-By Warner Todd Huston
Two Illinois Republicans addressed the reauthorization of the Export-Import Bank a few days ago. The legislation passed the House 330-93. Both Congressman Robert Dold (10th District) and Don Manzullo (16th District) released videos of their floor speeches.
Congressman Dold issued the following statement after the House Passed the Reauthorization of the Export-Import Bank:
“I applaud my colleagues for passage of this bipartisan bill. Representing one of the top manufacturing districts in the country, it is important that 10th District small businesses have access to the resources they need to expand their exports and create jobs here at home. As part of my Main Street Jobs Agenda, I believe it is important we continue to work together to pass commonsense legislation that encourages job growth.”
Congressman Don Manzullo also voted to reauthorize the Export-Import (Ex-Im) Bank for another three years. Manzullo say they have also adjusted its loan authority to ensure that more U.S. exports will create American jobs at no cost to taxpayers.
Manzullo’s statement was as follows:
“As a strong conservative with a long record of cutting wasteful spending, I believe Congress must closely scrutinize every federal agency for cost savings and termination if it does not perform a proper constitutional role. That’s why I strongly support reauthorization of the Ex-Im Bank, which plays a key constitutional role in regulating commerce with foreign nations at no cost to American taxpayers,” Manzullo said. “Ex-Im’s main mission is to counteract the ability of about 80 foreign government export credit agencies (ECAs) to steer overseas sales away from American workers. If Ex-Im disappears, it would amount to a unilateral surrender in the trade ‘wars’ we engage even with our closest allies.”
Manzullo’s off also offers this background information:
The Ex-Im Bank, which provides financing to American goods sold overseas, has supported $143 million in direct sales of exported goods from Manzullo’s northern Illinois Congressional District the past 5 years alone. This does not include the millions of dollars in sales 16th District firms make to larger companies that eventually export their product as a result of Ex-Im financing.
Ex-Im charges more than enough fees for the lending and insurance programs and services it offers to cover its costs. In fact, the Congressional Budget Office estimates that the Ex-Im reauthorization bill would add, on balance, approximately $130 million to the Treasury each year even after accounting for all expenses, including its growing reserves to cover possible losses.
In 2006, when he was Chairman of the House Committee on Small Business, Manzullo successfully fought to ensure that Ex-Im didn’t just serve big corporations by making permanent an office and staff dedicated to small business exporters. As a result, Ex-Im provided a record $6 billion in total authorizations directly supporting small business export sales in 2011.