Higgins Announces House Passage of Bill Reauthorizing the Export-Import Bank
Congressman Brian Higgins (NY-26) announced the House of Representatives has approved legislation reauthorizing the Export-Import Bank. The charter for the Export-Import Bank, first established in 1934 and renewed by Congress in 2012, expired in June. In the meantime U.S. businesses were left without Export-Import bank resources to assist American businesses compete against foreign companies and provide credit to facilitate the sale of American goods abroad.
“Globally, eighty-five export credit agencies exist providing foreign companies large capital subsidies to undermine “Made in America” goods,” said Higgins. “The Export-Import Bank levels the playing field, allowing for American businesses and workers to remain internationally competitive. It is fiscally irresponsible and economically shortsighted to hang up the “closed” sign on an institution that helps U.S. businesses grow.”
Last November Congressman Higgins joined Senator Kirsten Gillibrand for a roundtable discussion in Niagara Falls with the President of the Export-Import Bank and Western New York leaders. In April Higgins signed the discharge petition which forced a vote on the measure and in May, Higgins spoke on the House Floor urging renewal of the program.
Since 2013 alone a dozen companies within Congressman Higgins’ district received support through the Export-Import Bank yielding over $35.45 million in export sales and supporting hundreds of local jobs.
Legislation, approved by the House this week, reauthorizes the Export-Import Bank through FY2019. For more information on the Export-Import Bank of the United States visit: www.exim.gov.