July 25, 2006

Pryce: Export-Import Bank Bill Creates American Jobs, Helps Small Businesses

Pryce Authored Legislation Clears the House

Washington, DC – Today, the U.S. House of Representatives approved H.R 5068, legislation authored by Congresswoman Deborah Pryce (R-Columbus) to reauthorize and reform the Export-Import Bank of the United States (Ex-Im). Created by Congress in 1934, the Ex-Im Bank provides loans, loan guarantees, and insurance to support U.S. exports, and its authorization is set to expire on September 30, 2006.

Said Pryce, “This bipartisan bill will make the Export-Import Bank more competitive, more transparent and better equipped to meet the needs of our American exporters. The legislation will enable the Bank to execute its core mission of supporting our nation’s 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.” 

Pryce added, “Equally important, this legislation reforms the Bank by increasing 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."

Pryce, the fourth-ranking member of the House Financial Services Committee, garnered bipartisan support to ensure a broader array of businesses will benefit from the Bank’s programs. 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.

Last year the Bank conducted more than 3100 transactions, supporting over $17.9 billion in export value, and returned over $1.7 billion to the U.S. Treasury in the form of fees. The Bank's charter requires that it not compete with the private sector and fund only transactions that have “a reasonable assurance of repayment” in order to help insulate taxpayers from assuming inappropriate risks of loss associated with trade finance transactions.