164,000 U.S. jobs on the line: Rep. Maloney, Councilman Garodnick, Comptroller Scott Stringer, Manhattan Chamber of Commerce President, Brooklyn Chamber of Commerce and Local Businesses will call on Congress to extend Export-Import Bank
NEW YORK — Congresswoman Carolyn B. Maloney (NY-12), Councilman Dan Garodnick, New York City Comptroller Scott Stringer, President of the Manhattan Chamber of Commerce and Member of the New York District Export Council (NYDEC) Nancy Ploeger, Senior VP and Chief of Staff of Brooklyn Chamber of Commerce Andrew Steininger, and Ami Cohen of CC Solutions LLC joined together to call on Congress to make sure the Export-Import Bank does not expire at the end of June. The Export-Import Bank supports 164,000 jobs across the country by helping businesses large and small finance the export of American made goods abroad. The New York City Council Committee on Economic Development today held a hearing on the importance of the bank to New York’s businesses.
“I commend Councilman Garodnick for calling a hearing on the importance of the Export-Import Bank to New York’s businesses,” Maloney said. “For a second year in a row, Congress is on the brink of eliminating the Export-Import Bank, which has supported more than a million private-sector American jobs since 2009. This hearing will help the public and Members of Congress understand how the loss of this bank would put our companies at a severe disadvantage versus their international competitors who get similar support from their own countries. We have until June 30th to extend the Bank’s charter. The vast majority of Congress supports extending the Export-Import Bank. I just hope we’re allowed a vote on it before it’s too late. Small businesses throughout the country, and many in New York, will be hurt if this doesn’t happen.”
Councilman Dan Garodnick, who organized today’s City Council hearing, said:
"As the clock ticks on Congress' decision for the Export-Import Bank, New Yorkers' jobs are hanging in the balance," said Council Member Dan Garodnick. "Over the past decade, this bank has created an enormous $4 billion in export value for New York City. New Yorkers can't give that up; we need the bank to be reauthorized."
“For over 80 years, the federal Export-Import Bank has been a critical resource for small and medium-sized businesses in New York City and across the country. The Export-Import Bank has become a political football in Congress, but this isn’t a game. Billions of dollars, and thousands of good jobs, are supported by the Bank-we have a responsibility to do all that we can to keep this vital agency open for business,” said New York City Comptroller Scott M. Stringer.
"New York City offers unique opportunities for domestic and international businesses due to its unparalleled talent, productive workforce, and incredible diversity," said New York City Economic Development Corporation Chief Economist Michael Moynihan. "As a result, New York City is home to more foreign-based companies than any other city in the nation. While NYCEDC does not deal directly with the Export-Import Bank on behalf of local businesses, we support the important work of the Bank, which enables local businesses in New York City and across the country to access the financing needed to remain competitive in the new global economy."
"The reauthorization of Ex Im Bank is essential to supporting continued global expansion for our US businesses which is also crucial to job sustainability and growth. The Manhattan Chamber of Commerce wholeheartedly supports this important legislation," said Manhattan Chamber of Commerce President and NYDEC Member Nancy Ploeger.
“Brooklyn’s brand is famous and respected across the country and the world, and there is a massive demand for our borough’s products in countless cities outside of New York,” said Brooklyn Chamber President and CEO Carlo A. Scissura. “With substantial manufacturing growth across Brooklyn, our small businesses will need institutions like the Federal Export-Import Bank, which provides much-needed financing that is vital to the continued success of this sector. The Brooklyn Chamber fully supports the reauthorization of the Federal Export-Import Bank beyond June 2015, and looks forward to partnering with them to further expand the reach of Brooklyn’s incredible maker community.”
“The Export-Import Bank is a unique financial tool available to small exporters of American made products that gives both support and security in pursuing new buyers in foreign markets,” said Joe Schoonmaker, Chairman of the New York District Export Council.
“Our company is part of a robust financial services sector in New York City that includes financial institutions, law firms, and other high-value service providers, employing many professionals that are dedicated to arranging, funding, and administering US Ex-Im Bank transactions. Billions of dollars of US exports obtain financing from EXIM by working with NYC based bankers who are experts in US Ex-Im Bank products, requirements and processes. Our company has managed the disbursement administration for more than USD 2 billion of US Ex-Im transactions worldwide. US Exporters nationwide obtain billions of dollars of financing from EXIM by working with NYC based bankers who are experts in US Ex-Im Bank products, requirements and processes,” said Francisco Anzola, Principal, CC Solutions LLC.
“Love & Quiches Gourmet ships our bakery products world-wide; chocolate cakes to Saudi Arabia, cheesecakes to Japan, brownies to Morocco. From a one man band, we now employ several hundred people. We create jobs here, manufacture our products here, buy our ingredients here, and pay our rent here, and our quiches and desserts are enjoyed here, too, all across the US. But our exports are a vital component of our growth plans. Without the Export-Import Bank insuring our receivables, we would not be able to continue to take advantage of new export opportunities we are exploring with the US Commerce Department, Commercial Services and the SBA,” said Susan Axelrod, Chairwoman and Founder of Love & Quiches Gourmet.
“Minority Business Center, Bronx New York, operated by SoBRO entered into a Master Referral Fee Agreement with the Export-Import Bank in November 2014. We are excited for the growth opportunities this partnership will facilitate for our minority business clients,” said Phillip Morrow, President, CEO/SoBRO and Operator of the MBDA Minority Business Center Bronx NY.
“Ex-Im Bank plays a significant role in facilitating the expansion of U.S.-based businesses in the global marketplace. By minimizing export-associated risks to private commercial lenders, the Working Capital Guarantee and Export Credit Insurance programs allow businesses to access international markets with greater assurances. Last year, New York-based businesses exported billions of dollars in goods and services to over 25 countries. Given this, it is only logical to keep the Ex-Im Bank’s risk-averting Programs in place,” said Sharon Higgins, Project Director, MBDA Minority Business Center Bronx NY, Operated by SoBRO
The Export-Import Bank’s charter has been renewed by Congress 16 times with little or no controversy, under both Republican and Democratic Administrations. In 2013, the Bank delivered more than $1 billion in profit to the U.S. taxpayers, and approved an all-time high of 3,842 authorizations with a total estimated export value of $37.4 billion. This support is estimated to have sustained 164,000 export-related U.S. jobs. And over the past 5 years, it is estimated that the Bank has created or sustained 1.2 million private sector jobs, and provided export assistance to over 50 New York City businesses. Last year, nearly 90 percent of the Bank’s nationwide transactions benefited small businesses.
The Export-Import Bank provides financing and insures the sale of U.S. exports when private sector financing is prohibitively expensive or simply not available, thereby opening up international markets to U.S. exporters. The Bank also helps to level the playing field for U.S. businesses and their workers by countering official, state-backed financing offered by other countries. This ensures that U.S. businesses can compete based on the quality of their goods and services, not on the financing terms offered by foreign government sponsors.
Maloney is a cosponsor of H.R. 1031, the “Promoting U.S. Jobs Through Exports Act of 2015,” which would reauthorize the Export-Import Bank for seven years. Legislation to extend the Bank’s charter is supported U.S. Chamber of Commerce, the National Small Business Association, the National Association of Manufacturers, and labor unions such as the AFL-CIO.