New England Governors Urge Congress to Reauthorize Export Import Bank

All six New England Governors have signed on to a letter supporting the reauthorization of the Export Import (ExIm) Bank of the United States.  The six state leaders were among a bipartisan group of 31 governors who sent a letter to congressional leaders on July 15 urging them to approve legislation that reauthorizes the Exim Bank—a measure which the New England Council also supports. The ExIm Bank provides loans and loan guarantees for American exporters threatened by foreign competition. Without congressional action, the bank’s charter is set to expire on September 30, 2014.

“As the economies of our states continue to improve, it is especially important that we recognize the important role Ex-Im plays in supporting U.S. exports and jobs,” governors Jay Inslee (D-WA) and Robert Bentley (R-AL), who led the group, wrote.

The New England Council sent a similar letter  to the New England Congressional delegation, requesting their support of reauthorization of ExIm. NEC is also an active member of the ExIm Coalition, a group representing manufacturers that rely on access to competitive export financing to reach customers overseas and supporting the reauthorization of the ExIm Bank.

In addition to the governors signing the joint letter, other governors sent individual letters to Congressional leadership expressing their support for and requesting action on ExIm, including Governors Haley (SC), Perry (TX), Dalrymple (ND), Nixon (MO) and McCrory (NC). Governor Bryant (MS) is also expected to send a letter of support this week. Each letter expresses the importance of Ex-Im’s positive impact on the economy and jobs market throughout the country.

“In fiscal year 2013, Ex-Im provided more than $27.3 billion in financing, which enabled $34.7 billion in exports. These exports supported about 205,000 American jobs in states across the country,” the joint letter states.

The New England Council is proud to be joined by our state leaders in advocating for ExIm, which, if reauthorized, will continue to help grow the economy, create jobs, and support businesses small and large throughout New England and the U.S.

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