For Immediate Release: February 17, 2012

SEATTLE, WA – Congressman Jim McDermott released the below statement regarding President Barack Obama’s event at Boeing’s factory in Everett, Washington today. During the event, the President celebrated the huge success of Boeing and America's resurgent manufacturing sector. The President also called for the reauthorization of the Export-Import Bank – a low-risk financing institution critical to the international exporting that private companies, like Boeing, heavily rely on.

“Boeing and other manufacturers around Seattle, and across the nation, are making a comeback, and Congress needs to assist businesses and workers wherever it can to help them compete in the world economy.

“The Export-Import Bank is a perfect example of a simple, free way that Congress can support businesses right now – today – to help American manufacturing businesses succeed.

“The Ex-Im Bank creates and sustains U.S. jobs by financing sales of U.S. exports, like Boeing airplanes, to international buyers.

“Every industrialized country on earth makes sure their export efforts are funded, but our Export-Import bank, which is essential for our exporters, is underfunded and about to go broke. And Congress is doing nothing to keep this mess from happening.

“We have to get the Export-Import Bank reauthorized now, right now, before the lights go out at the Ex-Im Bank in May. And we have to increase its lending authority so the Bank can keep up with our increased exports.

“The Export-Import Bank makes money for the American taxpayers – it has no cost and has virtually no risk at all – and it is critical to U.S. businesses.

“If the House leadership cannot, for whatever reason, pass the Export-Import Bank reauthorization into law to help our manufacturers, then I'll work with my colleagues to offer it as an amendment at every opportunity to try and make it happen.”

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