Sign in Subscribe
Banks (Finance)

Export-Import Bank Reauthorization: A Critical Tool for American Businesses

Strategic Insights

— 1 min read

U.S. Senator Chris Coons (D-Del.) urged his colleagues to reauthorize the Export-Import Bank, a tool that has helped Delaware and American businesses sell their goods around the world and compete in the global economy for over 80 years. The EXIM Bank expired on June 30 and requires Congressional action to re-open. Senator Coons highlighted the importance of the bank in providing financing to small and large companies, including Acrow Bridge, a Pennsylvania-based company that has successfully competed for big contracts to sell hundreds of bridges to areas in Africa.

Key Takeaways:

  • The Export-Import Bank has helped American businesses sell almost $30 billion in goods and supported more than 150,000 American jobs last year alone.
  • The bank operates at no cost to the taxpayer and provides essential financing for export sales, particularly for small businesses.
  • Senator Coons cited the example of Acrow Bridge, a small company that has competed for big contracts to sell hundreds of bridges to areas in Africa, and has a manufacturing plant in Pennsylvania that employs dozens of people.
  • The bank provides key financing to level the global playing field and make it possible for American manufacturers and small businesses to compete around the world.
  • Failure to reauthorize the bank would put American businesses at a competitive disadvantage, and could lead to job losses, as seen in recent announcements by General Electric and Boeing.
  • Senator Coons stressed the importance of finding a bipartisan path towards the restoration of the critical tool, and called on Congress to stop playing politics with American jobs and reauthorize the bank immediately.

Statistics:

  • The Export-Import Bank has supported over 150,000 American jobs last year alone.
  • The bank has helped American businesses sell almost $30 billion in goods last year.
  • Acrow Bridge has successfully competed for big contracts to sell hundreds of bridges to areas in Africa.

Sources:

  • Senator Chris Coons, remarks on the Export-Import Bank reauthorization
  • Senator Chris Coons, Africa Subcommittee on the Foreign Relations Committee

Read more