[Pages H2460-H2481]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
EXPORT-IMPORT BANK REAUTHORIZATION ACT OF 2012
Mr. GARY G. MILLER of California. Mr. Speaker, I move to suspend the
rules and pass the bill (H.R. 2072) to reauthorize the Export-Import
Bank of the United States, and for other purposes, as amended.
The Clerk read the title of the bill.
The text of the bill is as follows:
H.R. 2072
Be it enacted by the Senate and House of Representatives of
the United States of America in Congress assembled,
SECTION 1. SHORT TITLE; TABLE OF CONTENTS.
(a) Short Title.--This Act may be cited as the ``Export-
Import Bank Reauthorization Act of 2012''.
(b) Table of Contents.--The table of contents of this Act
is as follows:
Sec. 1. Short title; table of contents.
Sec. 2. Extension of authority.
Sec. 3. Limitations on outstanding loans, guarantees, and insurance.
Sec. 4. Export-Import Bank exposure limit business plan.
[[Page H2461]]
Sec. 5. Study by the Comptroller General on the role of the Bank in the
world economy and the Bank's risk management.
Sec. 6. Monitoring of default rates on Bank financing; reports on
default rates; safety and soundness review.
Sec. 7. Improvement and clarification of due diligence standards for
lender partners.
Sec. 8. Non-subordination requirement.
Sec. 9. Notice and comment for Bank transactions exceeding
$100,000,000.
Sec. 10. Categorization of purpose of loans and long-term guarantees in
annual report.
Sec. 11. Negotiations to end export credit financing.
Sec. 12. Publication of guidelines for economic impact analyses and
documentation of such analyses.
Sec. 13. Report on implementation of recommendations of the Government
Accountability Office.
Sec. 14. Examination of Bank support for small business.
Sec. 15. Review and report on domestic content policy.
Sec. 16. Improvement of method for calculating the effects of Bank
financing on job creation and maintenance in the United
States.
Sec. 17. Periodic audits of Bank transactions.
Sec. 18. Prohibitions on financing for certain persons involved in
sanctionable activities with respect to Iran.
Sec. 19. Use of portion of Bank surplus to update information
technology systems.
Sec. 20. Modifications relating to the advisory committee.
Sec. 21. Financing for goods manufactured in the United States used in
global textile and apparel supply chains.
Sec. 22. Technical correction.
Sec. 23. Sub-Saharan Africa Advisory Committee.
Sec. 24. Dual use exports.
Sec. 25. Effective date.
SEC. 2. EXTENSION OF AUTHORITY.
Section 7 of the Export-Import Bank Act of 1945 (12 U.S.C.
635f) is amended by striking ``2011'' and inserting ``2014''.
SEC. 3. LIMITATIONS ON OUTSTANDING LOANS, GUARANTEES, AND
INSURANCE.
Section 6(a)(2) of the Export-Import Bank Act of 1945 (12
U.S.C. 635e(a)(2)) is amended--
(1) in subparagraph (D), by striking ``and'';
(2) in subparagraph (E), by striking the comma at the end
and inserting ``; and''; and
(3) by adding at the end the following:
``(F) during fiscal year 2012 and each succeeding fiscal
year, $120,000,000,000, except that--
``(i) the applicable amount for each of fiscal years 2013
and 2014 shall be $130,000,000,000 if--
``(I) the Bank has submitted a report as required by
section 4(a) of the Export-Import Bank Reauthorization Act of
2012; and
``(II) the rate calculated under section 8(g)(1) of this
Act is less than 2 percent for the quarter ending with the
beginning of the fiscal year, or for any quarter in the
fiscal year; and
``(ii) notwithstanding clause (i), the applicable amount
for fiscal year 2014 shall be $140,000,000,000 if--
``(I) the rate calculated under section 8(g)(1) of this Act
is less than 2 percent for the quarter ending with the
beginning of the fiscal year, or for any quarter in the
fiscal year; and
``(II) the Bank has submitted a report as required by
subsection (b) of section 5 of the Export-Import Bank
Reauthorization Act of 2012, except that the preceding
provisions of this subclause shall not apply if the
Comptroller General has not submitted the report required by
subsection (a) of such section 5 on or before July 1, 2013;
and
``(III) the Secretary of the Treasury has submitted the
reports required by section 11(b) of the Export-Import Bank
Reauthorization Act of 2012.''.
SEC. 4. EXPORT-IMPORT BANK EXPOSURE LIMIT BUSINESS PLAN.
(a) In General.--Not later than September 30, 2012, the
Export-Import Bank of the United States shall submit to the
Congress and the Comptroller General a written report that
contains the following:
(1) A business plan that--
(A) includes an estimate by the Bank of the appropriate
exposure limits of the Bank for 2012, 2013, and 2014;
(B) justifies the estimate; and
(C) estimates any anticipated growth of the Bank for 2012,
2013, and 2014--
(i) by industry sector;
(ii) by whether the products involved are short-term loans,
medium-term loans, long-term loans, insurance, medium-term
guarantees, or long-term guarantees; and
(iii) by key market.
(2) An analysis of the potential for increased or decreased
risk of loss to the Bank as a result of the estimated
exposure limit, including an analysis of increased or
decreased risks associated with changes in the composition of
Bank exposure, by industry sector, by product offered, and by
key market.
(3) An analysis of the ability of the Bank to meet its
small business and sub-Saharan Africa mandates and comply
with its carbon policy mandate under the proposed exposure
limit, and an analysis of any increased or decreased risk of
loss associated with meeting or complying with the mandates
under the proposed exposure limit.
(4) An analysis of the adequacy of the resources of the
Bank to effectively process, approve, and monitor
authorizations, including the conducting of required economic
impact analysis, under the proposed exposure limit.
(b) GAO Review of Report and Business Plan.--Not later than
June 1, 2013, the Comptroller General shall submit to the
Congress a written analysis of the report and business plan
submitted under subsection (a), which shall include such
recommendations with respect to the report and business plan
as the Comptroller General deems appropriate.
SEC. 5. STUDY BY THE COMPTROLLER GENERAL ON THE ROLE OF THE
BANK IN THE WORLD ECONOMY AND THE BANK'S RISK
MANAGEMENT.
(a) In General.--Within 10 months after the date of the
enactment of this Act, the Comptroller General of the United
States shall complete and submit to the Export-Import Bank of
the United States, the Committee on Banking, Housing, and
Urban Affairs of the Senate and the Committee on Financial
Services of the House of Representatives a report which--
(1) evaluates--
(A) the history of the rate of growth of the Bank, and its
causes, with specific consideration given to--
(i) the capital market conditions for export financing;
(ii) increased competition from foreign export credit
agencies;
(iii) the rate of growth of the Bank from 2008 to the
present;
(B) the effectiveness of the Bank's risk management,
including--
(i) potential for losses from each of the products offered
by the Bank; and
(ii) the overall risk of the Bank's portfolio, taking into
account--
(I) market risk;
(II) credit risk;
(III) political risk;
(IV) industry-concentration risk;
(V) geographic-concentration risk;
(VI) obligor-concentration risk; and
(VII) foreign-currency risk;
(C) the Bank's use of historical default and recovery rates
to calculate future program costs, taking into consideration
cost estimates determined under the Federal Credit Reform Act
of 1990 (2 U.S.C. 661 et seq.) and whether discount rates
applied to cost estimates should reflect the risks described
in subparagraph (B);
(D) the fees charged by the Bank for the products the Bank
offers, whether the Bank's fees properly reflect the risks
described in subparagraph (B), and how the fees are affected
by United States participation in international agreements;
and
(E) whether the Bank's loan loss reserves policy is
sufficient to cover the risks described in subparagraph (B);
and
(2) makes appropriate recommendations with respect to the
matters so evaluated.
(b) Recommendations and Report by the Bank.--Not later than
120 days after the Bank receives the report, the Bank shall
submit to the Congress a report on the implementation of
recommendations included in the report so received. If the
Bank does not adopt the recommendations, the Bank shall
include in its report an explanation of why the Bank has not
done so.
SEC. 6. MONITORING OF DEFAULT RATES ON BANK FINANCING;
REPORTS ON DEFAULT RATES; SAFETY AND SOUNDNESS
REVIEW.
Section 8 of the Export-Import Bank Act of 1945 (12 U.S.C.
635g) is amended by adding at the end the following:
``(g) Monitoring of Default Rates on Bank Financing;
Reports on Default Rates; Safety and Soundness Review.--
``(1) Monitoring of default rates.--Not less frequently
than quarterly, the Bank shall calculate the rate at which
the entities to which the Bank has provided short-, medium-,
or long-term financing are in default on a payment obligation
under the financing, by dividing the total amount of the
required payments that are overdue by the total amount of the
financing involved.
``(2) Additional calculation by type of product, by key
market, and by industry sector; report to congress.--In
addition, the Bank shall, not less frequently than
quarterly--
``(A) calculate the rate of default--
``(i) with respect to whether the products involved are
short-term loans, medium-term loans, long-term loans,
insurance, medium-term guarantees, or long-term guarantees;
``(ii) with respect to each key market involved; and
``(iii) with respect to each industry sector involved; and
``(B) submit to the Committee on Banking, Housing, and
Urban Affairs of the Senate and the Committee on Financial
Services of the House of Representatives a report on each
such rate and any information the Bank deems relevant.
``(3) Report on causes of default rate; plan to reduce
default rate.--Within 45 days after a rate calculated under
paragraph (1) equals or exceeds 2 percent, the Bank shall
submit to the Congress a written report that explains the
circumstances that have caused the default rate to be at
least 2 percent, and includes a plan to reduce the default
rate to less than 2 percent.
[[Page H2462]]
``(4) Plan contents.--The plan referred to in paragraph (3)
shall--
``(A) provide a detailed explanation of the processes and
controls by which the Bank monitors and tracks outstanding
loans;
``(B) detail specific planned actions, including a time
frame for completing the actions, to reduce the default rate
described in paragraph (1) to less than 2 percent.
``(5) Monthly reports required while default rate is at
least 2 percent.--For so long as the default rate calculated
under paragraph (1) is at least 2 percent, the Bank shall
submit monthly reports to the Congress describing the
specific actions taken during such period to reduce the
default rate.
``(6) Safety and soundness review.--If the default rate
calculated under paragraph (1) remains above 2 percent for a
period of 6 months, the Secretary of the Treasury shall
provide for an independent third party to--
``(A) conduct a review of the loan programs and funds of
the Bank, which shall determine--
``(i) the financial safety and soundness of the programs
and funds; and
``(ii) the extent of loan loss reserves and capital
adequacy of the programs and funds; and
``(B) submit to the Secretary, within 60 days after the end
of the 6-month period, a report that--
``(i) describes the methodology and standards used to
conduct the review required by subparagraph (A);
``(ii) sets forth the results and findings of the review,
including the extent of loan loss reserves and capital
adequacy of the programs and funds of the Bank; and
``(iii) includes recommendations regarding restoring the
reserves and capital to maintain the programs and funds in a
safe and sound condition.''.
SEC. 7. IMPROVEMENT AND CLARIFICATION OF DUE DILIGENCE
STANDARDS FOR LENDER PARTNERS.
Section 2 of the Export-Import Bank Act of 1945 (12 U.S.C.
635) is amended by adding at the end the following:
``(i) Due Diligence Standards for Lender Partners.--The
Bank shall set due diligence standards for its lender
partners and participants, which should be applied across all
programs consistently. To minimize or prevent fraudulent
activity, the Bank should require all delegated lenders to
implement `Know your customer practices'.''.
SEC. 8. NON-SUBORDINATION REQUIREMENT.
Section 2 of the Export-Import Bank Act of 1945 (12 U.S.C.
635), as amended by section 7 of this Act, is amended by
adding at the end the following:
``(j) Non-subordination Requirement.--In entering into
financing contracts, the Bank shall seek a creditor status
which is not subordinate to that of all other creditors, in
order to reduce the risk to, and enhance recoveries for, the
Bank.''.
SEC. 9. NOTICE AND COMMENT FOR BANK TRANSACTIONS EXCEEDING
$100,000,000.
(a) In General.--Section 3(c) of the Export-Import Bank Act
of 1945 (12 U.S.C. 635a(c)) is amended by adding at the end
the following:
``(10) Notice and comment requirements.--
``(A) In general.--Before any meeting of the Board for
final consideration of a long-term transaction the value of
which exceeds $100,000,000, and concurrent with any statement
required to be submitted under section 2(b)(3) with respect
to the transaction, the Bank shall provide a notice and
comment period.
``(B) Financial threshold determinations.--For purposes of
determining whether the value of a proposed transaction
exceeds the financial threshold set forth in subparagraph
(A), the Bank shall aggregate the dollar amount of the
proposed transaction and the dollar amounts of all long-term
loans and guarantees, approved by the Bank in the preceding
12-month period, that involved the same foreign entity and
substantially the same product to be produced.
``(C) Specific requirements.--
``(i) In general.--The Bank shall--
``(I) publish in the Federal Register a notice of the
application proposing the transaction;
``(II) provide a period of not less than 25 days for the
submission to the Bank of comments on the application; and
``(III) notify the Committee on Banking, Housing, and Urban
Affairs of the Senate, and the Committee on Financial
Services of the House of Representatives of the application,
and seek comments on the application from the Department of
Commerce and the Office of Management and Budget.
``(ii) Content of notice.--The notice published under
clause (i)(I) with respect to an application for a loan or
financial guarantee shall include appropriate information
about--
``(I) a brief non-proprietary description of the purposes
of the transaction and the anticipated use of any item being
exported, including, to the extent the Bank is reasonably
aware, whether the item may be used to produce exports or
provide services in competition with the exportation of goods
or the provision of services by a United States industry;
``(II) the identities of the obligor, principal supplier,
and guarantor; and
``(III) a description, such as type or model number, of any
item with respect to which Bank financing is being sought,
but only to the extent the description does not disclose any
information that is confidential or proprietary business
information, that would violate the Trade Secrets Act, or
that would jeopardize jobs in the United States by supplying
information which competitors could use to compete with
companies in the United States.
``(D) Procedure regarding materially changed
applications.--
``(i) In general.--If a material change is made to an
application to which this paragraph applies, after a notice
with respect to the application is published under
subparagraph (C)(i)(I), the Bank shall publish in the Federal
Register a revised notice of the application and provide for
an additional comment period as provided in subparagraph
(C)(i)(II).
``(ii) Material change defined.--In clause (i), the term
`material change', with respect to an application for a loan
or guarantee, includes an increase of at least 25 percent in
the amount of a loan or guarantee requested in the
application.
``(E) Requirement to address views of commenters.--Before
taking final action on an application to which this paragraph
applies, the staff of the Bank shall provide in writing to
the Board of Directors the views of any person who submitted
comments on the application pursuant to this paragraph.
``(F) Publication of conclusions.--Within 30 days after a
final decision of the Board of Directors with respect to an
application to which this paragraph applies, the Bank shall
provide to a commenter on the application or the decision who
makes a request therefor, a non-confidential summary of the
facts found and conclusions reached in any detailed analysis
or similar study with respect to the loan or guarantee that
is the subject of the application, that was submitted to the
Board of Directors. Such summary should be sent within 30
days of the receipt of the written request or date of the
final decision of the Board of Directors, whichever is later.
``(G) Rule of interpretation.--The obligations imposed by
this paragraph shall not be interpreted to create, modify, or
preclude any legal right of action.''.
(b) Effective Date.--The amendment made by subsection (a)
shall take effect 60 days after the date of the enactment of
this Act.
SEC. 10. CATEGORIZATION OF PURPOSE OF LOANS AND LONG-TERM
GUARANTEES IN ANNUAL REPORT.
Section 8 of the Export-Import Bank Act of 1945 (12 U.S.C.
635g), as amended by section 6 of this Act, is amended by
adding at the end the following:
``(h) Categorization of Purpose of Loans and Long-term
Guarantees.--In the annual report of the Bank under
subsection (a), the Bank shall categorize each loan and long-
term guarantee made by the Bank in the fiscal year covered by
the report, and according to the following purposes:
``(1) `To assume commercial or political risk that exporter
or private financial institutions are unwilling or unable to
undertake'.
``(2) `To overcome maturity or other limitations in private
sector export financing'.
``(3) `To meet competition from a foreign, officially
sponsored, export credit competition'.
``(4) `Not identified', and the reason why the purpose is
not identified.''.
SEC. 11. NEGOTIATIONS TO END EXPORT CREDIT FINANCING.
(a) In General.--The Secretary of the Treasury (in this
section referred to as the ``Secretary'') shall initiate and
pursue negotiations--
(1) with other major exporting countries, including members
of the Organisation for Economic Co-operation and Development
(OECD) and non-OECD members, to substantially reduce, with
the ultimate goal of eliminating, subsidized export financing
programs and other forms of export subsidies; and
(2) with all countries that finance air carrier aircraft
with funds from a state-sponsored entity, to substantially
reduce, with the ultimate goal of eliminating, aircraft
export credit financing for all aircraft covered by the 2007
Sector Understanding on Export Credits for Civil Aircraft (in
this section referred to as the ``ASU''), including any
modification thereof, and all of the following types of
aircraft:
(A) Heavy aircraft that are capable of a takeoff weight of
300,000 pounds or more, whether or not operating at such a
weight during a particular phase of flight.
(B) Large aircraft that are capable of a takeoff weight of
more than 41,000 pounds, and have a maximum certificated
takeoff weight of not more than 300,000 pounds.
(C) Small aircraft that have a maximum certificated takeoff
weight of 41,000 pounds or less.
(b) Annual Reports on Progress of Negotiations.--Not later
than 180 days after the date of the enactment of this Act,
and annually thereafter, the Secretary shall submit to the
Committee on Banking, Housing, and Urban Affairs of the
Senate and the Committee on Financial Services of the House
of Representatives--
(1) a report on the progress of any negotiations described
in subsection (a)(1), until the Secretary certifies in
writing to the committees that all countries that support
subsidized export financing programs have agreed to end the
support; and
(2) a report on the progress of any negotiations described
in subsection (a)(2), including the progress of any
negotiations with respect to each classification of aircraft
set forth in
[[Page H2463]]
subsection (a)(2), until the Secretary certifies in writing
to the committees that all countries that support subsidized
export financing programs have agreed to end the support of
aircraft covered by the ASU.
SEC. 12. PUBLICATION OF GUIDELINES FOR ECONOMIC IMPACT
ANALYSES AND DOCUMENTATION OF SUCH ANALYSES.
(a) Publication of Guidelines.--Not later than 180 days
after the date of the enactment of this Act, the Export-
Import Bank of the United States shall develop and make
publicly available methodological guidelines to be used by
the Bank in conducting economic impact analyses or similar
studies under section 2(e) of the Export-Import Bank Act of
1945. In developing the guidelines, the Bank shall take into
consideration any relevant guidance from the Office of
Management and Budget.
(b) Maintenance of Documentation.--Section 2(e)(7) of the
Export-Import Bank Act of 1945 (12 U.S.C. 635(e)(7)) is
amended by redesignating subparagraphs (E) and (F) as
subparagraphs (F) and (G), respectively, and inserting after
subparagraph (D) the following:
``(E) Maintenance of documentation.--The Bank shall
maintain documentation relating to economic impact analyses
and similar studies conducted under this subsection in a
manner consistent with the Standards for Internal Control of
the Federal Government issued by the Comptroller General of
the United States.''.
SEC. 13. REPORT ON IMPLEMENTATION OF RECOMMENDATIONS OF THE
GOVERNMENT ACCOUNTABILITY OFFICE.
Not later than 180 days after the date of the enactment of
this Act, the Export-Import Bank of the United States shall
submit to the Committee on Banking, Housing, and Urban
Affairs of the Senate and the Committee on Financial Services
of the House of Representatives a report on the
implementation or rejection by the Bank of the
recommendations contained in the report of the Government
Accountability Office entitled ``Export-Import Bank:
Improvements Needed in Assessment of Economic Impact'', dated
September 12, 2007 (GAO 07 1071), that includes--
(1) a detailed description of the progress made in
implementing each such recommendation; and
(2) for any such recommendation that has not yet been
implemented, an explanation of the reasons the recommendation
has not been implemented.
SEC. 14. EXAMINATION OF BANK SUPPORT FOR SMALL BUSINESS.
Within 180 days after the date of the enactment of this
Act, the Export-Import Bank of the United States shall
examine and report to Congress on its current programs,
products, and polices with respect to the implementation of
its export credit insurance program, delegated lending
authority, and direct loans, and any other programs,
products, and policies established to support exports from
small businesses in the United States, and determine the
extent to which those policies adequately meet the needs of
the small businesses in obtaining Bank financing to support
the maintenance or creation of jobs in the United States
through exports, consistent with the requirement that the
Bank obtain a reasonable assurance of repayment.
SEC. 15. REVIEW AND REPORT ON DOMESTIC CONTENT POLICY.
(a) In General.--The Export-Import Bank of the United
States shall conduct a review of its domestic content policy
for medium- and long-term transactions. The review shall
examine and evaluate the effectiveness of the Bank's policy--
(1) in maintaining and creating jobs in the United States;
and
(2) in contributing to a stronger national economy through
the export of goods and services.
(b) Factors to Consider.--In conducting the review under
subsection (a), the Bank shall consider the following:
(1) Whether the domestic content policy accurately captures
the costs of United States production of goods and services,
including the direct and indirect costs of manufacturing
costs, parts, components, materials and supplies, research,
planning engineering, design, development, production, return
on investment, marketing and other business costs and the
effect of such policy on the maintenance and creation of jobs
in the United States.
(2) The ability of the Bank to provide financing that is
competitive with the financing provided by foreign export
credit agencies and the impact that such financing has in
enabling companies with operations in the United States to
contribute to a stronger United States economy by increasing
employment through the export of goods and services.
(3) The effects of the domestic content policy on the
manufacturing and service workforce of the United States.
(4) Any recommendations the members of the Bank's Advisory
Committee have regarding the Bank's domestic content policy.
(5) The effect that changes to the Bank's domestic content
requirements would have in providing companies an incentive
to create and maintain operations in the United States and to
increase jobs in the United States.
(c) Report.--Not later than 1 year after the date of the
enactment of this Act, the Bank shall submit a report on the
results of the review conducted under this section to the
Committee on Banking, Housing, and Urban Affairs of the
Senate, and the Committee on Financial Services of the House
of Representatives.
SEC. 16. IMPROVEMENT OF METHOD FOR CALCULATING THE EFFECTS OF
BANK FINANCING ON JOB CREATION AND MAINTENANCE
IN THE UNITED STATES.
(a) GAO Study.--The Comptroller General of the United
States shall conduct a study of the process and methodology
used by the Export-Import Bank of the United States (in this
section referred to as the ``Bank'') to calculate the effects
of the provision of financing by the Bank on the creation and
maintenance of employment in the United States, determine and
assess the basis on which the Bank has so used the
methodology, and make any recommendations the Comptroller
General deems appropriate.
(b) Report.--Within 1 year after the date of the enactment
of this Act, the Comptroller General shall submit to the
Congress and the Bank the results of the study required by
subsection (a).
(c) Implementation of Recommendations.--If the report
submitted pursuant to subsection (b) includes
recommendations, the Bank may establish a more accurate
methodology of the kind described in subsection (a) based on
the recommendations.
SEC. 17. PERIODIC AUDITS OF BANK TRANSACTIONS.
(a) In General.--Within 2 years after the date of the
enactment of this Act, and periodically (but not less
frequently than every 4 years) thereafter, the Comptroller
General of the United States shall conduct an audit of the
loan and guarantee transactions of the Export-Import Bank of
the United States to determine the compliance of the Bank
with the underwriting guidelines, lending policies, due
diligence procedures, and content guidelines of the Bank.
(b) Review of Fraud Controls.--The Comptroller General of
the United States shall review the adequacy of the design and
effectiveness of the controls used by the Export-Import Bank
of the United States to prevent, detect, and investigate
fraudulent applications for loans and guarantees, including
by auditing a sample of Bank transactions, and submit to the
Congress a written report which contains such recommendations
with respect to the controls as the Comptroller General deems
appropriate.
SEC. 18. PROHIBITIONS ON FINANCING FOR CERTAIN PERSONS
INVOLVED IN SANCTIONABLE ACTIVITIES WITH
RESPECT TO IRAN.
(a) Prohibition on Financing for Persons That Engage in
Certain Sanctionable Activities.--
(1) In general.--Beginning on the date that is 180 days
after the date of the enactment of this Act, the Board of
Directors of the Export-Import Bank of the United States may
not approve any transaction that is subject to approval by
the Board with respect to the provision by the Bank of any
guarantee, insurance, or extension of credit, or the
participation by the Bank in any extension of credit, to a
person in connection with the exportation of any good or
service unless the person makes the certification described
in paragraph (2).
(2) Certification described.--The certification described
in this paragraph is a certification by a person--
(A) that neither the person nor any other person owned or
controlled by the person--
(i) engages in any activity described in section 5(a) of
the Iran Sanctions Act of 1996 (Public Law 104 172; 50 U.S.C.
1701 note) for which the person may be subject to sanctions
under that Act;
(ii) exports sensitive technology, as defined in section
106 of the Comprehensive Iran Sanctions, Accountability, and
Divestment Act of 2010 (22 U.S.C. 8515), to Iran; or
(iii) engages in any activity prohibited by part 560 of
title 31, Code of Federal Regulations (commonly known as the
``Iranian Transactions Regulations''), unless the activity is
disclosed to the Office of Foreign Assets Control of the
Department of the Treasury when the activity is discovered;
or
(B) if the person or any other person owned or controlled
by the person has engaged in an activity described in
subparagraph (A), that--
(i) in the case of an activity described in subparagraph
(A)(i)--
(I) the President has waived the imposition of sanctions
with respect to the person that engaged in that activity
pursuant to section 4(c), 6(b)(5), or 9(c) of the Iran
Sanctions Act of 1996 (Public Law 104 172; 50 U.S.C. 1701
note);
(II)(aa) the President has invoked the special rule
described in section 4(e)(3) of that Act with respect to the
person that engaged in that activity; or
(bb)(AA) the person that engaged in that activity
determines, based on its best knowledge and belief, that the
person meets the criteria described in subparagraph (A) of
such section 4(e)(3) and has provided to the President the
assurances described in subparagraph (B) of that section; and
(BB) the Secretary of State has issued an advisory opinion
to that person that the person meets such criteria and has
provided to the President those assurances; or
(III) the President has determined that the criteria have
been met for the exception provided for under section
5(a)(3)(C) of the Iran Sanctions Act of 1996 to apply with
respect to the person that engaged in that activity; or
(ii) in the case of an activity described in subparagraph
(A)(ii), the President has waived, pursuant to section
401(b)(1) of the
[[Page H2464]]
Comprehensive Iran Sanctions, Accountability, and Divestment
Act of 2010 (22 U.S.C. 8551(b)(1)), the application of the
prohibition under section 106(a) of that Act (22 U.S.C.
8515(a)) with respect to that person.
(b) Prohibition on Financing.--Beginning on the date that
is 180 days after the date of the enactment of this Act, the
Board of Directors of the Export-Import Bank of the United
States may not approve any transaction that is subject to
approval by the Board with respect to the provision by the
Bank of any guarantee, insurance, or extension of credit, or
the participation by the Bank in any extension of credit, in
connection with a financing in which a person that is a
borrower or controlling sponsor, or a person that is owned or
controlled by such borrower or controlling sponsor, is
subject to sanctions under section 5(a) of the Iran Sanctions
Act of 1996 (Public Law 104 172; 50 U.S.C. 1701 note).
(c) Advisory Opinions.--
(1) Authority.--The Secretary of State is authorized to
issue advisory opinions described in subsection
(a)(2)(B)(i)(II).
(2) Notice to congress.--If the Secretary issues an
advisory opinion pursuant to paragraph (1), the Secretary
shall notify the appropriate congressional committees of the
opinion not later than 30 days after issuing the opinion.
(d) Definitions.--In this section:
(1) Appropriate congressional committees; person.--The
terms ``appropriate congressional committees'' and ``person''
have the meanings given those terms in section 14 of the Iran
Sanctions Act of 1996 (Public Law 104 172; 50 U.S.C. 1701
note).
(2) Controlling sponsor.--The term ``controlling sponsor''
means a person providing controlling direct private equity
investment (excluding investments made through publicly held
investment funds, publicly held securities, public offerings,
or similar public market vehicles) in connection with a
financing.
SEC. 19. USE OF PORTION OF BANK SURPLUS TO UPDATE INFORMATION
TECHNOLOGY SYSTEMS.
Section 3 of the Export-Import Bank Act of 1945 (12 U.S.C.
635a) is amended by adding at the end the following:
``(j) Authority To Use Portion of Bank Surplus To Update
Information Technology Systems.--
``(1) In general.--Subject to paragraphs (3) and (4), the
Bank may use an amount equal to 1.25 percent of the surplus
of the Bank during fiscal years 2012, 2013, and 2014 to--
``(A) seek to remedy any of the operational weakness and
risk management vulnerabilities of the Bank which are the
result of the information technology system of the Bank;
``(B) remedy data fragmentation, enhance information flow
throughout the Bank, and manage data across the Bank; and
``(C) enhance the operational capacity and risk management
capabilities of the Bank to better enable the Bank to
increase exports and grow jobs while protecting the taxpayer.
``(2) Surplus.--In paragraph (1), the term `surplus' means
the amount (if any) by which--
``(A) the sum of the interest and fees collected by the
Bank; exceeds
``(B) the sum of--
``(I) the funds set aside to cover expected losses on
transactions financed by the Bank; and
``(ii) the costs incurred to cover the administrative
expenses of the Bank.
``(3) Limitation.--The aggregate of the amounts used in
accordance with paragraph (1) for fiscal years 2012, 2013,
and 2014 shall not exceed $20,000,000.
``(4) Subject to appropriations.--The authority provided by
paragraph (1) may be exercised only to such extent and in
such amounts as are provided in advance in appropriations
Acts.''.
SEC. 20. MODIFICATIONS RELATING TO THE ADVISORY COMMITTEE.
(a) Representation of the Textile Industry.--Section
3(d)(1)(B) of the Export-Import Bank Act of 1945 (12 U.S.C.
635a(d)(1)(B)) is amended by striking ``and State
government'' inserting ``State government, and the textile
industry''.
(b) Access to Bank Products by the Textile Industry.--
(1) Consideration by advisory committee.--Section 3(d) of
such Act (12 U.S.C. 635a(d)) is amended by adding at the end
the following:
``(5) In carrying out paragraph (4), the Advisory Committee
shall consider ways to promote the financing of Bank
transactions for the textile industry, consistent with the
requirement that the Bank obtain a reasonable assurance of
repayment, and determine ways to--
``(A) increase Bank support for the exports of textile
components or inputs made in the United States; and
``(B) support the maintenance, promotion and expansion of
jobs in the United States that are critical to the
manufacture of textile components and inputs.''.
(2) Annual report to congress on advisory committee
determinations.--Section 8 of such Act (12 U.S.C. 635g), as
amended by sections 6 and 10 of this Act, is amended by
adding at the end the following:
``(i) Access to Bank Products by the Textile Industry.--The
Bank shall include in its annual report to the Congress under
subsection (a) of this section a report on the determinations
made by the Advisory Committee under section 3(d)(5) in the
year covered by the report.''.
SEC. 21. FINANCING FOR GOODS MANUFACTURED IN THE UNITED
STATES USED IN GLOBAL TEXTILE AND APPAREL
SUPPLY CHAINS.
(a) Analysis of Textile Industry Use of Bank Products.--The
Export-Import Bank of the United States (in this section
referred to as the ``Bank'') shall conduct a study of the
extent to which the products offered by the Bank are
available and used by manufacturers in the United States that
export goods manufactured in the United States used as
components in global textile and apparel supply chains. In
conducting the study, the Bank shall examine the following:
(1) Impediments to use of Bank products by such firms.
(2) The number of jobs in the United States that are
supported by the export of such component parts and the
degree to which access to financing will increase exports.
(3) Specific proposals for how the Bank, using its
authority and products, could provide the financing,
including through risk-sharing with other export credit
agencies and other third parties.
(4) Ways in which the Bank can take into account the full
global textile and apparel supply chain--in particular, the
ultimate purchase, and ultimate United States-based
purchaser, of the finished good, that would result from the
supply chain--in making credit and risk determinations and
the creditworthiness of the ultimate purchaser.
(5) Proposals for new products the Bank could offer to
provide the financing, including--
(A) the extent to which the Bank is authorized to offer new
products;
(B) the extent to which the Bank would need additional
authority to offer the new products; and
(C) specific proposals for changes in law that would enable
the Bank to provide such financing in compliance with the
credit and risk standards of the Bank.
(b) Report.--Within 180 days after the date of the
enactment of this Act, the Bank shall submit to the Congress
a report that contains the results of the study required by
subsection (a).
(c) Annual Reports.--Section 8 of the Export-Import Bank
Act of 1945 (12 U.S.C. 635g), as amended by sections 6, 10,
and 20(b)(2) of this Act, is amended by adding at the end the
following:
``(j) Textile and Apparel Supply Chain Financing.--The Bank
shall include in its annual report to the Congress under
subsection (a) of this section a description of the success
of the Bank in providing effective and reasonably priced
financing to the United States textile and apparel industry
for exports of goods manufactured in the United States that
are used as components in global textile and apparel supply
chains in the year covered by the report, and steps the Bank
has taken to increase the use of Bank products by such
firms.''.
SEC. 22. TECHNICAL CORRECTION.
Section 2(b)(2)(B)(ii) of the Export-Import Bank Act of
1945 (12 U.S.C. 635(b)(2)(B)(ii)) is amended by striking
subclauses (I), (IV), and (VII) and by redesignating
subclauses (II), (III), (V), (VI), (VIII), and (IX) as
subclauses (I) through (VI), respectively.
SEC. 23. SUB-SAHARAN AFRICA ADVISORY COMMITTEE.
Section 2(b)(9)(B)(iii) of the Export-Import Bank Act of
1945 (12 U.S.C. 635(b)(9)(B)(iii)) is amended by striking
``2011'' and inserting ``2014''.
SEC. 24. DUAL USE EXPORTS.
Section 4 of Public Law 109 438 (12 U.S.C. 635 note; 108
Stat. 4376) is amended by striking ``2011'' and inserting
``2014''.
SEC. 25. EFFECTIVE DATE.
Except as provided in section 9(b), this Act and the
amendments made by this Act shall take effect on the earlier
of June 1, 2012, or the date of the enactment of this Act.
The SPEAKER pro tempore. Pursuant to the rule, the gentleman from
California (Mr. Gary G. Miller) and the gentlewoman from New York (Mrs.
McCarthy) each will control 20 minutes.
The Chair recognizes the gentleman from California.
General Leave
Mr. GARY G. MILLER of California. Mr. Speaker, I ask unanimous
consent that all Members have 5 legislative days in which to revise and
extend their remarks and to add extraneous material to the bill.
The SPEAKER pro tempore. Is there objection to the request of the
gentleman from California?
There was no objection.
Mr. GARY G. MILLER of California. Mr. Speaker, I yield myself as much
time as I might consume.
Today we are considering H.R. 2072, the Securing American Jobs
Through Exports Act, a bill which will reauthorize the Export-Import
Bank. This legislation is the product of bipartisan discussions
surrounding a common theme: maintaining and creating jobs in the United
States.
The key to our economic recovery is jobs, without a doubt. In order
to expand and hire new workers, American companies must have the
ability to compete in a global economy. To create jobs, American
companies need to be competitive with foreign companies
[[Page H2465]]
that have access to credit in their countries.
While the U.S. is a leading voice in the effort to eliminate market-
distorting export subsidies, the Ex-Im Bank has helped to ensure that
there's a level playing field for American companies when they compete
with foreign competitors who are basically supported by aggressive
credit agencies.
Ex-Im responds to market distortion by leveling the playing field.
Ex-Im loans and guarantees are often countervailing measures to compete
against other foreign credit agencies.
Some Members have concerns about this program. This bill directs the
Treasury Department to initiate and pursue negotiations with other
countries to substantially reduce their subsidized export financing
programs and other forms of export subsidies.
The problem we face is the option of allowing China to dominate the
export market. This bill ensures that U.S. companies, large and small,
can compete and win against foreign competitors like China and, as a
result, create U.S. jobs without putting U.S. taxpayers at risk.
During the reauthorization process, we have made taxpayer protection
our top priority. This bill includes strong language to ensure that
surpluses that the Ex-Im Bank returns to the Treasury are continued
today and in the future. We want the bank to be a continually self-
financing entity.
The bill increases accountability and risk management requirements
for the bank, as well as provides for an audit of bank transactions to
monitor the effectiveness and adequacy of the bank's due diligence
practice and lending policies.
The bill ensures that the bank stays true to its purpose as a lender
of last resort and does not compete against private sector commercial
banks.
The bill includes language to make sure default rates stay low. Ex-Im
loans and loan guarantees present very low risks because they are
backed by collateral of the real goods for which a buyer has already
been found and prices have been agreed upon.
The current default rate at the bank is less than 2 percent, much
lower than commercial banks. Even with the bank's track record of
extremely low defaults, the bill includes language to ensure that
default rates stay below 2 percent, and includes corrective action
requirements if the rate ever goes above that level. The bank does not
put taxpayers at risk now. Our goal in this bill is to ensure that the
bank does not put taxpayers at risk in the future either.
The bill also includes a new transparency provision for large
transactions and gives the public the opportunity to comment on such
transactions. The provision seeks to ensure the bank has information it
needs to confirm it is not supporting transactions used to support
products that could be used to compete with American companies.
This provision was crafted in a way that does not impact U.S.
companies' ability to sell their products and services to global
customers. Proprietary information, confidential information, and trade
secrets are absolutely protected in this provision.
In addition, while many of the large projects supported by the bank
are known to the market, I want to emphasize that the bank, at its sole
discretion, has the authority to determine the information disclosed to
ensure that the competitiveness of American companies is not
compromised by information provided by the Federal Register notice.
The legislation also provides information included in the technology
improvements, a review of the bank's domestic content policy, and
improvements to the access of textile industries to bank operations.
This is absolutely necessary in this country. These provisions will
ensure that our American companies can utilize bank products to compete
globally.
This is not a subsidy and is no cost to the taxpayers. That needs to
be emphasized. The way Ex-Im Bank allows U.S. companies to compete
globally is an example of how our government can facilitate job growth
without contributing to the national debt.
Far from being a handout to corporations, Ex-Im Bank is self-
financing, it turns a profit for the American taxpayer, and it helps
create jobs here at home.
Since 2005, the bank has forwarded more than $3.4 billion in profits
to the Treasury above all costs and loss reserves, including $400
million in 2011 alone. The legislation before us today ensures that Ex-
Im Bank will continue to turn a profit for American taxpayers.
Some will say that Ex-Im only benefits large corporations. However,
small businesses account for 87 percent of Ex-Im's transactions. These
small business transactions do not include the tens of thousands of
small- and medium-sized businesses that supply goods to these large
corporations.
Dave Ickert, vice president of Air Tractor of Olney, Texas, a small
business engaged in the manufacturing and sale of agriculture and
firefighting planes, said at one point in our hearing:
Ex-Im has contributed to the growth of Air Tractor and
helped both create and maintain jobs in Olney, Texas. Ex-Im's
support has allowed us to sell aircraft to customers who
without that support would not have purchased our product.
This is a direct contribution to our growth.
Air Tractor has 270 employees in a town that has a population of
3,000. Over 10 percent of the population who are adults work for this
company in this town. It's the largest employer in Olney. Since 1994,
when they did the first Ex-Im transaction, their export sales have
increased from 10 percent of what they produced to 56 percent. With 56
percent export sales in 2010, there are over 100 employees at Air
Tractor in Olney, Texas, that owe their jobs and have their jobs due to
use of Ex-Im bank.
Mr. Ickert said:
As I have described it before, Olney is three red lights
and a Dairy Queen; and the significance of this is that if we
can create jobs on Main Street Olney through small business
exporting, it can be done in small businesses from California
to New York. If we can do it in Olney, Texas, we can do it
all over this country.
Once again, I would like to thank my colleagues from both sides of
the aisle for coming together to put American jobs before politics.
Together, we have crafted a strong bill to ensure the bank is able to
continue to support U.S. companies as they compete globally and, as a
result, create American jobs.
I reserve the balance of my time.
Mrs. McCARTHY of New York. Mr. Speaker, I yield myself as much time
as I may consume.
I rise today in support of H.R. 2072, the Export-Import Bank
Reauthorization Act of 2012. I would also like to thank Majority Leader
Cantor and Minority Whip Hoyer for their leadership on this bill, as
well as full committee Chairman Bachus and Ranking Member Frank, and
certainly my chairman on the subcommittee, Mr. Miller.
But I also would like to thank all of the staff for their hard work
on this important legislation, especially Lesli Gooch from Chairman
Miller's staff and Georgette Sierra from my staff, who worked on this
for over a year.
I'm very proud to be supporting the bill before us today. Our Nation
is at a crossroads. One job at a time, we are gradually emerging from
one of the worst recessions in living memory. At this moment we can
either stand in the way of America's ongoing recovery or speed it up.
American businesses have recently watched their counterparts in other
countries, like China, become world leaders in exporting. I believe
strongly that now it's America's turn. It's America's turn to put our
workers, the best workers in the world, to work in selling their goods
and services to an untapped global market. It's America's turn to see
its innovative businesses reach their full potential to grow and create
local jobs in communities across this country. I'm confident with the
help from the Export-Import Bank, American businesses can help make our
Nation an unrivaled world economic leader once again.
{time} 1240
But the clock is ticking, and we must act now.
The legislation before us brings certainty to many U.S. businesses
that are anxiously awaiting Congress to reauthorize the bank before the
May 31 deadline. H.R. 2072 provides a 3-year reauthorization and an
incremental increase in the bank's exposure limit, allowing the bank to
meet the increased demand from U.S. export companies. The bill includes
provisions to enhance the bank's accountability by allotting
[[Page H2466]]
funds for much-needed technology upgrades, requiring the bank to submit
a business plan and to monitor and report to Congress if their default
rate goes above 2 percent.
The Export-Import Bank is the export credit agency of the United
States, and it provides export financing for American companies when
private financing isn't available. The bank is critical for helping
U.S. companies create American jobs and compete in global markets by
selling their goods and services to foreign buyers. Throughout the
financial crisis, the bank played a crucial role in ensuring that
American companies were able to continue exporting when private trade
financing options were not available. The bank has allowed the United
States to remain competitive in the global economy by fulfilling its
mission of creating or sustaining U.S. jobs across the 50 States
through exports.
In fiscal year 2011, the bank provided over $30 billion in financing
to 3,600 companies in the USA which supported nearly 290,000 American
jobs. Over 80 percent of those transactions were for small businesses,
like Aerolyusa, Inc., which sells aerospace parts in my own district in
New York.
It is important to note that the work of the bank is done at no cost
to the American taxpayer, as the bank is self-sustaining, funding its
finance programs and administrative costs from fees and the returns on
its investments. In fact, the bank returns money to the Treasury, and
since 2008, it has returned almost $2 billion to the Treasury.
Foreign governments are aggressively supporting their own exporters
so that they can dominate new markets and be world leaders in
exporting. Through the Export-Import Bank's assistance, we will ensure
that American companies have the tools to be globally competitive and
will continue to create jobs in the United States and move our economy
forward. Prominent business organizations such as the National
Association of Manufacturers, the U.S. Chamber of Commerce, the
Business Roundtable, and labor understand the important role of the
bank and support its reauthorization. It shows how we have all worked
together, with Mr. Miller's help, to bring this bill to the floor.
In just a few weeks, the bank's charter will expire. Without Congress
quickly enacting a long-term reauthorization and cap increase,
thousands--thousands--of American jobs will be lost, and the U.S.
businesses that rely on bank financing will be in jeopardy.
I urge my colleagues to support H.R. 2072, which provides the
certainty that businesses around our country need that rely on the bank
in order to continue growing and creating jobs here at home through
exports.
Mr. GARY G. MILLER of California. I am happy to yield 1 minute to the
gentleman from Illinois (Mr. Manzullo), a staunch advocate for textile
exports in this country.
Mr. MANZULLO. Mr. Speaker, President Reagan taught us you don't
negotiate from a position of weakness.
There are over 80 foreign government export credit agencies that
vigorously support their local companies in winning export sales. We
cannot unilaterally disarm our manufacturers by ending Ex-Im. That will
only empower our competitors to snatch away export and job
opportunities from our companies. Some of these businesses are critical
to our defense industrial base and need commercial sales to support
their national security work. Reagan recognized this reality. That's
why he supported Ex-Im Bank.
When I chaired the Small Business Committee, I had the opportunity to
establish the small business desk, or division, at the Export-Import
Bank. A constituent of mine was able to obtain an $11,000 loan in order
to start her exporting business from a very tiny company.
So I would urge my colleagues to vote for the reauthorization in
order to be a part of helping our manufacturers sell their products
abroad.
Mrs. McCARTHY of New York. I yield 5 minutes to the minority whip,
Mr. Hoyer, and thank him again for his leadership on this issue.
(Mr. HOYER asked and was given permission to revise and extend his
remarks.)
Mr. HOYER. I want to thank the gentlelady for yielding.
Mr. Speaker, I am pleased to be here today. We are here as the result
of the work of some extraordinary staff people, and I want to start by
mentioning them.
First of all, I want to congratulate and thank Mr. Miller and his
staff. I want to thank the staff of the Banking Committee. Mr. John
Hughes of my staff, formerly of the Banking Committee and the Financial
Services Committee, has worked tirelessly with an extraordinary policy
director, Neil Bradley, who works for Mr. Cantor. We worked on this
matter in a bipartisan fashion. This bill comes to the floor as a
bipartisan bill, and I am hopeful and believe it will pass with an
overwhelmingly bipartisan vote.
Mr. Speaker, today, we are ending the uncertainty for American
manufacturers waiting for Congress to act by coming together to
reauthorize the U.S. Export-Import Bank. I want to thank the Republican
leader, Mr. Cantor, and his staff--and as I mentioned Neil Bradley
before--for working with Democrats to find common ground and to reach
an agreement that is supported by both business and labor, Democrats
and Republicans.
I also want to commend Ranking Member Barney Frank of the Financial
Services Committee and those on his staff: Kelly Larkin, Dan
McGlinchey, and Kirk Schwarzbach. Carolyn McCarthy, as the ranking
member, has done such an extraordinary job on this effort, as well as
Mr. Miller, who chairs the International Monetary Policy and Trade
Subcommittee. Their hard work has been important in making sure this
agreement will help American businesses save and create jobs. I also
want to thank Representative Rick Larsen for his tireless advocacy for
a long-term reauthorization of the bank.
In addition, I would be remiss if I did not mention my dear and good
friend, who is the ranking Democrat on the Appropriations Committee but
who has been an extraordinary leader in making sure that America
creates jobs and exports products around the world. He is Mr. Norman
Dicks. Congressman Dicks, from Washington State, has been working with
me every day that we've been at these negotiations. I want to thank him
for his contributions to this outcome.
For 2 years, Mr. Speaker, House Democrats have been promoting a
comprehensive jobs plan called Make It in America. Mr. Don Manzullo was
on the floor, and he has been focused on that. They may not use my
phrase of ``Make It in America,'' but so many Republicans have been
focused on trying to build jobs here in America. We've been promoting a
Make It in America agenda.
The Export-Import Bank financing is and has been a part of our
published Make It in America agenda. By financing American companies'
efforts to export their products overseas, the Export-Import Bank plays
a direct role, as Chairlady McCarthy has pointed out, in helping our
businesses expand and hire more employees for well-paying jobs, jobs
that will not be shipped overseas.
The Export-Import Bank doesn't cost taxpayers a single penny. In
fact, it has generated $1.9 billion--$2 billion rounded, as the
chairlady said--in excess revenues for U.S. taxpayers over the past 5
years, and it provides a critical service that our companies need to
access foreign markets on a level playing field. I am encouraged that
we were able to reach this agreement to increase the Export-Import
Bank's exposure limit to $120 billion through the end of this fiscal
year and to raise it to $140 billion over the next 2 years.
In 2011, financing from the Export-Import Bank helped to create
nearly 300,000 jobs at 3,600 private companies across America. This is
a jobs bill, a jobs bill for Americans. Yes, I said 3,600 companies. An
undermentioned fact is that over 85 percent of the bank's transactions
are for small businesses. We talk a lot about the large businesses,
Boeing in particular, which is one of our best exports and job
creators--but 3,600 businesses, most of which are small businesses. The
products American workers make are the best in the world.
{time} 1250
American workers and American entrepreneurs can compete with anybody
in the world if they have a level playing field. This helps get there.
When
[[Page H2467]]
that happens, our workers succeed, and that means more of our people
can make it in America. That's what Americans want to do: they want to
make it; they want to succeed; they want to have their kids have
opportunities; and they want to make it. One of the ways we're going to
Make It in America is to make it in America, manufacture it in America,
grow it in America, and sell it here and around the world, and create
jobs here, good-paying jobs for our people. They'll feel better about
that.
I urge all of my colleagues to support this legislation. I hope this
vote is unanimous. It's a vote for America, America's workers, and
America's ability to compete globally.
Ex-Im Bank Support
Machinists, US Chamber of Commerce, National Association of
Manufacturers, Association of Equipment Manufacturers,
Business Roundtable, National Foreign Trade Council, Airlines
4 America, General Aviation Manufacturers Association, Air
Line Pilots Association, National Small Business Association,
Small Business Exporters Association, Financial Services
Roundtable, Information Technology Industry Council, National
Council of State Legislatures, Boeing, Delta.
Labor, Business Urge Support of Export-Import Reauthorization Agreement
The agreement announced last week on a long-term
reauthorization of the Export-Import Bank ends uncertainty
for businesses and provides the Export-Import Bank resources
needed to keep American manufacturers competitive in a global
market. This agreement is an important part of Democrats'
Make It In America plan to create an encouraging environment
for businesses to innovate and make products here in the
U.S., and is supported by everyone from labor to business:
Thomas Buffenbarger, President of International Association
of Machinists and Aerospace Workers: ``The bipartisan bill
H.R. 2072 . . . represents a clear break from the Beltway
politics that have failed to address the real struggles of
ordinary Americans. During this time of intense global
competition and persistent high unemployment, U.S. exporters
need the critical resources of the Ex-Im Bank. I strongly
urge you to support American jobs and to vote for this
important legislation.''
Thomas J. Donohue, President and CEO of the U.S. Chamber of
Commerce: ``This is great news for thousands of American
workers, businesses of all sizes, and taxpayers, who can
cheer the fact that this bill will reduce the deficit by
hundreds of millions of dollars. When other countries are
providing their own exporters with an estimated $1 trillion
in export finance--often on terms more generous than Ex-Im
can provide--failure to reauthorize Ex-Im would amount to
unilateral disarmament and cost tens of thousands of American
jobs. This bill will guarantee a level financial playing
field in export markets and ensure transparency in Ex-Im's
operations. For that reason, the Chamber urges Congress to
swiftly pass this bill to reauthorize Ex-Im.''
R. Bruce Josten, Executive Vice President for Government
Affairs of the U.S. Chamber of Commerce: ``Failure to enact
this bill would put at risk the nearly 300,000 American jobs
at 3,600 companies that depend on Ex-Im to compete in global
markets. Ex-Im is especially important to small- and medium-
sized businesses, which account for more than 85 percent of
Ex-Im's transactions. . . . The Chamber strongly supports
H.R. 2072 and urges the House to consider this issue as
expeditiously as possible. The Chamber will include votes on,
or in relation to, this bill in our annual How They Voted
scorecard.''
Jay Timmons, President and CEO of National Association of
Manufacturers (NAM): ``The bill announced today to
reauthorize the Bank and increase its lending cap brings us a
step closer to protecting these jobs and will be a vital tool
for small manufacturers exporting to new markets. It is
essential to manufacturers' global competitiveness, and we
are pleased that Majority Leader Cantor and Minority Whip
Hoyer have come together on an authorization. . . . We urge
all members of the House to support this jobs legislation,
and we hope the Senate will also move forward quickly. The
Ex-Im Bank means jobs and increased exports, which will help
us grow our economy and remain competitive.''
Doug Oberhelman, Chairman and CEO of Caterpillar Inc., and
Chair of Business Roundtable's International Engagement
Committee: ``The Ex-Im Bank is critical to the ability of
U.S. companies--large and small--to compete on a level
playing field against overseas competitors who have access to
similar export credit programs. . . . Failure to reauthorize
the Ex-Im Bank on a long-term basis and at appropriate credit
levels would disadvantage U.S. businesses competing for sales
in foreign markets, potentially putting thousands of U.S.
jobs at risk.''
Tim Keating, Senior Vice President of Government Operations
of The Boeing Company: ``. . . H.R. 2072 is bipartisan
legislation authorizing EXIM to operate for the next three
years and raising the Bank's lending authority to $140
billion. The legislation also contains a number of
important initiatives and reforms that will strengthen
Congress's ability to oversee the Bank's operations and
improve the transparency of the Bank's transactions. . . .
Reauthorization of the EX-IM Bank is critical to the
ability of U.S. exporters to compete on a level playing
field in a commercial market where current and future
competitors continue to enjoy aggressive support from
their countries' export credit agencies. I urge your
strong support for H.R. 2072.''
Andrew Liveris, Chairman and CEO of The Dow Chemical
Company: ``I am writing to urge you to support the pending
legislation to reauthorize the Export-Import (ExIm) Bank. The
proposed draft three-year reauthorization with a graduated
cap to $140 billion provides certainty and support for
America's exporters. . . . I urge your favorable vote to
support and sustain American jobs, boost small businesses,
and expand export opportunities for U.S. companies.''
Capt. Lee Moak, President of the Air Line Pilots
Association, International: ``This is a positive move toward
leveling the playing field for U.S. airlines and their
workers in the global marketplace. The reauthorization bill
will aid in ending subsidies for widebody airplanes. This
action will help to level the playing field for U.S. airlines
that compete with foreign airlines, including many that are
state-sponsored, that buy U.S.- and European-manufactured
planes at below-market rates unavailable to U.S. and many
European airlines. This subsidized financing gives our
foreign competitors a significant cost advantage, allowing
them to drive U.S. airlines out of international routes and
costing airline workers' jobs.''
Nicholas Calio, President and CEO of A4A: ``We appreciate
the hard work of Republican House Majority Leader Eric Cantor
and Democratic House Minority Whip Steny Hoyer, who
negotiated a bipartisan agreement that ensures increased
transparency in the Ex-Im bank's lending practices, calls for
greater economic impact analysis of loans and would implement
other important reforms, and we urge passage of the
agreement.''
Pete Bunce, President and CEO of General Aviation
Manufacturers Association: ``General aviation jobs will be
put in jeopardy if the Export-Import Bank is not
reauthorized. Furthermore, general aviation manufacturing is
one of the few remaining industries that contribute
positively to the U.S. balance of trade. Our member companies
have dramatically increased their use of Export-Import Bank
financing over the past several years. Continued lending
authority is essential to the success of general aviation
manufacturing to compete globally. . . . We appreciate the
bi-partisan effort in the House to move this legislation and
we urge every House member to support it. We also call on the
Senate to act quickly in order to avoid any lending
disruption.''
Letter from Local Chambers of Commerce: ``Without Ex-Im
reauthorization, our country's exporters won't be able to
compete effectively in the global marketplace. We urge you to
join us in supporting swift Ex-Im Bank reauthorization.''
John Hardy, Jr., President of Coalition for Employment
through Exports (CEE) and William Reinsch, President of
National Foreign Trade Council (NFTC): ``[We] write in
support of H.R. 2072, the Securing American Jobs Through
Exports Act of 2011, and strongly [urge] your affirmative
vote for reauthorizing the Export-Import Bank of the U.S. H.R
2072's three year extension provides assurance of Ex-Im
Bank's continued critical presence in the global export
market, its lending limit provides adequate flexibility for
the Bank to respond to market demands, and it contains
increased taxpayer protections to ensure the continued
viability of the Bank.''
Cass Johnson, President of National Council of Textile
Organizations (NCTO) and Kevin Burke, President & CEO,
American Apparel & Footwear Association (AAFA): ``[We] write
in strong support of H.R. 2072--Securing American Jobs
Through Exports Act of 2011. In addition to re-authorizing
the Export-Import Bank. . . . the legislation contains
provisions that will create important new avenues of
financing for the textile and apparel global supply chain.''
Mr. GARY G. MILLER of California. Mr. Speaker, I yield 2 minutes to
the gentlelady from New York (Mrs. McCarthy).
Mrs. McCARTHY of New York. Mr. Speaker, I wish to engage the chairman
of the subcommittee in a colloquy regarding section 9 of the bill
relating to a new notice and comment period for bank transactions over
$100 million. Specifically, I wish to inquire of the chairman the scope
of the bank's ability to exclude from the notice required to be
published in the Federal Register information that is proprietary or
confidential that would violate the Trade Secrets Act or would
jeopardize jobs in the U.S. by supplying information which competitors
could use to compete with companies in the U.S.A.
=========================== NOTE ===========================
On May 9, 2012 on H2467, the following appeared: Mrs. MCCARTHY
of New York. Mr. Speaker, I wish to engage the chairman of the
subcommittee in a colloquy regarding section 8 of the bill
relating to a new notice and commitment period for bank
transactions over $100 million.
The online version should be corrected to read: Mrs. MCCARTHY of
New York. Mr. Speaker, I wish to engage the chairman of the
subcommittee in a colloquy regarding section 9 of the bill
relating to a new notice and comment period for bank transactions
over $100 million.
========================= END NOTE =========================
I yield to the chairman for his response.
Mr. GARY G. MILLER of California. Mr. Speaker, I thank my colleague
for her inquiry.
[[Page H2468]]
The bill requires that the Federal Register notice include the
identities of the obligor, principal supplier, and guarantor. In
addition, the notice is to include a description of the item being
financed. However, that description must be constructed in a way as to
not disclose proprietary or confidential information or information
that would violate or otherwise requires disclosure of a trade secret
as defined by the Trade Secrets Act, or information that would
jeopardize jobs in the U.S. by supplying information which competitors
could use to compete with companies in the U.S.
=========================== NOTE ===========================
On May 9, 2012 on H2468, the following appeared: The bill
requires a Federal Register notice to include the identities of
the obligor, principal supplier, and guarantor. The initial notice
is to include a description of the item being financed. However,
the description must be constructed in a way as to not disclose
proprietary confidential information or information that would
violate the otherwise required disclosure of trade secrets as
defined by the Trade Secrets Act, or information that would
jeopardize jobs in the U.S. by supplying information which
competitors could use to compete with other countries in the U.S.
The online version should be corrected to read: The bill
requires that the Federal Register notice to include the
identities of the obligor, principal supplier, and guarantor. In
addition,the notice is to include a description of the item being
financed. However, that description must be constructed in a way
as to not disclose proprietary or confidential information or
information that would violate or otherwise requires disclosure of
a trade secret as defined by the Trade Secrets Act, or information
that would jeopardize jobs in the U.S. by supplying information
which competitors could use to compete with companies in the U.S.
========================= END NOTE =========================
When determining what description to use in describing an item being
financed, the bank must take into account the totality of the Federal
Register notice. For example, the description of the item should be
done in a way that when combined with the name of the principal
supplier, information is not disclosed which foreign competitors could
use to compete against U.S. suppliers, thereby jeopardizing jobs in the
U.S.
Mrs. McCARTHY of New York. Mr. Speaker, if I may, I would like to
inquire of the chairman further.
What is the expectation with respect to the amount of time
transactions might be delayed as a result of the new notice and comment
period?
Mr. GARY G. MILLER of California. Mr. Speaker, I thank my colleague
for her inquiry.
The bill requires that the public be given not less than 25 days for
the submission of comments prior to the board's consideration of the
proposed transaction. Upon the conclusion of those 25 days, the bank
should expeditiously prepare materials submitted in public comments for
consideration by the board. Transactions in excess of $100 million are
currently subject to review by the Congress for 25 days a session,
which can be longer than 25 calendar days, as our intent is that the
board proceed with consideration of a pending application as soon as
legally and practically possible.
=========================== NOTE ===========================
On May 9, 2012 on H2468, the following appeared: . . .
expeditiously prepare materials submitted to public comments for
consideration by the board.
The online version should be corrected to read: Expeditiously
prepare materials submitted in public comments for consideration
by the board.
========================= END NOTE =========================
Mrs. McCARTHY of New York. I thank the chairman.
Mr. Speaker, I yield 1 minute to the gentleman from Massachusetts
(Mr. Neal).
Mr. NEAL. I thank the gentlelady.
Mr. Speaker, I rise in support of this bill in that it reauthorizes
the Export-Import Bank for 3 years. It ends uncertainty for business
and provides the resources necessary to keep American manufacturers
competitive in the global market--$32 billion in financing to thousands
of companies, which supports 290,000 jobs.
In Massachusetts, the Ex-Im Bank works with InteliCoat Technologies,
a manufacturer of coated paper in South Hadley, that employs 100
people. It also has an important role with Wyman-Gordon, a manufacturer
in the aerospace industry located in North Grafton, Massachusetts, with
almost 600 employees.
This is critical support that is offered for American employers who
seek to level the playing field against global competitors. It's
supported broadly by labor and business, and I urge all of us to
support H.R. 2072.
Mr. GARY G. MILLER of California. Mr. Speaker, it is my honor to
yield 2 minutes to the gentleman from Missouri, my friend, Mr.
Luetkemeyer.
Mr. LUETKEMEYER. Mr. Speaker, I thank the gentleman from California
(Mr. Miller), and I rise today in support of H.R. 2072, the Securing
American Jobs Through Exports Act.
There's been a lot of distracting talk surrounding reauthorization of
the Export-Import Bank. So I would like to be clear.This is a jobs
bill. The Ex-Im financing helps provide jobs for employees of U.S.
manufacturers and small businesses, all at no cost to taxpayers. In
fact, this government program actually makes money and returns it to
the Treasury.
Critics say that Ex-Im lending only benefits the Nation's largest
corporations, but this is simply not the case, as the minority whip
just indicated a moment ago.
I have 5 companies in my district that benefit from Ex-Im Bank
financing. Not one of them is a multinational corporation and none have
received millions and millions and millions of dollars. It's because of
the support of Ex-Im that they have been able to grow their businesses,
hire employees, and increase their exports.
One of those small businesses had this to say about Ex-Im:
For the last 5 years, Ex-Im has supported 17 percent of our
export sales. That converts to 10 full-time jobs for 5 years.
Our employees and their families rely on Ex-Im financing to
support our export sales.
This isn't the testimony of a Fortune 100 CEO. This is the voice of a
family-run, multigenerational small business that relies on Ex-Im to
help manage the risk of extending credit to buyers outside the U.S.
This is a manufacturer that during the housing crisis had to lay off
three-quarters of its employees, but thanks in large part to Ex-Im,
financing was able to survive the downturn, and it started to grow
again.
I want to remind my colleagues that this bill also makes meaningful
reforms to the Export-Import Bank. Despite the fact that the bank has
an incredibly low default rate--less than 2 percent--this bill takes
additional steps to protect taxpayers and reduce export subsidies over
time.
I commend Majority Leader Cantor for creating a bill that
simultaneously helps to create jobs and mandates reform, and I urge all
my colleagues to support this legislation.
Mrs. McCARTHY of New York. Mr. Speaker, I yield 1 minute to the
gentleman from Washington (Mr. Larsen).
Mr. LARSEN of Washington. Mr. Speaker, I rise today to urge my
colleagues to vote in favor of H.R. 2072, the Securing American Jobs
Through Exports Act.
The Export-Import Bank creates jobs, reduces our trade deficit, and
helps to lower our national debt. It's a tool that our manufacturers--
both large and small--use to expand their sales to customers around the
world so they can keep creating jobs here at home.
In Washington State's Second Congressional District, the Ex-Im Bank
has helped finance the sale of more than $22 billion in exports from 13
companies, including, importantly, seven small businesses.
Last week, I sat down with three businesses in my district that have
used the bank. The CEO of one of these companies told me the bank has
been indispensable in allowing their business to grow and support 25
full-time employees.
I was very pleased to introduce a bipartisan bill earlier this year
with Congressman Manzullo to reauthorize and expand the Ex-Im Bank and
am very happy that Whip Hoyer and Leader Cantor were able to work out
this sensible, bipartisan agreement that is largely in line with the
bill I introduced, H.R. 4302.
I call on my colleagues to pass this bill so we can keep America open
for business.
I urge my colleagues to vote in favor of H.R. 2072, the Securing
American Jobs Through Exports Act.
The Export-Import Bank creates jobs.
It reduces our trade deficit.
And helps to lower our national debt.
It is a tool that our manufacturers, both large and small, use to
expand their sales to customers around the world so they can keep
creating jobs here at home.
In Washington's 2nd Congressional District, the Ex-Im Bank has helped
finance the sale of more than $22 billion in exports from 13 companies,
including 7 small businesses.
Last week I sat down with three businesses in Whatcom County that
have used the Bank.
They told me the Bank is a critical tool, without which they would
not be able to sell overseas.
The CEO of one of those companies, Western Chemical in Ferndale,
Wash., which makes fish health products, told me the Bank has been,
quote, ``indispensable in allowing our business to grow to $2M in
annual Washington State exports this year and $5 million next year and
supports 25 full-time employees.''
The Bank also supports our much larger exporters.
Hundreds of the women and men who make the Boeing 767, 777, and new
787 aircraft in Everett, Wash., recently wrote me urging Congress to
reauthorize the Bank because their jobs and our local economy rely on
it.
The Ex-Im Bank has been so successful in recent years in boosting our
exports that its lending authority needs to be expanded to keep up with
our growing manufacturers.
I was proud to introduce a bipartisan bill earlier this year with
Congressman Manzullo to reauthorize and expand the Ex-Im Bank.
I am pleased that Whip Hoyer and Leader Cantor were able to work out
this sensible, bipartisan agreement that is largely in line with the
bill I introduced, H.R. 4302.
[[Page H2469]]
I know some of the critics of this bill will call this corporate
welfare and say it is government manipulating in the market.
The fact of the matter is every other major economy has a similar
export-promotion program, and if we were to let the Ex-Im Bank expire,
it would only help foreign companies at the expense of American exports
and American jobs.
Not only that, but the Ex-Im Bank is an investment that pays
dividends back to the U.S. taxpayer, helping to reduce our deficit by
$1.9 billion in the last five years alone.
Thousands of workers in my district and around the country depend on
the Ex-Im Bank for their jobs.
I thank Whip Hoyer and Leader Cantor for their work on this bill, as
well as Congressman Manzullo for his work with me on this issue.
I call on my colleagues to pass this bill so we can keep America open
for business.
Mr. GARY G. MILLER of California. Mr. Speaker, I am pleased to yield
2 minutes to the gentleman from Illinois, the vice chair of the
subcommittee, Mr. Dold.
Mr. DOLD. I thank the gentleman for yielding.
I certainly think this is an important topic because we talk about
jobs and the economy as the number one issue that we face in this
country.
Today I'm pleased to come down and rise in support of the Ex-Im Bank,
as it is something that I think is vital, something that we worked on
in a bipartisan fashion through the committee, and something that I
think all of our colleagues should be supporting.
When we look at what the Ex-Im Bank does, most of us think oftentimes
about large businesses, whether it be Boeing or others. The fact still
remains that certainly across the country--and I know in my district,
the 10th District of Illinois--83 percent of all the loans actually go
to small business, but it does help big businesses.
Back in my district, we have one of the largest manufacturing
districts in the country. Over 93,000 employees are in manufacturing,
and well over 50,000 of those employees rely upon exports. The world
today is flatter than it's ever been, and we need to make sure that our
companies are competitive in the global marketplace. Again, I want to
emphasize, 83 percent of those loans go to small businesses. But we can
take a look at the big businesses, and we can take a look at Boeing.
When a Boeing Jetliner 777 lands anywhere in the world, it lands with
the help of 22,000 small businesses. Most of them are right here at
home.
So when the minority whip talks about making it here in America, we
do want to make it here in America. We want to make sure that American
workers have a level playing field, and we want to sell American all
over the globe. We want to make sure that we are giving them the
opportunity. The Ex-Im Bank is going to be done at no cost to the
taxpayer. We're going to bring dollars actually into the Federal
Treasury. We want to make sure that we're giving our businesses an
opportunity to compete, because what this is about is making sure we
can sell American all over the globe. So I want to urge my colleagues
to support this bill.
In 2011 alone, the bank supported over 288,000 American jobs and
helped finance over 3,600 American companies. This is an important
piece of legislation, and one that we should all be able to get behind.
With every $1 billion of exports, they say 7,200 jobs are created. This
is a jobs bill. When we talk about jobs and the economy, this is the
time. I urge my colleagues to support it.
{time} 1300
Mrs. McCARTHY of New York. Mr. Speaker, I yield 1 minute to the
gentleman from Michigan (Mr. Levin), the ranking member of the Ways and
Means Committee.
(Mr. LEVIN asked and was given permission to revise and extend his
remarks.)
Mr. LEVIN. I urge a ``yes'' vote.
The Wall Street Journal calls support for the Export-Import Bank
``job creation, French style.'' I'm not sure why they pick on the
French.
While the House Republicans have been agonizing about acting, export
powerhouses like China have been dramatically increasing their export
financing programs. Over the past year, China issued four times the
amount invested by the U.S. And China is not alone. Germany, France,
and India all provided at least seven times more export assistance, as
a share of GDP, than the U.S.
The rigid attitude of The Wall Street Journal is that, if the other
side rigs the field of competition, you should do nothing. They believe
that those nations will only hurt themselves if they act and that it
will all work out in the wash in the end. The problem is that, in the
meanwhile, you drown.
I urge a ``yes'' vote.
Mr. GARY G. MILLER of California. I am pleased to yield 2 minutes to
my good friend from California (Mr. Campbell).
Mr. CAMPBELL. I thank my good friend for yielding, Mr. Speaker.
It seems that, oftentimes around here, there are some people who
believe that all government programs are good and are not to be
expanded and are to be kept, and there are some who believe that all
government programs are bad and that they all ought to be terminated.
But you know what? Neither one of those extremes are right. You should
look at a program and determine: Is it constitutional? Is it cost-
effective? And does it work? The Ex-Im Bank is all three, and I would
like to make five points on that.
First of all, it is clearly a Federal responsibility to facilitate
exports, something clearly enumerated in the Federalist Papers by
Alexander Hamilton.
Second of all, in the perfect world, perhaps we wouldn't have to do
this. In a perfect world, we wouldn't have to have airport security;
but we do, for obvious reasons. And we have to have this because lots
of other countries do, and we will not be competing on a level playing
field and we will lose exports if we don't have this facility available
for American companies exporting goods.
Third, it hasn't cost the taxpayer any money. It's actually made $3.7
billion for the taxpayer. We're always talking about programs here that
cost the taxpayer money. This hasn't, it doesn't, and it won't. And
that is something that should be clear.
Fourth, there's nothing wrong with big businesses. In America, we
normally reward success. We celebrate success. And a big business is
successful. But the fact is that 87 percent of the transactions from
Ex-Im Bank are to small businesses. If you were to see the roughly
dozen businesses in my district that have accessed Ex-Im Bank loans for
exports, none of you would have heard of any of them--and I haven't
heard of most of them--because they are very small businesses, and
those people are benefiting from this.
And fifth, Ex-Im Bank loans support roughly 300,000 U.S. jobs that
produce those goods that are exported under these loans. On this day,
when we are looking for jobs in this country, these are 300,000 jobs
supported by a bank that doesn't cost the taxpayer any money, that
returns money to the taxpayer, and it is clearly part of the original
intent.
We should vote for this bill.
Mrs. McCARTHY of New York. Mr. Speaker, I yield 1 minute to the
gentleman from Washington (Mr. Dicks), the ranking member of the
Appropriations Committee.
(Mr. DICKS asked and was given permission to revise and extend his
remarks.)
Mr. DICKS. I thank my friend for yielding to me.
I want to associate myself with Mr. Campbell's very accurate
comments.
Let me begin by extending my deepest thanks to one of my best
friends, the minority whip, Mr. Hoyer, for his tireless efforts to
reach an agreement with the majority on this bill. And I also
appreciate the work of the majority leader, Mr. Cantor, on this bill.
Without their personal commitment, time, and effort to this bill, I do
not believe that we would be here today to pass this important
legislation, which would have been an absolute disaster for the economy
of the United States.
I have been a supporter of the Export-Import Bank since I arrived in
Congress in 1977.
Simply put, the Ex-Im Bank supports the sale of American-made
products overseas when private financing is not available. According to
the Ex-Im Bank's 2011 annual report, the bank supported $32.7 billion
in exports last year and over 288,000 American jobs. Many of these jobs
are in the Pacific Northwest and in my congressional district.
The SPEAKER pro tempore. The time of the gentleman has expired.
[[Page H2470]]
Mr. DICKS. The important point is, let's vote for this bill.
Dear Representative Dicks: I write to ask for your support
for H.R. 2072, the Securing American Jobs Through Exports Act
of 2011, which reauthorizes the U.S. Export-Import (EXIM)
Bank. EXIM is the official export credit agency of the U.S.
and assists U.S. businesses in financing the export of goods
and services around the world. EXIM's charter expires on May
31, 2012 and failure to reauthorize its operations in the
weeks ahead could put at risk billions of dollars in U.S.
exports and tens of thousands of American jobs.
Thanks to the efforts of Congressman Cantor, Congressman
Hoyer and numerous Members of the House, H.R. 2072 is
bipartisan legislation authorizing EXIM to operate for the
next three years and raising the Bank's lending authority to
$140 billion. The legislation also contains a number of
important initiatives and reforms that will strengthen
Congress's ability to oversee the Bank's operations and
improve the transparency of the Bank's transactions.
Reauthorization of EXIM is backed by a wide range of
associations and third parties including the National
Association of Manufacturers, the IAM, the U.S. Chamber of
Congress and the Business Roundtable.
Support for EXIM reauthorization translates into U.S. jobs.
In Fiscal Year 2011, the Bank reports that it supported more
than $40 billion in exports helping to create or sustain an
estimated 290,000 direct and indirect U.S. jobs at more than
3,600 small and large companies. And more than 80% of the
Bank's transactions support U.S. small businesses. In
addition, EXIM is financially self-sustaining and actually
contributes to reducing the Nation's deficit. Since the Bank
was last reauthorized in 2006, it has returned more than $3
billion to the U.S. Treasury beyond the costs of its
operations.
Reauthorization of the EXIM Bank is critical to the ability
of U.S. exporters to compete on a level playing field in a
commercial market where current and future competitors
continue to enjoy aggressive support from their countries'
export credit agencies.
I urge your strong support for H.R. 2072.
Sincerely,
Tim Keating,
Senior Vice President, Government
Operations, The Boeing Company.
____
The agreement announced last week on a long-term
reauthorization of the Export-Import Bank ends uncertainty
for businesses and provides the Export-Import Bank resources
needed to keep American manufacturers competitive in a global
market. This agreement is an important part of Democrats'
Make It In America plan to create an encouraging environment
for businesses to innovate and make products here in the
U.S., and is supported by everyone from labor to business:
Thomas Buffenbarger, President of International Association
of Machinists and Aerospace Workers: ``The bipartisan bill
H.R. 2072 . . . represents a clear break from the Beltway
politics that have failed to address the real struggles of
ordinary Americans. During this time of intense global
competition and persistent high unemployment, U.S. exporters
need the critical resources of the Ex-Im Bank. I strongly
urge you to support American jobs and to vote for this
important legislation.''
Thomas J. Donohue, President and CEO of the U.S. Chamber of
Commerce: ``This is great news for thousands of American
workers, businesses of all sizes, and taxpayers, who can
cheer the fact that this bill will reduce the deficit by
hundreds of millions of dollars. When other countries are
providing their own exporters with an estimated $1 trillion
in export finance--often on terms more generous than Ex-Im
can provide--failure to reauthorize Ex-Im would amount to
unilateral disarmament and cost tens of thousands of American
jobs. This bill will guarantee a level financial playing
field in export markets and ensure transparency in Ex-Im's
operations. For that reason, the Chamber urges Congress to
swiftly pass this bill to reauthorize Ex-Im.''
R. Bruce Josten, Executive Vice President for Government
Affairs of the U.S. Chamber of Commerce: ``Failure to enact
this bill would put at risk the nearly 300,000 American jobs
at 3,600 companies that depend on Ex-Im to compete in global
markets. ExIm is especially important to small- and medium-
sized businesses, which account for more than 85 percent of
Ex-Im's transactions . . . The Chamber strongly supports H.R.
2072 and urges the House to consider this issue as
expeditiously as possible. The Chamber will include votes on,
or in relation to, this bill in our annual How They Voted
scorecard.''
Jay Timmons, President and CEO of National Association of
Manufacturers (NAM): ``The bill announced today to
reauthorize the Bank and increase its lending cap brings us a
step closer to protecting these jobs and will be a vital tool
for small manufacturers exporting to new markets. It is
essential to manufacturers' global competitiveness, and we
are pleased that Majority Leader Cantor and Minority Whip
Hoyer have come together on an authorization . . . We urge
all members of the House to support this jobs legislation,
and we hope the Senate will also move forward quickly. The
Ex-Im Bank means jobs and increased exports, which will help
us grow our economy and remain competitive.''
Doug Oberhelman, Chairman and CEO of Caterpillar Inc., and
Chair of Business Roundtable's International Engagement
Committee: ``The Ex-Im Bank is critical to the ability of
U.S. companies--large and small--to compete on a level
playing field against overseas competitors who have access to
similar export credit programs . . . Failure to reauthorize
the Ex-Im Bank on a long-term basis and at appropriate credit
levels would disadvantage U.S. businesses competing for sales
in foreign markets, potentially putting thousands of U.S.
jobs at risk.''
Tim Keating, Senior Vice President of Government Operations
of The Boeing Company: ``. . . H.R. 2072 is bipartisan
legislation authorizing EXIM to operate for the next three
years and raising the Bank's lending authority to $140
billion. The legislation also contains a number of important
initiatives and reforms that will strengthen Congress's
ability to oversee the Bank's operations and improve the
transparency of the Bank's transactions. . . Reauthorization
of the EX-IM Bank is critical to the ability of U.S.
exporters to compete on a level playing field in a commercial
market where current and future competitors continue to enjoy
aggressive support from their countries' export credit
agencies. I urge your strong support for H.R. 2072.''
Andrew Liveris, Chairman and CEO of The Dow Chemical
Company: ``I am writing to urge you to support the pending
legislation to reauthorize the Export-Import (ExIm) Bank. The
proposed draft three-year reauthorization with a graduated
cap to $140 billion provides certainty and support for
America's exporters. . . I urge your favorable vote to
support and sustain American jobs, boost small businesses,
and expand export opportunities for U.S. companies.''
Capt. Lee Moak, President of the Air Line Pilots
Association, International: ``This is a positive move toward
leveling the playing field for U.S. airlines and their
workers in the global marketplace. The reauthorization bill
will aid in ending subsidies for widebody airplanes. This
action will help to level the playing field for U.S. airlines
that compete with foreign airlines, including many that are
state-sponsored, that buy U.S.- and European-manufactured
planes at below-market rates unavailable to U.S. and many
European airlines. This subsidized financing gives our
foreign competitors a significant cost advantage, allowing
them to drive U.S. airlines out of international routes and
costing airline workers' jobs.''
Nicholas Calio, President and CEO of A4A: ``We appreciate
the hard work of Republican House Majority Leader Eric Cantor
and Democratic House Minority Whip Steny Hoyer, who
negotiated a bipartisan agreement that ensures increased
transparency in the Ex-Im bank's lending practices, calls for
greater economic impact analysis of loans and would implement
other important reforms, and we urge passage of the
agreement.''
Pete Bunce, President and CEO of General Aviation
Manufacturers Association: ``General aviation jobs will be
put in jeopardy if the Export-Import Bank is not
reauthorized. Furthermore, general aviation manufacturing is
one of the few remaining industries that contribute
positively to the U.S. balance of trade. Our member companies
have dramatically increased their use of Export-Import Bank
financing over the past several years. Continued lending
authority is essential to the success of general aviation
manufacturing to compete globally. . . We appreciate the bi-
partisan effort in the House to move this legislation and we
urge every House member to support it. We also call on the
Senate to act quickly in order to avoid any lending
disruption.''
Letter from Local Chambers of Commerce: ``Without Ex-Im
reauthorization, our country's exporters won't be able to
compete effectively in the global marketplace. We urge you to
join us in supporting swift Ex-im Bank reauthorization.''
John Hardy, Jr., President of Coalition for Employment
through Exports (CEE) and William Reinsch, President of
National Foreign Trade Council (NFTC): ``[We] write in
support of H.R. 2072, the Securing American Jobs Through
Exports Act of 2011, and strongly [urge] your affirmative
vote for reauthorizing the Export-Import Bank of the U.S.
H.R. 2072's three year extension provides assurance of Ex-Im
Bank's continued critical presence in the global export
market, its lending limit provides adequate flexibility for
the Bank to respond to market demands, and it contains
increased taxpayer protections to ensure the continued
viability of the Bank.''
Cass Johnson, President of National Council of Textile
Organizations (NCTO) and Kevin Burke, President & CEO,
American Apparel & Footwear Association (AAFA): ``[We] write
in strong support of H.R. 2072--Securing American Jobs
Through Exports Act of 2011. In addition to re-authorizing
the Export-Import Bank . . . the legislation contains
provisions that will create important new avenues of
financing for the textile and apparel global supply chain.''
Mr. GARY G. MILLER of California. I am pleased to yield 1 minute to
the gentleman from Virginia (Mr. Cantor), the distinguished majority
leader.
Mr. CANTOR. I thank the gentleman from California.
Mr. Speaker, I rise today to speak in favor of H.R. 2072, Securing
American Jobs Through Exports Act of 2011.
[[Page H2471]]
Make no mistake, I am no fan of government subsidies. Export
subsidies distort the free market and global trade. And in a perfect
world, the Ex-Im Bank, along with its counterparts in Europe, Asia, and
elsewhere, would not exist.
But like any other barrier to free trade, the best way to level the
playing field and open up markets is through negotiation. Our country
has long had a policy to negotiate an end to barriers which prevent the
free flow of goods and services. And now, Mr. Speaker, for the first
time, with this bill, it will be U.S. policy to initiate and pursue
negotiations to end government export subsidies. This is not just a
worthwhile goal; it is actually an achievable one.
Now, I know some suggest that we shouldn't negotiate and that we
should just shutter the Export-Import Bank right now, that we shouldn't
pass the bill, but I would tell my colleagues that I believe that
amounts to unilateral disarmament. American businesses and American
workers would suffer from unfair competition with subsidized foreign
competitors. This bill, with these reforms, offers a better way.
As important as ensuring that we do not unilaterally disarm American
business is, bringing strong, necessary reforms to the Export-Import
Bank to protect American taxpayers is equally important. I am pleased
to say that this bill accomplishes both.
The bill requires Ex-Im Bank to keep default rates below 2 percent.
If the bank's default rate exceeds 2 percent, access to any additional
capital is shut off while corrective action to bring the default rate
below 2 percent would be instituted. If the Ex-Im Bank fails to fix the
problem within 6 months, an audit will be conducted by an independent
third party to recommend both to Congress and the Treasury Secretary
necessary fixes.
The legislation, Mr. Speaker, includes numerous other reforms,
including a risk management review, business plans, and an ``anti-
Solyndra'' provision to protect taxpayers.
Mr. Speaker, in urging support of this bipartisan legislation, I
would like to recognize two colleagues in particular: Gary Miller, the
gentleman from California, and Steny Hoyer, the Democratic whip from
Maryland. Their hard work helped produce a bill that helps American
business while also protecting American taxpayers.
I urge passage of this bill.
Mrs. McCARTHY of New York. Mr. Speaker, I yield 1\1/2\ minutes to my
colleague, the gentlelady from New York (Mrs. Maloney).
Mrs. MALONEY. I thank my great friend and colleague from the great
State of New York for yielding me time and for her leadership on so
many important areas before this Congress.
I rise in strong support of the Export-Import Bank Reauthorization
Act. I would also like to commend the Democratic whip, the
distinguished leader from Maryland, Steny Hoyer, for working with the
other side of the aisle to bring this bill to the floor today with a 3-
year reauthorization and an increase in the Ex-Im Bank's exposure cap.
I hope that we'll see more of this type of cooperation on important
legislation from both sides of the aisle, as we have seen on this bill.
{time} 1310
The Ex-Im Bank has provided $32.7 billion in financing and supported
290,000 jobs across our great country. Eighty percent of those
companies that were supported were small businesses--and at no
additional cost to the taxpayer.
It is critical to America and critical to districts such as mine in
New York. The bank has financed $1.7 billion in export sales in my
district alone and $4.4 billion in the State of New York over the past
5 years. And the bank supports 128 firms in my district, either
directly or indirectly. These are jobs for my constituents, and it is
critically important that we reauthorize this bank before its charter
expires at the end of the month.
Some important changes and improvements have been made to the bill
over the past few weeks that will strengthen taxpayer protection
provisions and that will enhance transparency at the bank. So I commend
my colleagues, and I urge support for this bill. I hope we see more
examples of bipartisan support on important projects, as we're seeing
today.
Mr. GARY G. MILLER of California. I am pleased to yield 1 minute to
my good friend, a forceful conservative voice in Congress, the
gentleman from California (Mr. McClintock).
Mr. McCLINTOCK. I thank the gentleman for yielding to a dissenting
point of view.
Mr. Speaker, this program dragoons American taxpayers into
subsidizing loans to foreign companies, making it cheaper for them to
buy products from politically favored companies, which in turn use
those products to compete against less-favored American companies. Past
beneficiaries include such upstanding enterprises as Solyndra and
Enron.
Since 2007, almost half of its money goes to support that plucky
little start-up called Boeing. Air India got $5 billion to purchase
Boeing aircraft, allowing them to undercut American carriers like Delta
with their own tax money.
We're told we need this to compete with other nations that do the
same thing. Well, Mr. Speaker, if other nations want to impoverish
themselves in this manner, we don't need to imitate them.
We're told this doesn't cost the taxpayers money, and the last few
years this turned to profit. Well, that's what they told us about
Fannie Mae and Freddie Mac--until they blew up in our face.
Legitimate companies have plenty of access to private capital. They
don't need these subsidies. The illegitimate ones shouldn't be propped
up with the hard-earned dollars of working taxpaying Americans.
Mrs. McCARTHY of New York. I yield 1 minute to my colleague, the
gentleman from Pennsylvania (Mr. Fattah).
Mr. FATTAH. I thank the gentlelady.
I want to commend Steny Hoyer and Eric Cantor, the majority leader,
for their work on this.
I rise as a long-time supporter of the Ex-Im Bank, and particularly
in the last few months they've done over $17 billion in sales, financed
with some $14 billion. And no tax dollars involved. I would like to
commend the work particularly of the first vice president, Wanda
Felton, who is a graduate of my alma mater, the University of
Pennsylvania, and also a graduate of Harvard Business School, helping
to lead this agency.
They're doing tens of millions of transactions with companies in my
district and they're doing billions throughout the country, with
129,000 jobs just in the last 11 months supported through this agency.
This is an important vote. I thank the bipartisan leadership of the
Congress for bringing this agreement to move forward and reauthorize
the Ex-Im Bank.
Mr. GARY G. MILLER of California. I am pleased to yield 1 minute to
the gentleman from Pennsylvania (Mr. Kelly).
Mr. KELLY. I thank the gentleman.
In a perfect world we wouldn't be having this discussion. And in my
office, I have a really attractive little snow globe that is very nice.
You turn it upside down and the snow drifts down on this beautiful
little scene in Washington. It would be nice if the global economy
worked that way. But actually, we're in a global economy that you'd
better be able to swim with the sharks, and you better have the same
set of teeth that they have.
So when we talk about the Ex-Im Bank and the advantages of what we're
trying to put together for our companies, we're asking these people,
we're urging them, and we're encouraging them to make capital
investments to go out and hire people and expand their markets. And
we're saying, We're going to send you into battle, but by the way,
you're not going to have the same tools and the same weapons that other
people have.
So this is such a commonsense approach to what we're facing. Again, I
say in a snow-globe world it would be wonderful to sit back, where
everybody played by the rules, everybody played fair, and we could
compete on an equal basis without everybody getting gamed. That's not
the way it works. We know what we need to do. If we're really going to
create jobs, if we're going to move this economy, if we're going to do
the things that we need to do to create the revenues that we need to
create to fund this wonderful government of ours, then we've got to
look at this Ex-Im bill and pass it.
[[Page H2472]]
Mrs. McCARTHY of New York. Mr. Speaker, I would like to remind
everybody that in the Fourth Congressional District in California, $752
million in financing support came from the Export-Import Bank.
With that, I reserve the balance of my time.
The SPEAKER pro tempore. The gentleman from California has 1\1/2\
minutes remaining. The gentlewoman from New York has 3 minutes
remaining.
Mr. GARY G. MILLER of California. We have the right to close, I
believe. I would be happy to reserve so the gentlelady could close.
Mrs. McCARTHY of New York. Mr. Speaker, I yield myself the remaining
time.
Number one, I want to say how wonderful it has been working with you,
and certainly your staff. Over the last past year we have worked
together, and I think that's a great example for the rest of this
Chamber, to be very honest with you.
We certainly care about this bill passionately. I think it's
important for the American people. It comes back to American jobs. And
that's what it is. I think the majority of our Members here in Congress
will see that. This is something that's important for our workers and
our companies--to be able to have the ability to compete with those
countries that are doing exporting. We need to stand behind our
businesses. We need to stand behind, certainly, our workers.
With that, Mr. Speaker, I thank, again, everybody that has been
involved in this, and I yield back the balance of my time.
The Small Business Exporters
Association of the United States,
Washington, DC.
House of Representatives,
Washington, DC.
Dear Representatives: NSBA and its international trade
arm--the Small Business Exporters Association--has been
outspoken advocates for a long-term reauthorization and
increased exposure cap for the U.S. Export-Import (ExIm)
Bank. On behalf of the small businesses that rely on Ex-Im
for much-needed financing and credit insurance, I urge
members to support the bi-partisan bill, H.R. 2072, the
Securing American Jobs Through Exports Act of 2011, when it
is considered under the suspension calendar later this week.
Ex-Im Bank is an independent federal agency that helps
create and maintain U.S. jobs by filling gaps in private
export financing at no cost to American taxpayers. The Bank
provides a variety of financing mechanisms, including working
capital financing, export-credit insurance and financial
guarantees to help foreign buyers purchase U.S. goods and
services.
We applaud House Majority Leader Eric Cantor and House
Minority Whip Steny Hoyer for their dedication and bipartisan
efforts to settle on a compromise to reauthorize Ex-Im's
charter to 2014 and raise its loan exposure cap incrementally
to $140 billion. The three-year extension cap gradually
increases from $120 billion for the remainder of 2012, to
$130 billion in 2013 and ultimately reaches $140 billion for
2014, provided certain default requirements are met.
Ex-Im Bank remains a catalyst for the expansion of small-
business exports while continuing to support businesses
confronting aggressive foreign competition. In fact, for FY
2011, Ex-Im Bank set a record in its support of small
business at $6 billion--an increase of more than 20 percent
since 2010. Furthermore, in 2011 alone, Ex-Im Bank supported
290,000 jobs and $41 billion in exports.
Absent Congressional action, the Bank's authorization will
not only expire at the end of this month but it will have
bumped up against its $100 billion cap and be unable to take
on further transactions in the pipeline. Any uncertainty
could have a devastating effect on small businesses' ability
to follow through on sales even though there are buyers who
want their products.
Ex-Im Bank enables U.S. companies--large and small--to turn
export opportunities into real sales, thus maintaining and
creating U.S. jobs and contributing to a stronger national
economy. We strongly urge you to support H.R. 2072 and
approve this compromise legislation without further delay.
Sincerely,
Todd McCracken,
President and CEO.
____
May 8, 2012.
Hon. Steny H. Hoyer,
House of Representatives,
Washington, DC.
Dear Congressman Hoyer: The Coalition for Employment
through Exports (CEE) and National Foreign Trade Council
(NFTC) write in support of H.R. 2072, the Securing American
Jobs Through Exports Act of 2011, and strongly urges your
affirmative vote for reauthorizing the Export-Import Bank of
the U.S. H.R 2072's three year extension provides assurance
of Ex-Im Bank's continued critical presence in the global
export market, its lending limit provides adequate
flexibility for the Bank to respond to market demands, and it
contains increased taxpayer protections to ensure the
continued viability of the Bank.
This revenue generating agency provides critical support
for American exporters seeking a level playing field against
global competitors which have the aggressive support of their
own export credit agencies. Ex-Im Bank provides financing to
prospective foreign buyers of U.S goods and services who also
have the option of purchasing foreign goods backed by other
export credit agencies (ECAs). Instead of providing subsides
and corporate welfare, Ex-Im charges fees and interest to the
users of these programs, resulting in a net profit for the
U.S. Treasury.
Over 86% of the transactions Ex-Im supported in 2011 helped
small businesses. Ex-Im Bank is uniquely able to provide
support for small business owners who are less familiar with
the global economy. The Bank is able to ensure that these
companies have access to foreign markets and thus can grow
their businesses and support jobs in their local communities.
In 2011, Ex-Im Bank supported over $6 billion in small
business exports and they are on track to grow that number in
2012.
Ex-Im Bank is a demand driven institution that responds to
the needs of American exporters. Other governments are now
expanding their own ECAs to help stimulate their economies
and H.R. 2072 will enable Ex-Im Bank to ensure that American
companies have similar support. As long as a company--
regardless of size or type of product--fits the Bank's
requirements, such as reasonable assurance of repayment, the
Bank will provide financing support to that company.
The Bank does not compete with the private sector, but
fills needed gaps in private sector financing to increase
U.S. companies' ability to export.
H.R. 2072 also encourage the Bank to take into account the
reality of our innovative economy by increasing support for
services and high-tech jobs while continuing its strong
support for manufacturing jobs.
CEE and NFTC urge your vote in support of H.R. 2072, a
critical jobs bill that will strengthen the U.S. economy.
Sincerely,
John Hardy Jr.,
President, Coalition for Employment through Exports.
William A. Reinsch,
President, National Foreign Trade Council.
____
May 8, 2012.
Hon. John Boehner,
Speaker of the House, House of Representatives, Washington,
DC.
Hon. Eric Cantor,
Majority Leader, House of Representatives, Washington, DC.
Hon. Nancy Pelosi,
Minority Leader, House of Representatives, Washington, DC.
Hon. Steny Hoyer,
Minority Whip, House of Representatives, Washington, DC.
Dear Speaker Boehner, Majority Leader Cantor, Minority
Leader Pelosi, and Minority Whip Hoyer: We are writing to
express our support for the Securing American Jobs Through
Exports Act of 2011 (H.R. 2072), which reauthorizes the U.S.
Export-Import Bank (Ex-Im Bank). H.R. 2072 will ensure Ex-Im
Bank's continued support of U.S. export sales as well as high
value manufacturing and service jobs. We urge the House to
act quickly and affirmatively on this essential piece of
legislation.
We applaud House Majority Leader Eric Cantor (R VA) and
Minority Whip Steny Hoyer (D MD) for their hard work and
bipartisan effort. This legislation provides Ex-Im Bank with
a three-year reauthorization and lending authority which
recognizes the important role Ex-Im plays for U.S. exporters
at a time when exports are increasingly critical to the
economy and job recovery. Additionally, their efforts to
include financial reforms in H.R. 2072 will ensure that the
Bank remains fiscally sound and continues to provide revenue
to the U.S. Treasury.
With Ex-Im's charter expiring at the end of May, we urge
both the House and Senate to act quickly to pass
reauthorization legislation that can be sent to the President
for his signature. H.R. 2072 sends the right message:
American exporters have the support of the United States
government to level the playing field in global markets and
create jobs at home.
Sincerely,
Aerospace Industry Association; American Association of
Exporters and Importers; Business Roundtable; Chamber
of Commerce; Coalition for Employment through Exports;
Emergency Committee for American Trade; Financial
Services Roundtable; General Aviation Manufacturers
Association; National Association of Manufacturers;
National Foreign Trade Council; National Small Business
Association; Nuclear Energy Institute; Satellite
Industry Association; Small Business Exporters
Association; TechAmerica; Water and Wastewater
Equipment Manufacturers Association, Inc.
____
The Dow Chemical Company,
Midland, MI, May 7, 2012.
Hon. Dave Camp,
House of Representatives,
Washington, DC.
Dear Congressman Camp: I am writing to urge you to support
the pending legislation
[[Page H2473]]
to reauthorize the Export-Import (Exim) Bank. The proposed
draft three-year reauthorization with a graduated cap to $140
billion provides certainty and support for America's
exporters. The draft further includes more details on
transparency and reporting provisions that will demonstrate
Exim's value to the broader American public.
For Dow, the Exim Bank is a crucial component to our Sadara
joint venture to build a world-scale, fully integrated
chemicals complex in Saudi Arabia. Set to open in 2015, the
Sadara Chemical Company is expected to generate thousands of
direct and indirect jobs in the United States. The venture
has already created several hundred American jobs in our
project team, and over $1 billion In supplier contracts to
U.S.-based companies. With Wm Bank funding, the project is
set to create another $2 billion in project orders and long-
term contracts with American manufacturers.
Attached is Dow's fact sheet as well as an analysis chart
highlighting the necessary role Exim Bank plays in leveling
the playing field against foreign competition. Other
countries significantly outspend the U.S. in supporting
exports and promoting their local companies in large
projects. If Exim Bank cannot fund projects--if we
unilaterally disarm--American companies will operate at a
serious disadvantage in relation to their foreign
counterparts.
I urge your favorable vote to support and sustain American
jobs, boost small businesses and expand export opportunities
for U.S. companies.
My office will follow up with your staff to ensure you have
all the details necessary.
Sincerely,
Andrew N. Liveris.
Attachments (2).
Fact Sheet, Export-Import Bank of the US
Creating and Sustaining American Jobs
Export-Import Bank Reauthorization is critical to America's
export competitiveness: The Export-Import Bank of the US
(ExIm) is currently operating under a series of temporary
extensions to its charter, with the same $100B lending cap
that is now more than four years old. Export financing is a
critical component of investing for growth and accessing new
customers in emerging markets, for both small and large
companies. ExIm financing supports these projects while also
turning a profit for the US Treasury--as defined in ExIm's
annual report to Congress--which is to the benefit of
companies, their workers and US taxpayers. ExIm financing is
critical to help level the playing field for American
exporters who compete against the more significant export
financing practices of other countries. ExIm needs to be
reauthorized for a full four-year mandate and its lending cap
needs to be increased to $135B to continue to grow American
export opportunities.
ExIm enables projects that create American exports and
sustain US jobs--The Sadara Chemical Company: In July 2011,
Dow announced the formation of Sadara, a joint venture with
Saudi Aramco to build a world-scale, fully integrated
chemicals complex in Saudi Arabia. The complex, to open in
2015, will be one of the world's largest integrated chemical
facilities. Sadara Chemical Company is expected to generate
thousands of direct and indirect jobs.
Full reauthorization of ExIm is crucial to sustaining and
growing jobs in the United States through projects such
as Sadara
Job Creation Facts
Sadara sustains jobs in the US by establishing a presence
in this growing region which secures access to competitive
feedstocks that help Dow serve the fast growing markets of
Asia Pacific.
The project is already responsible for employing upwards of
400 workers on the Dow joint venture project team in the
Houston and California areas.
Since 2007, the Dow-Saudi Aramco Joint Venture has
generated over $1B in contracts working with 18 different US-
based companies for engineering, design and other high-value
contributions.
In August 2011, US-based Fluor Corporation was awarded a
substantial engineering, procurement and construction
management (EPCM) services contract to manage ongoing
activities at the site.
With ExIm funding, the project is set to create another $2B
in project orders and long-term contracts.
Long-term, the project will help sustain American jobs
through contracts to Dow staff to manage Product Marketing
and Lifting Agreements (PMLAs). These jobs will be based at
Dow in the US and in other Dow locations globally, supporting
the management and marketing of our joint venture's products
around the world.
ExIm Background
Nationwide, ExIm has supported nearly 11,000 transactions
with $65.5B in authorized financing over the past five years.
This support has directly benefitted more than 2,000
communities across the United States. The financing that ExIm
provides to small businesses is contributing to a significant
increase in exports--in FY 2011 the Bank increased small
business transactions to a record $6B, up $1B from the
previous year. Eighty-seven percent of total ExIm
transactions benefit small business. In Michigan, the bank
has supported 70 separate communities, 119 companies and
financed a total of $2.1B in exports during the last five
years. All the while, the Ex-Im Bank has generated almost $2B
in revenue for the US Treasury, $400 million in FY 2011
alone.
If you have any additional questions, please contact: Lisa
Schroeter, Global Director of Trade & Investment Policy, Dow
Chemical @ Imschroeter@dow.com; or +12024293407.
____
Dear Representative: I write to ask for your support for
H.R. 2072, the Securing American Jobs Through Exports Act of
2011, which reauthorizes the U.S. Export-Import (EXIM) Bank.
EXIM is the official export credit agency of the U.S. and
assists U.S. businesses in financing the export of goods and
services around the world. EXIM's charter expires on May 31,
2012 and failure to reauthorize its operations in the weeks
ahead could put at risk billions of dollars in U.S. exports
and tens of thousands of American jobs.
Thanks to the efforts of Congressman Cantor, Congressman
Hoyer and numerous Members of the House, H.R. 2072 is
bipartisan legislation authorizing EXIM to operate for the
next three years and raising the Bank's lending authority to
$140 billion. The legislation also contains a number of
important initiatives and reforms that will strengthen
Congress's ability to oversee the Bank's operations and
improve the transparency of the Bank's transactions.
Reauthorization of EXIM is backed by a wide range of
associations and third parties including the National
Association of Manufacturers, the IAM, the U.S. Chamber of
Congress and the Business Roundtable.
Support for EX-IM reauthorization translates into U.S.
jobs. In Fiscal Year 2011, the Bank reports that it supported
more than $40 billion in exports helping to create or sustain
an estimated 290,000 direct and indirect U.S. jobs at more
than 3,600 small and large companies. And more than 80% of
the Bank's transactions support U.S. small businesses. In
addition, EXIM is financially self-sustaining and actually
contributes to reducing the Nation's deficit. Since the Bank
was last reauthorized in 2006, it has returned more than $3
billion to the U.S. Treasury beyond the costs of its
operations.
Reauthorization of the EX-IM Bank is critical to the
ability of U.S. exporters to compete on a level playing field
in a commercial market where current and future competitors
continue to enjoy aggressive support from their countries'
export credit agencies.
I urge your strong support for H.R. 2072.
Sincerely,
Tim Keating,
Senior Vice President, Government
Operations, The Boeing Company.
____
American Apparel & Footwear Association and National
Council of Textile Organizations,
May 8, 2012.
Dear Representative: The undersigned organizations write in
strong support of H.R. 2072--Securing American Jobs Through
Exports Act of 2011. In addition to re-authorizing the
Export-Import Bank (Bank), the legislation contains
provisions that will create important new avenues of
financing for the textile and apparel global supply chain.
The Bank performs an important function for U.S. companies
seeking markets for U.S.-made products. The Bank enables U.S.
companies to turn export opportunities into real sales by
providing export-financing products that fill gaps in trade
financing and does not compete with private sector lenders.
However, the Bank today does not offer meaningful Supply
Chain Financing to the global textile and apparel industry
supply chain.
This legislation includes key provisions that support the
textile and apparel global supply chain by adding textile
industry representation on the Bank's Advisory Committee and
through the execution of two reports to Congress. First, the
Advisory Committee will be required to consider ways to
promote the financing of Bank transactions for the textile
industry and determine ways to increase Bank support for
exports of textile components or inputs. These findings will
be included in the Bank's Annual Report to Congress. Second,
the Bank will be required to conduct a separate analysis of
the textile and apparel industry's use of current Bank
products and the impediments to use of those products. The
analysis will include proposals for how the Bank could
provide more financing as well as proposals for new products.
We strongly believe that this language takes an important
step in establishing sound financing options for the textile
and apparel global supply chain by creating sorely needed
liquidity for the textile and apparel supply chain in the
Western Hemisphere, which has become an important export
market for U.S. textile companies and an important sourcing
location for major apparel brands and retailers.
We again urge you to vote yes on H.R. 2072--Securing
American Jobs Through Exports Act of 2011.
Sincerely,
Cass Johnson,
National Council of Textile Organizations (NCTO).
Kevin Burke,
President & CEO, American Apparel & Footwear Association
(AAFA).
[[Page H2474]]
____
Air Line Pilots Association,
International,
Washington, DC, May 4, 2012.
ALPA Hails Agreement on Ex-Im Bank Reauthorization
Washington.--The following statement is from Capt. Lee
Moak, president of the Air Line Pilots Association, Int'l, on
today's bipartisan agreement on the Export-Import Bank's
reauthorization.
``The bipartisan reforms announced today to aircraft
financing by the Export-Import Bank are a first step toward
ending worldwide subsidies of widebody aircraft and will help
to protect U.S. airline workers from unmerited, subsidized
foreign competition. The reforms will also shine some
desperately needed light on the Bank's financing processes.
``By directing the United States to negotiate with the four
European countries that finance Airbus, the reauthorization
will help bring about a necessary end to worldwide subsidies
of widebody aircraft. There is no justifiable reason why U.S.
taxpayer money should be used to put one sector of jobs at a
disadvantage while helping another.
``Getting things done in Washington, D.C., is about
compromise, and I am pleased that all parties were able to
come together to agree to this reasonable settlement. I
applaud the leadership of Majority Leader Cantor and Minority
Whip Hoyer for their diligent work to bring this compromise
together in a way that protects U.S. manufacturing and
airline jobs. I am encouraged that the House intends to take
up this legislation next week, and I hope that the Senate
will follow this action with haste.
``It is important to ensure that U.S. taxpayer dollars are
not used in a way that potentially has a net detrimental
effect on U.S. employment. This agreement today recognizes
this fact and is designed to correct an emerging and
egregious problem with Ex-Im Bank aircraft financing. This is
a positive move toward leveling the playing field for U.S.
airlines and their workers in the global marketplace.
``The reauthorization bill will aid in ending subsidies for
widebody airplanes. This action will help to level the
playing field for U.S. airlines that compete with foreign
airlines, including many that are state-sponsored, that buy
U.S.- and European-manufactured planes at below-market rates
unavailable to U.S. and many European airlines. This
subsidized financing gives our foreign competitors a
significant cost advantage, allowing them to drive U.S.
airlines out of international routes and costing airline
workers' jobs. More work needs to be done, and ALPA will
remain vigorously engaged in this fight.''
Founded in 1931, ALPA is the world's largest pilot union,
representing more than 53,000 pilots at 37 airlines in the
United States and Canada. Visit the ALPA website at
www.alpa.org.
____
May 7, 2012.
To The Members of the U.S. House of Representatives: The
U.S. Chamber of Commerce, the world' largest business
federation, representing the interests of more than three
million businesses of all sizes, sectors, and regions,
strongly supports H.R. 2072, the ``Export-Import Bank
Reauthorization Act of 2012,'' a compromise bill which would
reauthorize the Export-Import Bank of the United States (Ex-
Im) set to expire on May 31, 2012.
Failure to enact this bill would put at risk the nearly
300,000 American jobs at 3,600 companies that depend on Ex-Im
to compete in global markets. Ex-Im is especially important
to small- and medium-sized businesses, which account for more
than 85 percent of Ex-Im's transactions. Tens of thousands of
smaller companies that supply goods and services to large
exporters also benefit from Ex-Im's activities.
Because other countries are providing their own exporters
with an estimated $1 trillion in export finance--often on
terms more generous than Ex-Im can provide--failure to
reauthorize Ex-Im would amount to unilateral disarmament and
cost tens of thousands of American jobs. China, for instance,
has three export credit agencies that last year provided $300
billion in export finance to its exporters--10 times more
than Ex-Im provided. This bill would help level the financial
playing field in export markets and ensure transparency in
Ex-Im's operations.
American taxpayers can cheer the fact that this bill would
reduce the federal deficit by hundreds of millions of
dollars. Far from being a subsidy for corporations, Ex-Im
charges fees for its services that have generated more than
$4 billion in revenue for the U.S. Treasury over the past six
years. Further, Ex-Im loans expose the U.S. taxpayer to
little risk because they are backed by the collateral of the
goods being exported. Borrowers have defaulted on less than 2
percent of all loans backed by Ex-Im over the past eight
decades, a default rate lower than commercial banks.
The Chamber strongly supports H.R. 2072 and urges the House
to consider this issue as expeditiously as possible. The
Chamber will include votes on, or in relation to, this bill
in our annual How They Voted scorecard.
Sincerely,
R. Bruce Josten.
____
ManuFACTS: Ex-Im Bank and Export Finance
Reauthorization Will Help Manufacturers Grow U.S. Exports and Create
Jobs
For the United States to grow manufacturing jobs, we must
rely on exports to faster-growing markets around the world.
The Commerce Department estimates that every $1 billion
increase in exports would create or support 6,250 additional
manufacturing jobs.
Last year, the U.S. Export-Import (Ex-Im) Bank provided $32
billion in export financing. That financing supported more
than $41 billion in exports from more than 3,600 U.S.
companies. Those exports, in turn, support approximately
290,000 export-related American jobs.
Ex-Im Bank also set a record in its support of small
business. More than 85 percent of Ex-Im Bank's transactions
were in direct support of small business last year--a total
of $6 billion in fiscal year 2011.
Ex-Im Bank boosts U.S. manufacturing competitiveness at no
cost to the taxpayer. In fact, Ex-Im has helped reduce the
U.S. budget deficit. Over the past five years, Ex-Im Bank has
returned more than $3.4 billion to the U.S. Treasury. The
Congressional Budget Office estimates that the latest version
of the House reauthorization bill (H.R. 2072) will return
$900 million to the U.S. Treasury. Ex-Im Bank helps U.S.
manufacturers compete on a level playing field in a tough
global market. The U.S. trails countries like Brazil, Canada,
China, Germany, France, India and Italy in official export
credit volumes as a share of the national economy. Germany,
France and India all provided at least seven times more
export assistance as a share of GDP than the United States
did in 2010.
How Congress Can Help
Provide Ex-Im Bank with a stable, long-term reauthorization
and a significant increase in its lending authority. Voting
for reauthorization legislation--whether the House version,
the Securing American Jobs Through Exports Act of 2011 (H.R.
2072), or the Senate version, the Ex-Im Bank Reauthorization
Act (S. 1547)--will help grow U.S. exports and create
American jobs.
More Information
The U.S. Export-Import (Ex-Im) Bank is a vital tool to help
grow U.S. exports and increase American jobs. Ex-Im Bank's
charter expired on September 30, 2011, and the Bank is
currently operating under an extension that expires on May
31, 2012. It is imperative that Congress approve legislation
as soon as possible to reauthorize the Bank for four years.
The House Financial Services Committee passed the Securing
American Jobs Through Exports Act of 2011 (H.R. 2072) to
reauthorize the bank in June 2011. The Senate Banking,
Housing, and Urban Affairs Committee passed its version of a
reauthorization bill, the Ex-Im Bank Reauthorization Act (S.
1547), in September 2011. The two bills were similar, but not
identical.
In December 2011, the two authorizing committees reached an
agreement that would gradually increase the Bank's lending
cap to $135 billion and reauthorize the Bank through fiscal
year 2015, but the bill failed to move with the year-end
legislative packages. A stop-gap action passed Congress in
late December that included an extension of Ex-Im Bank's
authorization through May 31, 2012. The bill, though, does
not increase the lending cap or provide for a stable, long-
term reauthorization. Without a higher lending limit, the
bank will run out of funding ability in the coming months.
As the official export credit agency of the United States,
Ex-Im Bank assists in financing the export of U.S. goods and
services from thousands of American companies. It operates at
no cost to the taxpayer, and it has a track record of
returning money to the U.S. Treasury.
Ex-Im Bank is currently authorized to provide up to $100
billion in loans, guarantees and insurance to support U.S.
exports. The Bank closed fiscal year 2011 at $89 billion, and
the Bank will likely hit its $100 billion cap early this
spring. Any company that needs Ex-Im Bank's support after
that will be turned away, and American companies will lose
those export sales to foreign companies who are receiving
aggressive financing support from their governments.
Over the past five years, Ex-Im Bank has returned more
than $3.4 billion to the U.S. Treasury. The Congressional
Budget Office estimates that the latest version of the House
reauthorization bill (H.R. 2072) will return $900 million to
the U.S. Treasury.
Ex-Im is considered the ``lender of last resort'' for U.S.
exporters. As we continue to emerge from the financial
crisis, Ex-Im Bank can help ensure that U.S. companies--
especially small businesses--have access to the financing
they need to make international sales.
A Tough Global Market for Manufacturers
The U.S. trails countries like Brazil, Canada, China,
Germany, France, India and Italy in official export credit
volumes as a share of the national economy. Germany, France
and India all provided at least seven times more export
assistance as a share of GDP than the United States did in
2010.
In 2010, export credit agencies in Brazil and China (which
are not members of the OECD) provided 10 times more financing
to their exporters, as a share of GDP, than the Ex-Im Bank
did for American exporters. In 2010, China issued $45 billion
in new export credit compared to the United States' $13
billion.
Export Development Canada (EDC) facilitated more than $84
billion in business in 2010. Canada's credit volume is almost
the
[[Page H2475]]
same as America's, even though its economy is about \1/8\th
the size of ours.
Ex-Im Bank levels the playing field for U.S. exporters by
matching credit support other nations provide, ensuring U.S.
exporters are able to compete based upon the price and
performance features of their products. Denying Ex-Im Bank
support to U.S. manufacturers is tantamount to ``unilateral
disarmament'' in the marketplace.
Exports Are Vital to the U.S. Economy
The mature domestic U.S. market for manufactured goods is
not growing as rapidly as our manufacturing productivity. For
the U.S. to grow manufacturing jobs, we must rely on exports
to faster-growing markets around the world.
The United States has fallen behind its competitors on the
export front. In 2000, the U.S. share of global exports of
manufactured goods was 13.8 percent. By 2009, our share had
fallen to 8.6 percent. If we had maintained our market share,
U.S. exports in 2009 would have been $435 billion higher.
The Commerce Department estimates that every $1 billion
increase in exports would create or support 6,250 additional
manufacturing jobs, so that $435 billion jump translates to
more than 2.7 million jobs.
____
[From General Aviation Manufacturers Association, May 7, 2012]
GAMA Urges Swift Action on Export-Import Bank Reauthorization
Washington, DC.--GAMA hailed the bipartisan agreement
between Majority Leader Eric Cantor and Minority Whip Steny
Hoyer to end an impasse over the reauthorization of the
Export-Import Bank. The agreement extends the bank's charter
for three years and increases its lending authority to $140
billion.
The General Aviation Manufacturers Association (GAMA) has
supported the bank's reauthorization because this lending is
vital to the industry's ability to grow and maintain exports
as general aviation manufacturing recovers from the economic
downturn. Additionally, the exports generated are key for job
creation and for the Obama Administration's efforts to double
exports by the end of 2014.
``General aviation jobs will be put in jeopardy if the
Export-Import Bank is not reauthorized,'' said Pete Bunce,
GAMA's president and CEO. ``Furthermore, general aviation
manufacturing is one of the few remaining industries that
contributes positively to the U.S. balance of trade. Our
member companies have dramatically increased their use of
Export-Import Bank financing over the past several years.
Continued lending authority is essential to the success of
general aviation manufacturing to compete globally.''
The Export-Import Bank's charter lapses on May 31 and is
expected to reach its current lending limit by the end of
May, if not earlier.
``We appreciate the bi-partisan effort in the House to move
this legislation and we urge every House member to support
it. We also call on the Senate to act quickly in order to
avoid any lending disruption,'' added Bunce.
____
U.S. Chamber's Donohue Praises House Leaders for Reaching Deal on Ex-Im
Washington, DC.--U.S. Chamber of Commerce President and CEO
Thomas J. Donohue issued the following statement on the
compromise legislation offered by House Majority Leader Eric
Cantor and Democratic Whip Steny Hoyer to reauthorize the
Export-Import Bank of the United States (Ex-Im):
``This is great news for thousands of American workers,
businesses of all sizes, and taxpayers, who can cheer the
fact that this bill will reduce the deficit by hundreds of
millions of dollars.
``When other countries are providing their own exporters
with an estimated $1 trillion in export finance--often on
terms more generous than Ex-Im can provide--failure to
reauthorize Ex-Im would amount to unilateral disarmament and
cost tens of thousands of American jobs.
``This bill will guarantee a level financial playing field
in export markets and ensure transparency in Ex-Im's
operations. For that reason, the Chamber urges Congress to
swiftly pass this bill to reauthorize Ex-Im.''
____
International Federation of Professional & Technical
Engineers,
Washington, DC, May 7, 2012.
Dear Representative: As President of the International
Federation of Professional and Technical Engineers (IFPTE), I
am writing in support of H.R. 2072, legislation to
reauthorize the Export-Import Bank. IFPTE, which represents
over 25,000 engineering and technical workers employed in the
aerospace industry, urges you to vote in support of this
legislation.
H.R. 2072 will reauthorize the Export-Import Bank's lending
authority to $140 billion, starting at $120 billion in 2012
and increasing by $10 billion in 2013, and again in 2014. By
guaranteeing loans to foreign corporations wishing to
purchase U.S. made goods, the funding increase for the
Export-Import Bank will help in opening the door to increased
domestic exports, including American made airplanes by Boeing
workers. This is essential in sustaining America's number one
export, commercial aircraft, while bolstering good paying and
highly skilled U.S. jobs here at home. In addition to
aerospace manufacturing, many other American industries will
also benefit from this reauthorization.
IFPTE is pleased that Minority Leader Hoyer and Majority
Leader Cantor were able to come to an acceptable compromise
when it comes to the scope of the underwriting authority of
the Export-Import Bank. This compromise will help to preserve
our flourishing domestic aerospace industry and its highly
skilled workforce.
Extending the lending authority of the Export-Import Bank
is a responsible and sound reinvestment in the American
workforce. When it comes to the House floor this week, IFPTE
urges you to vote in support of H.R. 2072.
Thank you for your consideration. Should you have any
questions please contact IFPTE Legislative Director, Matt
Biggs, at (202) 239 4880.
Sincerely,
Gregory J. Junemann,
President.
____
International Association of
Machinists and Aerospace Workers,
Upper Marlboro, MD, May 7, 2012.
Dear Representative: I am writing to urge your support for
the Securing American Jobs Through Exports Act of 2011, H.R.
2072, which reauthorizes the U.S. Export-Import (Ex-Im) Bank
for three years and raises its lending authority to $140
billion. This bipartisan legislation represents a substantial
improvement from previous House versions and will provide the
necessary resources and oversight to allow the Ex-Im Bank to
fulfill its vital role in promoting U.S. exports and creating
American jobs.
Since first established in the 1930s, the Ex-Im Bank's
mission has been to the support the U.S. economy by providing
financing for U.S. exporters. In today's highly competitive
global marketplace where our global competitors provide a
variety of export support for their domestic industries, the
Ex-Im Bank is one of the few resources that the U.S. offers
to American exporters. This support is needed now more than
ever.
According to the U.S. Chamber of Commerce, small businesses
make up 87 percent of Ex-Im Bank transactions. If the Ex-Im
Bank is not reauthorized, thousands of American jobs will be
lost as U.S. companies ship more production work abroad where
they can take advantage of the financing provided by other
countries' export credit agencies--financing that they would
have preferred to obtain from the Ex-Im Bank.
Without Ex-Im financing the U.S. aerospace industry, which
is one of the few American industries with a positive balance
of trade with the rest of world, will be at a severe
disadvantage. European competitors will be free to support
their companies through their comprehensive industrial
policies. As China's export credit agency continues to grow
dramatically, we need to support the only tool the U.S. has
to effectively compete with China.
The bipartisan bill H.R. 2072, which will be voted on this
week under the suspension calendar, represents a clear break
from the Beltway politics that have failed to address the
real struggles of ordinary Americans. During this time of
intense global competition and persistent high unemployment,
U.S. exporters need the critical resources of the Ex-Im Bank.
I strongly urge you to support American jobs and to vote for
this important legislation.
If you have any questions, please contact Legislative and
Political Director Matthew McKinnon at (301) 967 4575.
Sincerely,
R. Thomas Buffenbarger,
International President.
____
[May 5, 2012]
A4A Commends Important Reforms in Bipartisan Ex-Im Bank Reauthorization
Agreement
Washington, DC.--Airlines for America (A4A), the industry
trade organization for the leading U.S. airlines, today
issued the following statement on the U.S. Export-Import Bank
reauthorization agreement:
``We appreciate the hard work of Republican House Majority
Leader Eric Cantor and Democratic House Minority Whip Steny
Hoyer, who negotiated a bipartisan agreement that ensures
increased transparency in the Ex-Im Bank's lending practices,
calls for greater economic impact analysis of loans and would
implement other important reforms, and we urge passage of the
agreement,'' said A4A President and CEO Nicholas E. Calio.
ABOUT A4A
Annually, commercial aviation helps drive more than $1
trillion in U.S. economic activity and nearly 10 million U.S.
jobs. A4A airline members and their affiliates transport more
than 90 percent of all U.S. airline passenger and y cargo
traffic. For more information about the airline industry,
visit www.airlines.org and follow us on Twitter
@airlinesdotorg.
Mr. GARY G. MILLER of California. Mr. Speaker, I yield myself the
remaining time.
There are a lot of people on our staffs that have done a great job.
You've mentioned Lesli McCollum Gooch. She's been the senior policy
director of the subcommittee. She's done a great job. Also, Randy Ross
and Aaron Ranck. On the majority side here, Susan Blavin, Alex Teel,
and Neil Bradley have all worked very, very hard. On
[[Page H2476]]
the minority side, I would like to just thank Georgette Sierra. She's
been incredible in this whole process, working with our side. Also,
Daniel McGlinchey, Kirk Schwarzbach, Kelly Larkin, John Hughes, and
legislative counsel, Jim Grossman.
There's been a lot said about this bill here. Let me make it very
clear: Ex-Im Bank's default rate is less than 1.5 percent. There's no
lender out there that has that stellar of a record. We've put
additional funds in here for green technology because Ex-Im underwrites
all their own loans. That's why they're performing so well. So we've
created additional funds for them so they can increase their
underwriting ability to make sure they're making good, safe loans.
Ex-Im Bank makes money for the taxpayers. And they've done a great
job. We have an opportunity in this country to create jobs. We can
yield those jobs to China, we can yield those jobs to Germany, to
France, to other countries who want to take jobs from this country, or
we can make sure that American companies, large and small, have an
opportunity to compete. When they compete, they create jobs. And, guess
what? They make money for the taxpayers because they give it back to
the Treasury. That's a win-win for everybody.
The oversight we placed in this bill--and I want to thank Majority
Leader Eric Cantor for working with me on this--when it came out of
subcommittee and an addendum added to that have created a very, very
safe institution.
With that, I ask for an ``aye'' vote, and I yield back the balance of
my time.
Mr. VAN HOLLEN. Mr. Speaker, I rise in support of today's legislation
to reauthorize the Export-Import Bank and appreciate the work done by
Leaders Hoyer and Cantor to bring this bill to the floor today.
As amended, the Securing American Jobs Through Exports Act will
reauthorize the Export-Import Bank for three years and incrementally
increase the assistance it provides foreign buyers of American products
to $140 billion by fiscal year 2014, which is roughly in line with
projected demand. This bipartisan agreement is good for manufacturers,
good for jobs and good for taxpayers. It enjoys broad backing from
industry and labor, and it deserves our support.
Mr. ENGEL. Mr. Speaker, I rise in strong support of H.R. 2072, the
Export-Import Bank Reauthorization Act of 2012, the long term
bipartisan reauthorization agreement announced last week.
As a senior member of the House Foreign Affairs Committee, I believe
that by passing this bill, Congress will give U.S. business the tools
they need to compete in the global market place and create jobs for
workers here in the United States.
H.R. 2072 reauthorizes the Export-Import Bank (Ex-Im) for three
years, giving U.S. businesses the certainty they need, and
incrementally increases the exposure limit to $140 billion by fiscal
year 2014 in response to the growing demand for Ex-Im financing.
I am pleased to say that this legislation is widely supported by
Labor and business groups--such as the International Association of
Machinists and Aerospace Workers, NAM, Chamber of Commerce and Business
Roundtable.
This wide array of organizations is well aware of the critical role
the Bank plays in supporting American workers by providing credit where
it's prohibitively expensive or by neutralizing official foreign credit
competition.
Just last year, the Bank provided $32 billion in financing to
thousands of companies, which supported nearly 290,000 American jobs.
However, it is important to note that the work of the Bank is done at
no cost to the taxpayer, as it is self-sustaining: the Bank covers all
of its operating expenses and loan loss reserves through the fees it
charges users of the Bank.
In fact, the Bank returns money to the Treasury, and since 2008 it
has returned almost $2 billion.
I, therefore, urge you to support job creation and vote for the
Export-Import Bank Reauthorization Act of 2012.
Mr. PAUL. Mr. Speaker, Congress should reject H.R. 2072, the Securing
American Jobs Through Exports Act of 2011, for economic, moral, and
constitutional reasons. The Export-Import Bank is a prime example of
corporate welfare, taking money from American taxpayers to prop up the
export businesses of large corporations. Companies such as Boeing
should be able to make sales based solely on the quality of their
products and the willingness of the market to purchase those products.
Instead, these companies rely on their political connections to
subsidize their businesses. Ex-Im even provided Enron with hundreds of
millions of dollars of assistance before that company's ignominious
collapse. Do we really want to continue funding the Enrons of the
world?
Not only is it bad economics to force working Americans, small
businesses, and entrepreneurs to subsidize the exports of large
corporations, it is also immoral. Redistribution from the poor and
middle class to the wealthy is the most indefensible aspect of the
welfare state, yet it is the most accepted form of welfare. At a time
when the Federal government is running unprecedentedly large budget
deficits why are we reauthorizing subsidies for large corporations? I
hope that my colleagues who criticize welfare for the poor on moral and
constitutional grounds will vote against this program that provides
welfare for the rich.
Proponents of continued American support for Ex-Im claim that the
bank ``creates jobs'' and promotes economic growth. However, this claim
rests on a version of what the great economist Henry Hazlitt called the
``broken window'' fallacy. When a hoodlum throws a rock through a store
window, it can be said he has contributed to the economy, as the store
owner will have to spend money having the window fixed. The benefits to
those who repaired the window are visible for all to see, therefore it
is easy to see the broken window as economically beneficial. However,
the ``benefits'' of the broken window are revealed as an illusion when
one takes into account what is not seen: the businesses and workers who
would have benefited had the store owner not spent money repairing a
window, but rather been free to spend his money as he chose.
Similarly, the beneficiaries of Ex-Im are visible to all. What is not
seen is the products that would have been built, the businesses that
would have been started, and the jobs that would have been created had
the funds used for Ex-Im been left in the hands of consumers. Leaving
those funds in the private sector ensures that those resources will be
put to the use most highly valued by individual consumers. In contrast,
when the government diverts resources into the public sector via
programs such as Ex-Im, their use is determined by bureaucrats and
politically powerful special interests, resulting in a distorted market
and a misallocation of resources. By distorting the market and
preventing resources from achieving their highest valued use, Ex-Im
actually costs Americans jobs and reduces America's standard of living!
Finally, Mr. Speaker, I would like to remind my colleagues that there
is simply no constitutional justification for the expenditure of funds
on programs such as Ex-Im. In fact, the framers of the Constitution
would be horrified to know that the Federal Government was taking hard-
earned money from the American people in order to benefit the
politically powerful.
In conclusion, Mr. Speaker, Ex-Im distorts the market by allowing
government bureaucrats to make economic decisions instead of individual
consumers. Ex-Im also violates basic principles of morality, by forcing
American taxpayers to subsidize the operations of wealthy companies
that could easily afford to engage in international trade without
government assistance. Ex-Im also violates the limitations on
congressional power to take the property of individual citizens and use
it to benefit powerful special interests. It is for these reasons that
I strongly urge my colleagues to reject H.R. 2072.
Mr. LARSEN of Washington. Mr. Speaker, I submit the following
materials in support of H.R. 2072, the Export-Import Bank
Reauthorization Act, as amended.
Support American Jobs: Pass H.R. 2072 the Export-Import Reauthorization
Act
Dear Colleague: Tomorrow the House will take up H.R. 2072,
the Export-Import Bank Reauthorization Act of 2012, the long
term bipartisan reauthorization agreement announced last
week. By passing H.R. 2072, Congress will give U.S. business
the tools they need to compete in the global market place and
create jobs for workers here in the United States.
H.R. 2072 reauthorizes the Export-Import Bank (Ex-Im) for
three years, giving U.S. businesses the certainty they need,
and incrementally increases the exposure limit to $140
billion by fiscal year 2014 in response to the growing demand
for Ex-Im financing. The bill includes a number of provisions
that will make Ex-Im more effective and accountable. These
provisions include funding for technology upgrades and
requirements that the Bank submit a business plan to justify
the increased exposure, and periodic monitoring and reporting
to Congress on the Bank's default rate.
The legislation is widely supported by Labor and business
groups--such as International Association of Machinists and
Aerospace Workers, NAM, Chamber of Commerce and Business
Roundtable. These groups understand the critical role the
Bank plays in supporting American workers by providing credit
where it's prohibitively expensive or by neutralizing
official foreign credit competition.
Just last year, the Bank provided $32 billion in financing
to thousands of companies,
[[Page H2477]]
which supported nearly 290,000 American jobs. Over 80 percent
of those transactions directly supported small businesses.
You can see for yourself the work the Bank has done in your
district, by visiting their website <a href='http://www.exim.gov/
congmap/#/us'>http://www.exim.gov/
congmap/#/us</a>.
It is important to note that the work of the Bank is done
at no cost to the taxpayer, as they are self-sustaining: the
Bank covers all of its operating expenses and loan loss
reserves through the fees it charges users of the Bank. In
fact, the Bank returns money to the Treasury, and since 2008
they have returned almost $2 billion.
I urge you to support this job creating legislation, which
gives American companies the tools they need to grow and
create local jobs in communities across the country, while
making money for American taxpayers.
Sincerely,
Carolyn McCarthy,
Member of Congress.
____
New Dems Support Multi-Year Ex-Im Reauthorization
Washington, DC.--Today, leaders of the New Democrat
Coalition, chaired by Rep. Joseph Crowley (NY 7), released
the following statement on reauthorization of the Export-
Import Bank.
``Thanks to House Minority Whip Steny Hoyer's vigilance, we
finally reached an agreement for a multi-year reauthorization
of the Ex-Im Bank. While this agreement is not perfect, it
will give American businesses much-needed certainty to sell
their products abroad and create jobs here at home. The New
Dems stand behind the House's reauthorization, and we
encourage our colleagues on both sides of the aisle to
support this agreement.''
The current legislation authorizes the Export-Import Bank
for another three years and gradually increases the bank's
lending authority over that timeframe to $140 billion. Last
year alone, Ex-Im financing helped more than 3,000 companies
add almost 300,000 jobs across America.
Statement supported by New Dem Leadership Members, led by
Chair Representative Joseph Crowley (NY 7), and Vice-Chairs
Representative Jim Himes (CT 4), Representative Ron Kind (WI
3), Representative Rick Larsen (WA 2), and Representative
Allyson Schwartz (PA 13).
The New Democrat Coalition is dedicated to maintaining
America's standing as the world's strongest, most successful
nation. Founded in 1997, the New Dems believe firmly in the
power of American ingenuity and innovation, and are focused
on finding ways to foster and harness this creativity to grow
our economy, create new American jobs, and ensure a safer and
more secure future for our country. For more information on
the 42 member Coalition, visit the New Dems website at http:/
/ndc.crowley.house.gov.
____
Levin, McDermott Urge Reauthorization of Export-Import Bank
Washington.--Ways and Means Committee Ranking Member Sander
Levin (D MI) and Trade Subcommittee Ranking Member Jim
McDermott (D WA) today made the following statements
regarding the agreement to reauthorize the Export-Import
Bank:
Levin: ``Congress needs to act immediately with the Export-
Import Bank reauthorization. The United States needs to
dramatically increase its exports and reduce our trade
deficit to strengthen the economy and create jobs and Export-
Import Bank financing will help us do that. As Republicans
wring their hands in a stale ideological debate over whether
to support American exports, China and other countries are
significantly increasing their assistance to help their
domestic companies compete abroad.''
McDermott: ``The Export-Import Bank is a perfect example of
a simple, free way that Congress can help U.S. businesses
export U.S.-made products, but Republican radical ideology
has gotten in the way again of Congress acting to help the
economy--this time they're refusing to give the Bank the
tools it needs to keep helping U.S. businesses remain
competitive. The Bank has a proven track record--in 2010
alone, it supported $34 billion worth of U.S. exports and
227,000 U.S. jobs at more than 3,300 U.S. companies. We
should be working on a long-term reauthorization of the Bank
that gives businesses the certainty that the U.S. government
is committed to promoting U.S.-made exports. And, we should
also dramatically increase its lending authority so the Bank
can keep up with our increased exports--and keep up with our
trading partners who give their exporters much more in export
financing than we give to American exporters.''
Background
The mandate of the Export-Import Bank is to support U.S.
exports and the employment of U.S. workers. The Bank uses its
authority and resources to finance U.S. exports primarily in
circumstances when alternative, private sector export
financing may not be available or is prohibitively expensive
or risky.
Under the current law, the U.S. Export-Import Bank may not
provide loans, guarantees or insurance at any one time in
excess of $100 billion. The Bank is expected to reach that
limit before the Bank's authorization expires on May 31. The
Bank operates on a self-sustaining basis, using offsetting
collections to fund administrative and program expenses.
The Bank seeks to level the playing field for U.S.
exporters by matching credit support that other nations
provide to their exporters. But the United States is
``clearly outgunned when it comes to foreign [export credit]
competition,'' Bank Chairman Fred Hochberg said in testimony
before the Senate earlier this year. For example, from 2006
2010, China issued over $203 billion in new medium- and long-
term export credit financing, an amount four times invested
by the United States in absolute dollars, and ten times more
as a share of GDP. (Stephen J. Ezell, The Information
Technology & Innovation Foundation, ``Understanding the
Importance of Export Credit Financing to U.S.
Competitiveness, June 2011)
Countries like China do not always comply with
international guidelines relating to export financing, and
the Bank is developing new tools to confront this challenge.
The President of the Bank recently described how Ex-Im is
using these tools to ensure U.S. companies can compete
against Chinese financing, using as an illustrative example a
competition to sell 150 locomotives to Pakistan Rail. The
Chinese Development Bank offered its locomotive manufacturer
very generous export financing:
``To remedy this, the Obama Administration put together a
competitive financing package. And for the first time, we
went to the OECD to share with them our decision to offer
financing outside of internationally agreed upon terms and
conditions. That's how we can level the playing field for
American businesses[.] . . . [W]hen we see a clear example
that state-directed capital is impeding a sale for an
American company, we will go the extra step to offset the
market distortion.
____
House Reaches Agreement on Export-Import Bank Reauthorization to
Strengthen American Manufacturing, Spur Job Creation
Today, House Democratic and Republican leadership have
reached an agreement on a long-term reauthorization the U.S.
Export-Import Bank, ending uncertainty for businesses and
providing the resources needed to keep American exporters
competitive. To meet expected financing demands, the bill
increases the Bank's exposure limit to $120 billion through
September 30, and increases the limit to $130 billion in
Fiscal Year 2013 and $140 billion in Fiscal Year 2014.
Reauthorization of the Export-Import Bank is part of the
Make It In America plan, as it provides financing to U.S.
businesses to help them sell their products around the world
and create jobs here at home. Last year, financing from the
Export-Import Bank helped 3,600 private companies add almost
300,000 jobs across the country.
With other nations aggressively supporting in their
businesses' exports, it is critical that the Bank continue to
provide assistance to American businesses in order to stay
competitive. Prominent business organizations agree:
National Association of Manufacturers: ``The Ex-Im Bank
plays a critical role in manufacturers' ability to export to
new markets and keep up with growing global competition . . .
It's imperative that Congress reauthorize Ex-Im and increase
the Bank's lending limit for the sake of jobs and the
competitiveness of manufacturers in the United States. Should
Congress fail to act, it will give our competitors an
advantage, harm job growth and create a large speed bump in
our path to doubling exports.''
[3/15/12]
Chamber of Commerce: ``Failure to reauthorize Ex-Im would
amount to America's unilateral disarmament in the face of
other nations' aggressive trade finance programs . . . With
other countries' export credit agencies providing an
estimated $1 trillion in export finance--often on terms more
generous than Ex-Im can provide--failure to approve this
reauthorization legislation would put U.S. exporters at a
sharper competitive disadvantage.'' [3/19/12]
Business Roundtable: ``Ex-Im's positive contributions to
the international competitiveness of American companies and
workers and to the U.S. economy overall are well documented.
In FY2011, Ex-Im facilitated roughly $41 billion in U.S.
export sales by more than 3,600 U.S. small and large
companies, supporting nearly 290,000 U.S. jobs . . . It is
also important to recognize that Ex-Im has made these
positive contributions while returning revenue to the U.S.
Treasury.''
[3/18/12]
Congress must act quickly before the Export-Import Bank's
authority expires on May 31 so that businesses have the
certainty they need to boost exports and create jobs here at
home.
____
Reauthorizing the Export-Import Bank
Dear Colleague: As Congress considers H.R. 2072, Securing
American Jobs Through Exports Act of 2011, which reauthorizes
the Export-Import bank, I urge you read the following article
that highlights how this legislation will assist American
manufacturers increase exports. Since 1934, the bank has
served as the principal government agency responsible for
aiding the export of American goods and services, thereby
creating and sustaining U.S. jobs.
Sincerely,
Kevin Yoder,
Member of Congress.
____
February 21, 2012: A Conservative's Take on the Ex-Im Bank
I support the entrepreneurial dynamism of free markets. I
believe entrepreneurs are more likely than government
bureaucrats to build successful businesses and provide
stable, good-paying jobs. I oppose government
[[Page H2478]]
interference in the marketplace. I want government to spend
less, interfere less, do less, and tax less.
So when a few fellow conservatives criticize plans to
reauthorize the Export-Import Bank on grounds that it is just
another costly government corporate welfare program, why do I
strongly disagree? The answer is simple--the Ex-Im Bank is
none of the things some of my fellow conservatives claim.
The Ex-Im Bank assists U.S. manufacturers--small and
large--to export their goods to foreign buyers. Typically it
facilitates loan guarantees for foreign buyers who want to
buy U.S. goods. Whether it is big names like General
Electric, Caterpillar and Boeing, or small companies (which
comprise 87% of the bank's transactions), the Ex-Im Bank
helps their foreign buyers obtain financing so that American
goods are sold and shipped abroad. This means more American
employment and more exports.
The Ex-Im Bank does not compete with private financial
institutions, but rather fills-in banking gaps so that U.S.
goods can be exported to nations where commercial financing
is insufficient. The Ex-Im Bank doesn't cost taxpayers a
dime. Rather, it makes money from the fees charged to foreign
buyers which get pumped back into the U.S. Treasury and helps
reduce the deficit.
The Ex-Im Bank has a 75 year track-record and the
Congressional Budget Office projects in the coming years, the
Ex-Im Bank will pump $900 million into the U.S. Treasury--not
to mention the hundreds of billions of dollars of U.S. made
goods that will be exported and the hundreds of thousands of
American jobs that will be supported. In 2011 alone, the bank
facilitated sales abroad that supported 290,000 American
jobs.
Some conservatives incorrectly argue that the Ex-Im Bank is
similar to the Solyndra scandal where government bureaucrats
gave about $500 million to a business headed by Obama
fundraisers. To make matters worse, Solyndra's own business
plan showed that it could not turn a profit. Solyndra
represents what is deeply wrong with government attempts to
manipulate the marketplace.
But the Ex-Im Bank and Solyndra have nothing in common.
Solyndra involved government awarding taxpayer funded cash
grants to failing businesses owned by political allies. The
money was completely wasted, the business failed, and no jobs
were created.
The Ex-Im Bank is entirely different. It doesn't hand out
cash grants. It facilitates financing for foreign buyers who
want to purchase American manufactured goods. The foreign
buyer must qualify for the loans. Since its inception, less
than 2% of the Bank's loans have ever defaulted. Even then,
the manufactured goods are part of the collateral for the
loan. This is one of the reasons why the Ex-Im Bank returns
money to the U.S. Treasury, rather than takes money from the
taxpayer.
Some conservatives oppose reauthorization of the Ex-Inn
Bank because they see it as an interference with the free
market. On a purely theoretical level, I can see their point.
But the problem with this analysis is that the international
marketplace isn't a free market.
Virtually every other nation offers export loan assistance.
In fact, China and many other nations actually offer
aggressive, below market loans to induce foreign buyers to
purchase their goods. When the U.S. competes on quality and
price, it wins the competition. That is precisely why nations
like China intervene and offer cut rate financing with very
generous terms so that they can undercut U.S. firms. Europe
does this as well.
As a conservative, I would like to see free markets
expanded. We should enter into more free market reform
agreements with our trading partners. We should reform our
tax code and our regulatory regime to ensure we are
competitive.
But nixing the Ex-Im Bank now without international
financing reform agreements does nothing to promote free
markets. It merely undermines U.S. manufacturing, kills high-
paying American jobs, and erodes our ability to compete in a
worldwide marketplace. Until we can expand our trade
agreements to include more free market principles, refusing
to reauthorize the Ex-Im Bank is essentially unilateral
disarmament.
That is foolhardy.
George Landrith.
Mrs. MALONEY. Mr. Speaker, I submit the following materials in
support of H.R. 2072, the Export-Import Bank Reauthorization Act, as
amended.
May 4, 2012.
To Members of the United States Congress: We are writing to
urge your support for reauthorization of the Export-Import
(Ex-Im) Bank of the United States, and a simultaneous
increase in its lending cap. Ex-Im Bank--which is set to
expire on May 31--is a vital resource in helping U.S.
companies both large and small to successfully engage in
international trade.
The Ex-Im Bank is a self-sustaining federal agency that
assists In financing the export of U.S. goods and services to
international markets. In the five years since Congress last
reauthorized the Bank's operations, it has returned about
$3.4 billion to the U.S. Treasury above and beyond the cost
of its operations. For the fiscal year ending on September
30, 2011, Ex-Im Bank supported $40.6 billion worth of U.S.
exports at more than 3,600 U.S. companies, helping to create
or sustain 290,000 export-related U.S. jobs.
This past December, Congress extended Ex-Im Bank's
authorization until May 31 at its current lending ceiling of
$100 billion. Due to unprecedented demand for export
financing over the last few years, Ex-Im Bank estimates that
it will reach this limit well before May. As a result, unless
Ex-Im Bank is reauthorized quickly and at an increased
lending cap, it will be forced to halt new transactions--
depriving U.S. businesses of a vital financing source at a
time when exports are becoming an increasingly vital part of
our nation's economic recovery.
Ex-Im Bank is particularly critical for small businesses,
where--in 2011 alone--Ex-Im Bank lent more than $6 billion to
almost 2,000 such companies. In many cases, the trade finance
supplied was essential for the completion of the export
transaction, and would not have been available from the
private sector. Ex-Im Bank's support extended to exporters in
industries as diverse as aerospace, wine, global health,
clean technology and agriculture.
Ex-Im Bank is also critical to the ability of U.S.
exporters to compete on a level international playing field,
where competitors receive aggressive support from their own
countries' export credit agencies. The U.S. trails countries
like Brazil, Canada, China, Germany, France, India, and Italy
in official export credit volumes as a share of each
country's national economy. According to the Information
Technology & Innovation Foundation, export credit banks in
Brazil and China provided 10 times more financing to their
exporters as a share of GDP in 2010 than the Ex-Im Bank did
for American exporters. Even the export credit agency of
Canada--which has an economy about one-eighth our size--does
more lending volume.
Without Ex-Im Bank reauthorization, our country's exporters
won't be able to compete effectively in the global
marketplace. We urge you to join us in supporting swift Ex-Im
Bank reauthorization.
Yours truly,
Birmingham Business Alliance (AL), Business Council of
Alabama (AL), South Shelby County Chamber of Commerce
(AL), Arkansas State Chamber of Commerce/Associated
Industries of Arkansas (AR), Arizona Chamber of
Commerce and Industry (AZ), Buckeye Valley Chamber of
Commerce (AZ), Flagstaff Chamber of Commerce (AZ),
Greater Phoenix Chamber of Commerce (AZ), North
Scottsdale Chamber of Commerce (AZ), Tucson
Metropolitan Chamber of Commerce (AZ), Alliance of
Chambers of Commerce of Ventura and Santa Barbara
Counties (CA), California Chamber of Commerce (CA),
Greater Fresno Chamber of Commerce (CA), Greater Oxnard
Chamber of Commerce (CA), Huntington Beach Chamber of
Commerce (CA), Irvine Chamber of Commerce (CA), Long
Beach Area Chamber of Commerce (CA), Los Angeles Area
Chamber of Commerce (CA), Orange County Business
Council (CA), Palm Desert Chamber of Commerce (CA),
Redondo Beach Chamber of Commerce (CA), San Francisco
Chamber of Commerce (CA), Santa Clara Chamber of
Commerce and Visitors Bureau (CA);
Mobile Area Chamber of Commerce (AL), Shoals Chamber of
Commerce (AL), San Jose Silicon Valley Chamber of
Commerce (CA), Simi Valley Chamber of Commerce (CA),
South Bay Association of Chambers of Commerce (CA),
Torrance Area Chamber of Commerce (CA), Colorado
Association of Commerce and Industry (CO), Crested
Butte/Mt Crested Butte Chamber of Commerce (CO), Denver
Metro Chamber of Commerce (CO), Greater Colorado
Springs Chamber of Commerce and EDC (CO), Connecticut
Business & Industry Association (CT), Fairfield Chamber
of Commerce (CT), Delaware State Chamber of Commerce
(DE), Florida Chamber of Commerce (FL), Greater Miami
Chamber of Commerce (FL), Barrow County Chamber of
Commerce (GA), Georgia Chamber of Commerce (GA),
Greater Rome Georgia Chamber of Commerce (GA), Gwinnett
Chamber of Commerce (GA), Chamber of Commerce of Hawaii
(HI), Hong Kong.China.Hawaii Chamber of Commerce (HI),
Kauai Chamber of Commerce (HI), Kona-Kohala Chamber of
Commerce (HI), Maui Chamber of Commerce (HI), Molokai
Chamber of Commerce (HI), Greater Craigmont Area
Chamber of Commerce (ID), Greater Pocatello Chamber of
Commerce (ID), Batavia Chamber of Commerce (IL),
Chicagoland Chamber of Commerce (IL), Downers Grove
Area Chamber of Commerce & Industry (IL), GOA Regional
Business Association (IL), Illinois Chamber of Commerce
(IL), Joliet Regional Chamber of Commerce & Industry
(IL), Kankakee Regional Chamber of Commerce (IL),
Mendota Area Chamber of Commerce (IL), Mendota Area
Chamber of Commerce (IL);
Naperville Area Chamber of Commerce (IL), Peoria Area
Chamber of Commerce (IL), Rockford Chamber of Commerce
(IL), Rolling Meadows Chamber of Commerce (IL), Western
DuPage Chamber of Commerce (IL), Quad Cities Chamber of
Commerce (IL/IA), Greater Fort Wayne Chamber of
Commerce (IN), Warsaw/Kosciusko County Chamber of
Commerce (IN), Fredonia Area Chamber of Commerce (KS),
[[Page H2479]]
Greater Topeka Chamber of Commerce (KS), Wichita Metro
Chamber of Commerce (KS), Greater Louisville Inc--The
Metro Chamber of Commerce (KY), Kentucky Chamber of
Commerce (KY), Northern Kentucky Chamber of Commerce
(KY), World Trade Center Kentucky (KY), Baton Rouge
Area Chamber (LA), Central Louisiana Chamber of
Commerce (LA), East St. Tammany Chamber of Commerce
(LA), Greater New Orleans, Inc. (LA), New Orleans
Chamber of Commerce (LA), Southwest Louisiana Economic
Development Alliance (LA), The Southwest Louisiana
Economic Development Alliance (LA), Chambers Southwest
Louisiana (LA), Associated Industries of Massachusetts
(MA), Carroll County Chamber (MD);
Salisbury Area Chamber of Commerce (MD), Auburn Hills
Chamber of Commerce (MI), Detroit Regional Chamber of
Commerce (MI), Traverse City Area Chamber of Commerce
(MI), River Heights Chamber of Commerce (MN), Missouri
Chamber of Commerce (MO), St. Louis Regional Chamber &
Growth Association (MO), Covington County Chamber of
Commerce (MS), Montana Chamber of Commerce (MT),
Ahoskie Chamber of Commerce (NC), Cabarrus Regional
Chamber of Commerce (NC), Charlotte Chamber of Commerce
(NC), Fayetteville-Cumberland County Chamber of
Commerce (NC), Greater Raleigh Chamber of Commerce
(NC), Greater Wilmington Chamber of Commerce (NC),
Laurinburg/Scotland County Area Chamber of Commerce
(NC), North Carolina Chamber of Commerce (NC), Rowan
County Chamber of Commerce (NC), North Dakota Chamber
of Commerce (ND), New Hampshire Business & Industry
Association (NH), Gateway Regional Chamber of Commerce
(NJ), Mercer Regional Chamber of Commerce (NJ), New
Jersey Chamber of Commerce (NJ), Boulder City Chamber
of Commerce (NV), Carson Valley Chamber of Commerce and
Visitors Authority (NV), Henderson Chamber of Commerce
(NV), North Las Vegas Chamber of Commerce (NV);
White Pine Chamber of Commerce (NV), Adirondack Regional
Chamber of Commerce (NY), Albany-Colonie Regional
Chamber of Commerce (NY), Buffalo-Niagara Partnership
(NY), Business Council of New York State, Inc. (NY),
Chamber of Schenectady County (NY), Long Island
Association (NY), Manhattan Chamber of Commerce (NY),
North Country Chamber of Commerce (NY), Rochester
Business Alliance (NY), Ashland Area Chamber of
Commerce (OH), Chamber of Commerce Serving Middletown,
Monroe & Trenton (OH), Cincinnati USA Regional Chamber
of Commerce (OH), Clermont Chamber of Commerce (OH),
Lima/Allen County Chamber of Commerce (OH), Waterville
Area Chamber of Commerce (OH), Westerville Area Chamber
of Commerce (OH), Youngstown/Warren Regional Chamber
(OH);
Cushing Chamber of Commerce (OK), Tulsa Metro Chamber
(OK), Gresham Area Chamber of Commerce (OR), Lebanon
Chamber of Commerce (OR), Portland Business Alliance
(OR), Wilsonville Area Chamber of Commerce (OR), Erie
Regional Chamber & Growth Partnership (PA), Greater
Pittsburgh Chamber of Commerce (PA), Pennsylvania
Chamber of Business and Industry (PA), Schuylkill
Chamber of Commerce (PA), Northern Rhode Island Chamber
of Commerce (RI), Charleston Metro Chamber of Commerce
(SC), Greater Columbia Chamber of Commerce (SC),
Greater Summerville/Dorchester County Chamber of
Commerce (SC).
____
Alabama, Arizona, Arkansas, California, Connecticut,
Guam, Hawai'i, Illinois, Iowa, Kentucky, Maryland,
Massachusetts, Minnesota, Nevada, North Carolina,
Oklahoma, Oregon, Puerto Rico, South Dakota, U.S.
Virgin Islands, Vermont, Washington.
March 19, 2012.
Hon. John A. Boehner,
Speaker, U.S. House of Representatives, Capitol Building,
Washington, DC.
Hon. Harry Reid,
Majority Leader, U.S. Senate, Capitol Building Washington,
DC.
Hon. Nancy Pelosi,
Minority Leader, U.S. House of Representatives, Capitol
Building, Washington, DC.
Hon. Mitch McConnell,
Minority Leader, U.S. Senate, Capitol Building, Washington,
DC.
Dear Speaker Boehner, Leader Reid, Leader Pelosi and Leader
McConnell: As governors of states and territories across the
nation whose economies, communities and families benefit from
exports, we urge you to pass a four-year reauthorization of
the U.S. Export-Import Bank (Ex-Im) and raise the limit on
Ex-Im's loan portfolio to no less than $135 billion. As the
official export credit agency of the United States, Ex-Im is
a critical tool for U.S. exporters in our states and a money-
maker for American taxpayers.
At a time of high unemployment, Ex-Im is an important
source of job creation and sustainment. Last year alone, Ex-
Im supported $34 billion in exports which in turn supported
the creation or sustainment of an estimated 230,000 jobs at
more than 3,300 companies across the country. In addition,
approximately 80 percent of the Ex-Im's transactions are in
support of small US. businesses. Ex-Im works for American
companies and taxpayers--it is good business and good
government.
Ex-Im also is financially self-sustaining. In the five
years since Congress last reauthorized Ex-Im, it has returned
more than $3 billion to the U.S. Treasury above and beyond
the cost of its operations.
Ex-Im is critical to the ability of exporters in our states
to compete on a level international playing field where
competitors receive aggressive support from their own
countries' export credit agencies. At a time of significant
economic challenge here at home, support for Ex-Im means
support for U.S. exports and U.S. jobs.
Ex-Im's temporary reauthorization will expire on May 31,
and failure to reauthorize its operations at an
internationally competitive level will seriously disadvantage
U.S. companies--small and large--potentially resulting in the
loss of thousands of jobs in our states.
We strongly urge you to approve legislation before June 1,
2012 to reauthorize Ex-Im with a higher lending cap to
support surging U.S. exports and American jobs. It is the
right thing to do for our states, our economy and our nation.
Sincerely,
Governor Chris Gregoire, Washington; Governor Bev Perdue,
North Carolina; Governor Mike Beebe, Arkansas; Governor
Dannel P. Malloy, Connecticut; Governor Peter Shumlin,
Vermont; Governor Deval Patrick, Massachusetts;
Governor Robert Bentley, Alabama; Governor Pat Quinn,
Illinois; Governor Steven L. Beshear, Kentucky;
Governor Eddie Baza Calvo, Guam; Governor Brian
Sandoval, Nevada; Governor Dennis Daugaard, South
Dakota; Governor John A. Kitzhaber, Oregon; Governor
Terry E. Branstad, Iowa; Governor John deJongh, Jr.,
Virgin Islands; Governor Luis G. Fortuno, Puerto Rico;
Governor Martin O'Malley, Maryland; Governor Mark
Dayton, Minnesota; Governor Edmond G. Brown, Jr.,
California; Governor Mary Fallin, Oklahoma; Governor
Neil Abercrombie, Hawaii; Governor Jan Brewer, Arizona.
____
Office of the Governor,
Springfield, IL, December 6, 2011.
Dear Illinois Representative: I write to urge your strong
support for reauthorization of the U.S. Export-Import Bank
(Ex-Im). Ex-Im is the official export credit agency of the
U.S. and assists in financing the export of American goods
and services from many industries at no cost to the American
taxpayer. Ex-Im's charter expired on September 30, 2011, and
the Bank is currently operating under authority provided in
the current short-term Continuing Resolution.
Global trade is an integral part of our nation's economic
recovery. In 2010, Illinois exports totaled $50 billion, up
20 percent from 2009. Through the first half of 2011, exports
are up another 30 percent over the same time period in 2010.
The Ex-Im Bank has provided significant support towards our
momentum. Over the last five years, Ex-Im has assisted more
than 280 Illinois companies export their products and
services around the world, including 114 firms in 2011.
At a time of high unemployment, the Ex-Im Bank is an
important source of job creation and sustainment. Last year
alone, Ex-Im supported $34 billion in exports, which in turn
supported the creation or sustainment of an estimated 230,000
jobs at more than 3,300 companies across the country. In
addition, approximately 80 percent of the Ex-Im Bank's
transactions are in support of small businesses.
The Ex-Im Bank is financially self-sustaining. In the five
years since Congress last reauthorized the Bank's operations,
Ex-Im has returned more than $3 billion to the U.S. Treasury.
In this period of deficit reduction, the Bank makes money for
the U.S. Government Ex-Im works for American companies and
taxpayers--it is good business and good government.
Ex-Im is critical to the ability of many U.S. exporters to
compete on a level international playing field where
competitors receive aggressive support from their own
countries' export credit agencies. At a time of significant
economic challenge here at home, support for the Ex-Im Bank
means support for U.S. exports and U.S. jobs.
I urge your strong support for the timely reauthorization
of the Ex-Im Bank.
Regards,
Pat Quinn,
Governor.
____
Florida Chamber of Commerce,
Tallahassee, FL. Nov. 22, 2011.
Hon. Bill Nelson,
U.S. Senate, Hart Senate Office Building, Washington DC.
Dear Senator Nelson: I am writing to urge your support for
reauthorization of the U.S. Export-Import Bank (Ex-Im). Ex-Im
is the official export credit agency of the United States and
assists in financing the export of U.S. goods and services
from many U.S. industries at no cost to the American
taxpayer. Ex-Im's charter expired on September 30, 2011 and
is operating under authorities provided in the current short-
term Continuing Resolution.
Ex-Im provides significant support to many Florida
companies. Over the last five years, EX-IM has assisted more
than 600 Florida companies export their products and
[[Page H2480]]
services around the world. And more than 470 of these
companies are small businesses. Just this year alone, Ex-Im
has assisted 259 Florida companies, including 205 small
businesses. Ex-Im plays an important role in supporting
Florida exports and jobs.
The Ex-Im Bank is financially self-sustaining. In the five
years since Congress last reauthorized the Bank's operations,
Ex-Im has returned more than $3 billion to the U.S. Treasury
above and beyond the cost of its operations. In this period
of deficit reduction, the Bank makes money for the U.S.
Government. And at a time of high unemployment, the Ex-Im
Bank is an important source of job creation and sustainment.
Last year alone, Ex-Im supported $34 billion in exports,
which in turn supported the creation or sustainment of an
estimated 230,000 jobs at more than 3,300 companies across
the country. In addition, approximately 80 percent of the Ex-
Im Bank's transactions are in support of U.S. small
businesses. Ex-Im works for American companies and
taxpayers--it is good business and good government.
Ex-Im is critical to the ability of many U.S. exporters to
compete on a level international playing field where
competitors receive aggressive support from their own
countries' export credit agencies. At a time of significant
economic challenge here at home, support for the Ex-Im Bank
means support for U.S. exports and U.S. jobs!
I urge your strong support for the timely reauthorization
of the Ex-Im Bank.
Sincerely,
David A. Hart,
Executive Vice President.
____
State of Washington,
Office of the Governor,
Olympia, WA, November 2, 2011.
Dear Members of the Washington Congressional Delegation: I
urge your strong support for the reauthorization of the U.S.
Export-Import Bank (Ex-Im Bank), which is the official export
credit agency of the United States. Ex-Im Bank assists in
financing the export of American goods and services from many
industries at no cost to the American taxpayer. The bank is
currently operating under authorities provided in the short-
term Continuing Resolution because its charter expired on
September 30, 2011.
Ex-Im Bank provides critical support to many Washington
State companies, and over the last five years, has assisted
more than 160 companies in exporting tens of billions of
dollars worth of products and services. Over 100 of these
companies are small businesses. Just this year alone, Ex-Im
Bank assisted 74 Washington companies, including 57 small
businesses. In many cases, the trade finance it supplied was
an essential ingredient for the completion of the export
transaction. In most cases this type of financial assistance
would not have been available from the private sector. As a
result, Ex-Im Bank plays a very important role in supporting
Washington State exports and much-needed jobs.
Last summer, I announced a Washington State export
initiative to complement President Obama's National Export
Initiative which had a goal of doubling exports in five
years. These initiatives were launched recognizing that
increasing exports will play an important role in speeding
our economic recovery and growing jobs our state. At a time
of high unemployment, Ex-Im Bank's trade finance is an
important source of job creation and retention. Last year
alone, it supported $34 billion in exports which in turn
helped to create or sustain an estimated 230,000 jobs at more
than 3,300 companies across the country. In addition,
approximately 80 percent of the bank's transactions are in
support of U.S. small businesses. Ex-Im Bank works for
American companies and taxpayers--it is good business and
good government.
Moreover, Ex-Im Bank is financially self-sustaining. In the
five years since Congress last reauthorized the bank's
operations, it has returned more than $3 billion to the U.S.
Treasury above and beyond the cost of its operations. During
a time when there is a lot of concern about the deficit, the
bank makes money for the U.S. Government.
Ex-Im Bank is critical to the ability of many U.S.
exporters to compete on a level international playing field
where competitors receive aggressive support from their own
countries' export credit agencies. At a time of significant
economic challenge here at home, support for the Ex-Im Bank
means support for American exports and jobs.
I urge your strong support for the timely reauthorization
of the Ex-Im Bank. Thank you for your consideration of this
request.
Sincerely,
Christine O. Gregoire,
Governor.
____
Congress of the United States,
Washington, DC, April 26, 2012.
Hon. John A. Boehner,
Speaker of the House, House of Representatives, Washington,
DC.
Hon. Eric Cantor,
Majority Leader, House of Representatives, Washington, DC.
Dear Speaker Boehner and Leader Cantor: As you know,
authorization for the U.S. Export-Import Bank (Ex-Im) is set
to expire on May 31, 2012, and it is expected that the Bank
will hit its $100 billion lending cap in the coming weeks. As
conservatives, we believe it is imperative that Congress move
forward with a multi-year reauthorization of Ex-Im that
provides certainty and stability for U.S. manufacturers and
exporters as soon as possible.
Ex-Im plays an important role in supporting U.S. exports
and creating and maintaining U.S. jobs. In Fiscal Year 2011
(FY11), for instance, Ex-Im provided more than $32 billion in
direct export financing and supported more than $40 billion
in export sales and 290,000 American jobs, all at no cost to
taxpayers. More than 700 first-time small businesses were
among the companies that used Ex-Im in FY11. Additionally,
Ex-Im consistently returns money to the U.S. Treasury,
contributing $3.7 billion in the last seven years alone.
Let us be clear: in a perfect world there would be no need
for this type of export financing, and we applaud efforts to
reform Ex-Im and engage with our trading partners to promote
equal trading platforms on both a bilateral and multilateral
basis. At the same time, it seems counterproductive to
unilaterally disengage. Foreign export banks continue to lend
at low rates and have used the uncertainty surrounding Ex-Im
reauthorization to their advantage. We have heard from U.S.
businesses that have already lost sales to foreign
competitors based not on product differentials but, rather,
on lack of clarity on Congress's intentions with our export
bank. We fear that this will continue and could ultimately
lead to a significant decline in U.S. exports, in turn having
a profoundly negative impact on domestic employment.
As you consider Ex-Im reauthorization, we encourage you to
give serious consideration to a multi-year authorization over
one for a shorter period of time. The marketplace certainty
that comes with a longer-term authorization not only makes
bank activity easier to facilitate, but also will allow our
U.S. manufacturers and exporters to enter into longer-term
contracts with their customers. We also believe it is
imperative that all appropriate steps be taken in Ex-Im
reauthorization legislation, consistent with the need to
protect competition and business sensitive information, to
increase the transparency of Ex-Im transactions.
Given our nation's economic climate, it is important to do
what we can to promote U.S. exports and create American jobs.
This is a program that generates not only exports and jobs,
but also much-needed revenue for the federal government. We
thank you for your consideration of this request.
Sincerely,
Blaine Luetkemeyer, Member of Congress; James B. Renacci,
Member of Congress; Adam Kinzinger, Member of Congress;
Gregg Harper, Member of Congress; Tom Latham, Member of
Congress; Bobby Schilling, Member of Congress; John
Campbell, Member of Congress; Mac Thornberry, Member of
Congress; Billy Long, Member of Congress; Randy
Hultgren, Member of Congress; John Carter, Member of
Congress; Tom Cole, Member of Congress; Bill Johnson,
Member of Congress; Michael G. Grimm, Member of
Congress; Nan A.S. Hayworth, Member of Congress; Rick
Crawford, Member of Congress; Larry Bucshon, Member of
Congress; Rick Berg, Member of Congress; Aaron Schock,
Member of Congress; Don Manzullo, Member of Congress;
Steve Stivers, Member of Congress; David Rivera, Member
of Congress; Cynthia Lummis, Member of Congress; Vicky
Hartzler, Member of Congress; Richard Nugent, Member of
Congress; Chris Gibson, Member of Congress; Robert J.
Wittman, Member of Congress; Joe Wilson, Member of
Congress; Bob Gibbs, Member of Congress; Jeff
Fortenberry, Member of Congress.
____
[Republican Main Street Partnership, May 7, 2012]
Re-Authorize the Export-Import Bank
(By former U.S. Rep. Amory F, Houghton and former U.S. Rep. Tom Davis)
As former Republican members of the House who served during
the 1990s, it is not often that we agree with former
President Bill Clinton. On the re-authorization of the
Export-Import Bank, however, the former President is
absolutely right. Recently, Clinton urged reauthorization of
the Export-Import Bank, ``Whether you are Republicans,
Democrats or Independents, I urge you to ask the Congress to
reauthorize.''
President Clinton is spot on when he says that re-
authorization of the bank will, ``help to create a stronger
America.''
The truth is that our economy continues to struggle and
that our national unemployment rate continues to be far too
high. For too many in our country, the American dream is
becoming harder to realize.
Republicans have rightfully said for years that the last
thing we need to do is to raise taxes in the teeth of a
recession. Republicans have also been leading the fight on
regulatory reform because they understand the burden placed
on businesses by unnecessary and overly complex bureaucratic
red tape.
Republicans have fought tax increases and fought for
regulatory reform because they understand the importance of
creating jobs--particularly in this fragile economy. It is
for that reason that the Export-Import Bank should be re-
authorized.
Last year alone, the Export-Import Bank supported more than
$40 billion in export sales from American companies. These
sales, from 3,600 companies, supported almost 300,000 jobs.
Lawmakers have a daunting task in front of them today--not
only must they find ways to spur economic growth and create
jobs, they must do so in the context of a looming
[[Page H2481]]
unprecedented fiscal crisis as a result of deficit spending
and mountains of federal debt. The good news is that the
Export-Import Bank not only creates jobs, it does so without
adding the federal debt.
Unlike the failed ``stimulus'' spending, which cost
taxpayers trillions of dollars, the cost to the American
taxpayers for the Export-Import Bank's job creation is
nothing. The Bank generates enough fees to offsets its costs
and actually contributes the remaining surpluses to the
United States Treasury. Indeed, over the last five years, the
Bank has returned $3.4 billion to the United States Treasury.
The Export-Import Bank has been an important tool for
global competitiveness, especially for small businesses.
Small businesses are the engines that drive job creation in
the American economy, and more than 85 percent of the Export-
Import Bank's transactions directly supported small
businesses.
The Export-Import Bank does not compete with private
lenders. Instead the Bank is a ``lender of last resort.'' The
Bank helps to level the playing field for U.S. exporters by
matching the financing that other governments provide to
their exporters. The Export-Import Bank also fills important
gaps in trade financing by assuming credit risks and country
risks that other private sector actors are unable or
unwilling to do. They have done so with amazing success--
supporting more than $456 billion of United States exports of
the last 77 years.
The Export-Import Bank's charter expired in 2011 and it is
currently operating on an extension that is set to expire on
May 31st of this year.
On Friday night, a compromise was reached in the House.
Under the bipartisan agreement the Export-Import Bank's
charter will be extended through September 2014 and its loan
exposure cap will be raised 40 percent to $140 billion.
The bank will be required to keep default rates below 2
percent. Additionally, the Treasury Department would be
required to initiate talks with U.S. trading partners toward
``substantially reducing'' and ultimately ending the practice
of export financing subsidies.
Despite the bipartisan agreement, some are still opposed to
re-authorization.
Opponents of re-authorization have called the Export-Import
Bank ``corporate welfare.'' While such accusations may make
for good talk radio fodder, they do not represent the reality
of the long and successful history of the Export-Import Bank.
The Bank has a 77 year track of making investments in
American companies that have created millions of jobs.
Failure to re-authorize the bank has rightfully been
compared to ``unilateral surrender''--American companies and
manufacturers will immediately be placed at a strategic
disadvantage in the global marketplace.
Re-authorization should be passed with wide bipartisan
majorities--indeed, when we were in Congress that is exactly
what happened. The American people want their representatives
in Washington to get this economy moving again, they want to
see economic growth that creates much needed jobs. Members on
both sides of the aisle should have job creation as their
number one priority and re-authorizing the Export-Import Bank
is an important part of any job creation effort.
Mr. CLYBURN. Mr. Speaker, I strongly support H.R. 2072, the
``Securing American Jobs Through Exports Act of 2011'' which
reauthorizes the Export-Import (Ex-Im) Bank for three years. Last year
the Export-Import Bank supported nearly 300,000 American jobs; 300,000
American jobs. This reauthorization is a no brainer.
The Export-Import Bank provided $32 billion in financing last year--
all at no cost to the taxpayer. More than 80% of those transactions
directly supported small businesses in 2011. The Ex-Im Bank provides
support for small business owners who may be less familiar with the
global economy, but want to grow their business, create jobs, support
their community, and make it in America.
In my home state of South Carolina, the first Boeing 787 Dreamliner
rolled out of the production facility at the Charleston Airport just
two weeks ago. The Export-Import Bank fills an important financing gap
for Boeing that helps level the global playing field and encourages
foreign companies to buy American-made products like the Dreamliner.
Reauthorizing the Ex-Im Bank will protect jobs in South Carolina and
all around the country.
Mr. GENE GREEN of Texas. Mr. Speaker, I rise in support of our
Nation's small businesses and manufacturers, and call on this House to
vote in favor of H.R. 2072, the Securing American Jobs Through Exports
Act of 2011.
This legislation will reauthorize the Export-Import Bank of the
United States, or Ex-Im Bank, for three years and raise its lending
authority to $140 billion.
Founded during the Great Depression, the Ex-Im Bank, has served
American businesses for nearly 80 years through its financial support
of our Nation's exporters--both large and small. The U.S. Chamber of
Commerce has found that small businesses make up 87 percent of Ex-Im
Bank transactions.
In Fiscal Year 2011, the Ex-Im Bank supported 290,000 export-related
American jobs by providing more than $32 billion in financing to more
than 3,600 U.S. companies nationwide.
Since 1934, Ex-Im Bank has provided assistance to more than $474
billion of U.S. exports. Over the past five years, the Ex-Im Bank has
provided businesses in the 29th District of Texas with over $407
million in export financing alone.
It is important to note that the work of the Bank is done at no cost
to the taxpayer. It is self-sustaining and covers all of its operating
expenses and loan loss reserves through fees the Bank charges users. In
fact, the Bank normally makes a profit and has returned nearly $2
billion to the Treasury since 2008.
During this time of economic uncertainty and growing international
competition, it is imperative that Congress pass H.R. 2072 and
reauthorize the Ex-Im Bank. To do otherwise would unnecessarily
endanger tens of thousands of American jobs.
Mrs. CAPPS. Mr. Speaker, I rise today in support of H.R. 2072, the
bipartisan Securing Jobs Through Exports Act.
Other nations are aggressively supporting their businesses' exports,
making it more important than ever to help American manufacturers
secure the financing they need to compete in foreign markets.
The Export-Import Bank helps make this happen, creating middle class
jobs here at home and boosting our economic competitiveness by
investing in a strong manufacturing sector that builds and exports
products around the world.
Just last year, the Bank provided $32 billion in financing to
thousands of companies, which supported nearly 290,000 American jobs.
Over 80 percent of those transactions directly supported small
businesses.
In my district alone, the Bank supported over $36 million in sales
over the last five years, helping innovative Central Coast businesses
like Mafi-Trench and CoreSulpher grow and hire.
The Securing Jobs Through Exports Act will provide the necessary
tools and resources for the Bank to continue this important work.
It reauthorizes the Bank for three years, giving U.S. businesses the
certainty they need, and incrementally increases the exposure limit to
$140 billion by fiscal year 2014 in response to the growing demand for
Ex-Im financing.
The bill will also make Ex-Im more effective and accountable by
funding technology upgrades and requiring additional reporting to
Congress.
This bipartisan legislation has broad, bipartisan support from both
labor and business groups, including the Chamber of Commerce,
International Association of Machinists and Aerospace Workers, NAM, and
Business Roundtable.
Mr. Speaker, as our fragile economy continues to recover, we must
ensure American businesses have the tools they need to compete in the
global market place and create jobs for workers here at home.
This bipartisan legislation will help do exactly that.
I urge my colleagues to support H.R. 2072.
The SPEAKER pro tempore. The question is on the motion offered by the
gentleman from California (Mr. Gary G. Miller) that the House suspend
the rules and pass the bill, H.R. 2072, as amended.
The question was taken.
The SPEAKER pro tempore. In the opinion of the Chair, two-thirds
being in the affirmative, the ayes have it.
Mr. GARY G. MILLER of California. Mr. Speaker, on that I demand the
yeas and nays.
The yeas and nays were ordered.
The SPEAKER pro tempore. Pursuant to clause 8 of rule XX, further
proceedings on this question will be postponed.
____________________