Maloney praises House effort to save American jobs by restoring Export-Import Bank

Oct 27, 2015
Press Release

WASHINGTON – Congresswoman Carolyn B. Maloney (D-NY) today released the statement below in support of H.R. 597, a bill to reauthorize the Export-Import Bank. In July, Maloney released a report from the Joint Economic Committee Democrats, showing the Bank has supported $217 billion in exports and 1.3 million jobs since 2009.

“The Export-Import Bank helps to create jobs by supporting exports. That’s why I’m so pleased that Republicans and Democrats joined together to today to finally pass a bill to renew the Export-Import Bank’s charter, which was allowed to lapse over three months ago.

“There’s never a really good time to commit economic suicide — but now would be an especially bad time. Exports have declined in recent months. Eighty-five other nations have similar export credit agencies. Without the Export-Import Bank, our companies are at clear disadvantage compared to their foreign competitors.

“It is imperative that Congress pass this bill and send it to the President’s desk for his signature. We’ve already seen U.S. companies cut U.S. jobs because of the lapse in the Export-Import Bank’s charter. Today we are taking a step to bring those jobs back to this country and provide an important boost to our economy.”

BACKGROUND:

Congresswoman Carolyn B. Maloney (D-NY), a senior member of the House Financial Services Committee, joined a majority of the House of Representatives in a procedural move that would force a vote to extend the charter of the Export-Import Bank. Maloney signed a “discharge petition” with 218 of her colleagues to require a vote on legislation that would reauthorize the Bank.

Republican leaders have blocked efforts to extend the charter, allowing the Bank to expire on June 30. Over the last century, only 4 discharge petitions have made it all the way through to receive final approval and adoption.

On April 21, Maloney testified before the New York City Council Committee on Economic Development during a hearing on the importance of the Bank to New York’s businesses. Local business leaders called on Congress to extend the Bank’s charter because of the significant and positive impact the institution provides to New York’s economy.

 

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