June 14, 2006

Pryce’s Export-Import Bank
Legislation Clears Committee

Reauthorization Bill Strengthens Small Business Standing within Ex-Im Bank

WASHINGTON , D.C. – Today, legislation authored by Congresswoman Deborah Pryce (R-Upper Arlington), the Export-Import Bank Reauthorization Act of 2006 (H.R. 5068), was approved by the House Committee on Financial Services. Pryce, the fourth-ranking member of the Committee, released the following statement after the Committee vote:

"This legislation will enable the Export-Import Bank to continue to execute its core mission of supporting American exporters and strengthening our economy through trade.  By helping U.S. companies sell their products and services to foreign markets, the Bank further solidifies our nation's leadership role in the global economy and creates jobs in America.”

“Equally important, this legislation increases the focus placed upon small businesses as well as socially and economically disadvantaged ones, which typically lack the financial resources and the international trade expertise of larger companies. The bill will help these businesses secure the critically important financing to trade in current and developing markets, and subsequently expand our job base here at home."

Under Pryce’s bill, a permanent small-business division will be created within the Ex-Im Bank, and within this division, an office to assist socially and economically disadvantaged small businesses and those owned by women.

Created by Congress in 1934, the Export-Import Bank provides loans, loan guarantees, and insurance to support U.S. exports. Its authorization is set to expire on September 30, 2006.