Negrete McLeod backs reauthorization of Export-Import Bank
With the potential shuttering of Export-Import Bank of the United States, a local congresswoman has signed on as co-sponsor of a bill to reauthorize its charter.
The bank, which celebrates 80 years of existence this year, provides loans and credit insurance to help businesses export their goods internationally. It returned $1 billion to the treasury last year.
But Ex-Im Bank has become a target of tea party conservatives who call the bank’s activity an example of “crony capitalism,” arguing the government shouldn’t use taxpayer money to help businesses. New House majority leader Kevin McCarthy, R-Bakersfield, expressed opposition toward reauthorization of the bank when its charter expires in September.
Rep. Gloria Negrete McLeod, D-Montclair, this past week became an original co-sponsor in support of the Protect American Jobs and Exports Act of 2014. The bill was introduced by Rep. Denny Heck, D-Wash., which calls for a seven-year reauthorization of the Export-Import Bank of the United States, and an increase in the lending cap to $175 billion.
“To support the American economy and its workforce, Congress must do all it can to support the Export-Import Bank because it is a reliable way for American business — including many small businesses — to sell their goods and services in a competitive global marketplace,” Negrete McLeod said in a statement. “By not supporting this vital resource, we are allowing China, Russia, and other countries to take advantage of export deals previously made with the United States and as a result, we will lose good American jobs.”