Mar 23 2015
Contact: Kevin Bishop (864) 250-1417 or Lorcan Connick (202) 224-5972
WASHINGTON – U.S. Senator Lindsey Graham (R-South Carolina) is among a bipartisan group of senators who have introduced the Export-Import Bank Reform and Reauthorization Act of 2015, which will reauthorize the Bank's charter until September 30, 2019. Without congressional action, the Bank's authorization will expire this summer on June 30th.
“I strongly support reauthorization of the Export-Import Bank,” said Graham. “For Congress to risk allowing the Bank to close is a matter of ideology trumping common sense. Closing the Bank right now would amount to unilateral disarmament by the United States and would hang American workers out to dry. It’s decisions like these that make Americans extremely frustrated with Washington.
“China’s export credit agencies financed more last year than the United States, Germany, Canada, and the United Kingdom combined. I refuse to unilaterally surrender American jobs and competitiveness by abolishing an agency which actually makes money for the American taxpayer. Reauthorization of the Ex-Im Bank is one of the most important things we can do for job creation and American business this year.”
Established in 1934, the Ex-Im Bank guarantees loans and credit to businesses otherwise unable to operate through private lenders. Nearly 90 percent of the Bank's transactions each year directly benefit small businesses, and the Bank supports more than 205,000 American jobs. In 2013, the Bank returned more than $1 billion to the United States Treasury.
Graham noted both small and large businesses in South Carolina have benefitted from the Ex-Im Bank. One of the most prominent examples is The Boeing Company, which opened the 787 Dreamliner production facility in North Charleston. The facility employs more than 7,000 people in South Carolina and is responsible for thousands of associated jobs.
Approximately eight out of every ten Boeing 787 Dreamliners that have been built in South Carolina are eligible for Ex-Im financing. And approximately four out of every ten Boeing 787 Dreamliners built in Charleston since April 2012 have been financed by Ex-Im.