Media Center

The Export-Import Bank of the United States is the official export credit agency of the United States. The Bank enables U.S. companies, large and small, to turn export opportunities into real sales that help to maintain and create U.S. jobs and contribute to a stronger national economy.

On Thursday, Congressman David Scott co-sponsored and voted to pass legislation to promote American jobs through exports. The Securing American Jobs Through Exports Act of 2011 (HR 2072) passed the International Monetary Policy and Trade Subcommittee by voice vote. As a member of the Subcommittee, Congressman Scott participated in hearings on the legislation and voted for its passage.

“President Obama has set goals for increasing American exports to help improve our economy and create jobs.  The Export-Import Bank should play a big part to help reach those goals,” Congressman Scott said. “American companies need access to export credit to be competitive in foreign markets companies. That is why I support HR 2072, which focuses on improving the banks’ job creation efforts.”

Congressman Scott participated in hearings in the International Monetary Policy and Trade Subcommittee on March 10 and May 24 to review legislation reauthorizing the Export–Import Bank. The Bank’s charter is set to expire on September 30, 2011.

In addition to reauthorizing the Bank, H.R. 2072 would

• Invest in technology in order to improve servicing, underwriting, and accounting of transactions.
• Gradually increase the exposure cap from $100 billion to $160 billion.
• Direct the Bank to establish clear guidelines with respect to the content of goods and services for which the Bank will provide financing.
• Protect taxpayers by requiring the Bank to report to Congress if its default rate exceeds two percent, explain the reasons for a default rate increase and propose a plan that would reduce the default rate below two percent.

You can read more about the Bank’s role in expanding America’s export market at their website at: http://www.exim.gov/ and to learn about their small business programs visit their site at: http://www.exim.gov/smallbusiness/

###