Boosting America's Exports

Since 1934, the Export-Import Bank has helped American businesses export their goods across the world and create jobs here at home. The Bank's mission is to step in when private lending is not available and to provide financing and level the playing field for American exporters. In May 2012, Senate Democrats led the successful reauthorization of the Export-Import Bank through 2014, with greater lending authority that will allow the Bank to meet the needs of future exporters. In 2011, the Bank provided more than $6 billion in financing and insurance to U.S. small businesses and supported an estimated 288,000 American jobs at more than 3,600 companies.

Opening New Markets to American Products

In October 2011, the Senate passed three trade agreements to help American businesses sell their products abroad and create jobs here at home. The Senate approved the Colombia, Panama and South Korea Free Trade Agreements with broad bipartisan support. According to estimates, the Korea agreement alone will support an estimated 70,000 jobs.

Protecting Workers Whose Jobs Are Outsourced

Senate Democrats led the effort to renew Trade Adjustment Assistance (TAA). In September 2011, Senate Democrats successfully defeated Republican attempts to end or scale back the Trade Adjustment Assistance program, which provides job training and other essential tools to American workers who are displaced by outsourcing. In 2011, over 196,000 U.S. workers participated in TAA. Two-thirds of workers who benefit from TAA are re-employed within the first quarter of leaving the program, and 90 percent of those workers had retained their new job two quarters later.

Addressing China Currency Manipulation

In October 2011, Senate Democrats passed the Currency Exchange Rate Oversight Reform Act to crack down on Chinese currency manipulation that has made it harder for American manufacturers to compete. It has been estimated that if China allowed its currency to appreciate and influence others according to the market, the United States would stand to gain up to 2.25 million jobs. Unfortunately, House Republicans refused an up-or-down vote on this bipartisan bill last Congress.