Export-Import Bank Reauthorization Clears House of Representatives with Overwhelming, Bipartisan Support

DeLauro Calls for Immediate Senate Action

NEW HAVEN, CT—Congresswoman Rosa DeLauro (CT-3) today called on the United States Senate to reauthorize the Export-Import Bank. The bipartisan Reform Exports and Expand the American Economy Act passed the House of Representatives last week with DeLauro’s support.

“For 81 years, the Export-Import Bank has provided American businesses with the necessary financing and guarantees to ship their goods overseas. But due to Congressional inaction, the Bank lost its authorization and cannot provide financing for new exports.

“We know this is not an academic argument. In September GE announced they are moving 500 American jobs to Europe. In their announcement, GE cited the fact that the United States is ‘the only major economy in the world without an Export Bank.’ Last week, GE shuttered a domestic gas engine plant and irreversibly moved operations to Canada. These are just a few examples of the staggering damage being done to the economy due to the Majority’s political intransigence and dysfunction. Beyond GE are thousands of small and medium sized businesses who are disproportionately suffering the consequences of our failure to reauthorize the Bank. American small businesses do not go overseas, they close down.

“The Senate needs to pass the Reform Exports and Expand the American Economy Act and make clear to the rest of the world that America is open for business.”

Senate Majority Leader Mitch McConnell has said that he will not bring up the House-passed bill. His refusal to pass this bipartisan bill promptly is hurting businesses across Connecticut, including the 22 in the Third Congressional District who receive Export-Import loans, alone. Over the past seven years, the Bank has helped Connecticut companies make exports worth $4 billion and supported over 1.3 million American jobs. And it does all of this without adding a dime to the deficit. In fact, last year alone, it generated a $675 million surplus for taxpayers.

DeLauro was joined at today’s event by Anne Evans, District Director for the U.S. Department of Commerce’s International Trade Administration, and Holly Campo de La Vera, Vice President and Small Business Administration Relationship Manager for Webster Bank, which actually makes many of the loans authorized by the Export-Import Bank.


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