WASHINGTON, DC – U.S. Congressman David N. Cicilline (D-Rhode Island), a strong supporter of the Export-Import Bank of the United States, on Monday, June 23, blasted newly-elected House Republican Majority Leader Kevin McCarthy (R-California) for his remarks on Fox News in which he said he opposes the reauthorization of the Export-Import Bank. The Export-Import Bank plays an integral part in helping American businesses market and sell their goods overseas and the Bank has been instrumental in helping a number of small businesses in Rhode Island grow and create jobs. The Majority Leader’s opposition to renewing the Export-Import Bank is particularly concerning because the Majority Leader is responsible for setting the House floor schedule and determines which legislation reaches the House floor for a vote.
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Keeping Up With Jewish Public Officials: David Cicilline
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“The Export-Import Bank fills a crucial role in our economy by making it possible for businesses to sell their goods abroad. Reauthorization will help spur job growth and provide entrepreneurs and businesses – particularly small businesses – with the tools they need to compete in the global economy. Newly-elected House Majority Leader Kevin McCarthy’s vow to oppose this pro-business agency that supports American jobs is both short-sighted and baffling. In 2012 Congressman McCarthy supported its reauthorization, and the U.S. Chamber of Commerce, the National Association of Manufacturers, and hundreds of U.S. companies support reauthorization. The newly elected Majority Leader should focus on supporting our economy and helping small business reach new customers by immediately reauthorizing the Export-Import Bank,” said Cicilline.
“The private sector will not do what Ex-Im Bank does for small and mid-size companies,” said Daniel Dwight, President and CEO of The Cooley Group, which is Rhode Island’s third largest exporter and has received assistance through the Export-Import Bank to support its operations. “Ex-Im Bank’s timely credit decision making process and affordable receivable credit insurance allow Cooley to compete internationally, which has become a critical component of our revenue growth. We are not GE, without the Ex-Im Bank our international revenue would be a fraction of what they are today.”
The Export-Import Bank, which provides direct loans and loan guarantees to foreign buyers of U.S. made goods, supported an estimated $37.4 billion in U.S. export sales in Fiscal Year 2013 and has supported $50 million in export sales for Rhode Island over the last five years. According to the U.S. Department of Commerce, a total of 1,694 companies exported from Rhode Island locations in 2012. If Congress does not act, the Export-Import Bank’s authorization will expire on September 30, 2014.
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Preceding provided by Congressman David Cicilline of Rhode Island