June 24, 2014
WASHINGTON, D.C. – In response to statements made by Rep. Kevin McCarthy regarding his newfound opposition to the Export-Import Bank, a critical lifeline for countless American businesses, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, blasted the newly-elected leader’s reversal of position on the Bank’s future. The comments come just one day before the Financial Services Committee will hold its first hearing on the renewal of the bank
“Just days after being elected Majority Leader, it’s clear that Mr. McCarthy has already fallen under the control of the most extreme elements of the Republican party, who remain determined to eliminate the Export-Import Bank. His change in position is significant, given that he supported the renewal of Ex-Im’s charter in 2012, and as Whip, encouraged his colleagues to do the same.
Despite Mr. McCarthy’s flip flop on the issue, the facts do not change. The Export-Import Bank still supports hundreds of thousands of jobs and levels the playing field so that all American businesses compete successfully in global markets. It does not change the fact that last year, nearly 90 percent of total transactions went to small businesses. It does not change the fact that the Export-Import Bank is self-sustaining, last year delivering more than $1 billion in profit to the U.S. taxpayers. And it does not change the fact that in McCarthy’s own district, the Ex-Im Bank supported $233 million in export sales since 2007.
The Export-Import bank is a vital lifeline for American businesses. Ending it would send a clear message to America’s business community: you are on your own, because this Republican controlled-House of Representatives does not support your efforts to invest, innovate, create jobs and grow your business.”
In McCarthy’s own district, the Ex-Im Bank has supported $233 million in exports, made $69 million in disbursements, $60 million in total authorizations. In 2012, he voted with a bipartisan majority of Congress in renewing the Bank’s charter.
Tomorrow, the Financial Services Committee will hold a hearing to examine the reauthorization of the Bank. The Committee’s Chairman, Jeb Hensarling, has made it clear he believes it is time to “exit the Ex-Im.” Today, Waters also joined with Reps. Denny Heck (D-WA) and William Lacy Clay (D-MO) to introduce legislation would extend the bank’s charter until 2021 and extend the current cap by $5 billion each year.
To see the American companies that use the Ex-Im Bank to sell goods and services abroad, visit the Export-Import Bank’s export data map available online.
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