February 25, 2015

Manchin, Kirk Emphasize Importance of Reauthorizing the Export-Import Bank

More than 700 supporters from 41 states whose businesses depend on Ex-Im Bank traveled to Capitol Hill this week

Washington, D.C. – U.S. Senators Joe Manchin (D-W.Va.) and Mark Kirk (R-IL) today joined suppliers from 41 states to discuss the importance of reauthorizing the Export-Import Bank, which is set to expire on June 30, 2015. They plan to introduce legislation soon to allow the Bank to continue supporting American exports and jobs through September 30, 2019.

Key provisions of the Senators’ bipartisan Export-Import Bank reauthorization bill include: focusing on small businesses by increasing the amount of bank lending to small businesses from 20 percent to 25 percent; requiring higher loan loss reserves to protect taxpayer funds; and making sure the Bank’s profits will be used to reduce our unsustainable deficit.

This week, more than 700 businesses traveled to Capitol Hill from their home states to demonstrate how manufacturing of their American-made product would be outsourced to other countries without the support of the Export-Import Bank. Constellium, an important West Virginia business that has benefited from the Ex-Im Bank, also was represented in Washington, D.C.

“The Export-Import Bank is a truly important federal credit agency that helps our business community grow and prosper overseas,” Senator Manchin said. “It supports more than 205,000 American jobs and generated $37.4 billion in U.S. export sales last year by providing loans, guarantees, and insurance services to help U.S. companies sell their products overseas. And about 89 percent of the Export-Import Bank’s 3,842 deals in the past fiscal year benefited small businesses, which are the true beneficiaries for this important agency. But if Congress fails to reauthorize the Ex-Im Bank by the end of June, it will significantly impact American jobs and small businesses nationwide. That is why I am proud to work on legislation with Senator Kirk to reauthorize this important financing tool.”

To view photos of the Export-Import press conference, please click here.

To view video footage of Senator Manchin’s remarks, please click on the links below.

HD: https://s3.amazonaws.com/sdmc-media.senate.gov/Manchin/022515_MANCHIN_1_WEB_HD.mp4

SD: https://s3.amazonaws.com/sdmc-media.senate.gov/Manchin/022515_MANCHIN_1_WEB_SD.mp4