Governors to Boehner & Republicans: Reauthorize Ex-Im Bank Now

As House Republicans move to waste taxpayer money on a feckless lawsuit, a group 31 governors, including 10 Republicans, sent a letter to Speaker Boehner and congressional Republicans, sturdily advising them to renew the Ex-Im bank:

we urge you to reauthorize the U.S. Export-Import Bank (Ex-Im) before its charter expires this year.  In its role as the official U.S. export credit agency, Ex-Im is a vital export finance tool for exporters in our states, at no cost to American taxpayers.

Ex-Im allows our companies and workers to compete on a level playing field against our competitors…Without Ex-Im financing…U.S. firms would have lost many sales campaigns to their overseas competitors.  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.

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.  Moreover, Ex-Im plays a strong role in supporting small businesses.  In 2013, over 3,400 – or more than 90 percent – of Ex-Im’s transactions involved small businesses.

Ex-Im is also good for U.S. taxpayers because it is financially self-sustaining.  In fact, over the past five years, on top of creating or sustaining one million American jobs…Failure to reauthorize the agency’s operations will place U.S. companies at a serious disadvantage, which would inevitably lead to fewer exports and the loss of thousands of jobs in our states. We strongly urge you to support U.S. exports and jobs by approving legislation that reauthorizes the Export-Import bank.  It is the right thing to do for our economy, companies and workers.

Forty-one GOP lawmakers and 865 business organizations have called for the charter’s immediate renewal.  And, House Democrats have already introduced legislation to reauthorize the bank.  Speaker Boehner, it’s time to act; quit jeopardizing the nation’s economy and American jobs.