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U.S. Senator Sherrod Brown
Keeping Ohio
Businesses Competitive in a Global Economy
For small and mid-sized businesses, securing the private financing
needed to export their products can be difficult. To assist these
companies, and allow them to expand and create jobs in the United
States, the federal Export-Import Bank (Ex-Im Bank) offers loans,
guarantees, and insurance. The bank, which operates at no cost to
taxpayers, has provided financing for more than 250 Ohio businesses
since 2007, supporting $2 billion worth of exports. The Ex-Im Bank’s
authorization, however, is set to expire on September 30th, threatening
Ohio companies’ exports and putting 205,000 U.S. jobs at risk.
Congress must reauthorize the Ex-Im Bank to ensure that Ohio companies,
like LION in Dayton – the largest provider of personal protective
equipment for firefighters in the world – can turn export opportunities
into sales.
American companies – especially small businesses – need support now
more than ever. Last year, we faced a record trade deficit with China
of $318 billion, up from $315 billion in 2012. China’s own export
credit agency, the Export-Import and Development Bank, provided more
than $100 billion in export credits to Chinese companies compared to
the $37.4 billion in export credits that the U.S. Ex-Im Bank provides.
Without the reauthorization of the Ex-Im Bank, the discrepancy will be
even larger, disadvantaging American businesses. The Ex-Im Bank helps
to level the playing field for our workers and businesses, making it
easier for them to compete globally.
The Ex-Im Bank has been reauthorized 16 times since the agency was
established in 1934 because it’s a common-sense solution that works.
Not only does the bank support American companies but it also generates
revenue for the U.S. Treasury – $1 billion in fiscal year 2013 alone.
The Bank’s reauthorization – which is supported by the business
community including the U.S. Chamber of Commerce and the National
Association of Manufacturers – is about keeping our nation’s companies
competitive and should be done without partisan politics.
Congress must act to reauthorize the Export-Import Bank before the
September 30th deadline so business owners can focus on exporting their
products instead of worrying about their financing.
Sincerely,
Sherrod Brown
U.S. Senator
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