WASHINGTON, D.C.— Congressman Tom Rice (SC-07) today joined his colleagues in the House of Representatives in passing H.R. 597 to reauthorize the Export-Import Bank of the United States.
The Export-Import Bank of the United States operates under a renewable charter, the Export-Import Bank Act of 1945. The main services offered by the bank include direct loans, loan guarantees, working capital finance, and export credit insurance.
In Fiscal Year 2014, the bank facilitated $27.4 billion in United States exports and more than 160,000 jobs at small, medium, and large companies around the country. Nearly 90% of these were small businesses. Over the last five years, the bank has facilitated $4 billion in exports from South Carolina, and has helped over 60 companies in the state. The bank has generated $7 billion over the past two decades to help reduce the federal deficit.
“My focus in Congress has been on American Competitiveness. I’m concerned about American jobs, and too many Washington policies make our country uncompetitive,” said Rice.
“There are dozens of other countries that would happily provide export financing for American manufacturers to move to their countries. Almost immediately when the Ex-Im bank was not reauthorized this summer, GE announced that they were moving more than 500 jobs from their turbine division in South Carolina to France, because France was eager to provide the financing that we were withdrawing.
“Too often, we discuss key issues, such as tax reform, a sustainable budget, immigration, and infrastructure needs that would make our country more competitive. Yet, somehow, Washington either does not take action, or acts at the last minute, deteriorating our competitive position in the world.
“It is vital that America remain competitive globally, which is why I support the reauthorization of the Ex-Im Bank at this time,” Rice concluded.