ExIm. Through this coalition, the Council joined over 800 other businesses and business groups in signing a letter to members of Congress urging reauthorization.
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